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#ASX Announcements
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Added 3 years ago

Tesserent Limited (ASX:TNT) is pleased to announce the launch of a Joint Venture Company jointly owned (50%/50%) with New Zealand-headquartered security firm, Optic Security Group, as well as the completion of the acquisition of Secure Cloud Services provider, iQ3 (announced 24 September 2020).

This joint venture, requiring no initial upfront investment, represents the first step of Tesserent’s planned expansion into New Zealand’s lucrative cybersecurity market. Optic Security Group has annual turnover in excess of $100M delivered from 10 locations in NZ and Australia and is focused on the convergence of physical and cybersecurity.

Tesserent will provide its Cyber 360 security capabilities to support Optic’s customers achieve their converged security outcomes. Conversley, Optics deep expertise in protecting assets and physical infrastructure will be extended into the Tesserent portfolio of services.

 

Tesserent is also pleased to announce the completion of the acquisition of Secure Cloud Services firm, iQ3. With the addition of iQ3’s $25M turnover run rate and $3M in earnings recognised from 1 November 2020, the Company now has a gross revenue run rate on an annualised monthly basis of circa $100M. As previously stated, Tesserent has the ambition to grow to in excess of $150M in FY21 through continued organic growth and the completion of planned future acquisitions.

 

I do hold a small position of TNT, although some have pointed out the risks associated with companies going on rampant acquisition sprees, hence the small position. 

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