Geoff Lord (Tesserent)
Credit: Tesserent
Publicly-listed cyber security solutions provider Tesserent has struck a deal to acquire Canberra’s Ludus Cyber Security, a consultancy firm specialising in bespoke offensive cybersecurity services.
The deal, reached via the signing of a share purchase agreement executed between both parties, will see Ludus absorbed by Tesserent’s Canberra-based North Security to further enhance its existing government offering.
The acquisition of Ludus, headed up by director and former UXC Saltbush security specialist George Stewart, rounds out Tesserent’s efforts to become the largest end-to-end cyber security services provider in the Canberra market, with more than 180 locally-based cyber security specialists.
This follows the previous acquisitions of Seer Security, North Security and Pure Security, all of whom service Federal Government departments and agencies.
Ludus, while modest in size, has a solid operating record and is immediately earnings and cash flow accretive to the Tesserent group, the company told shareholders.
Ludus achieved in excess of $1.2 million revenue and $350,000 in sustainable earnings in FY20, with strong revenue and earnings forecast for FY21, the company said.
Importantly, Tesserent noted, the firm’s financial position is underpinned by multiple locked-in federal government contracts, and it expects to achieve strong financial growth from synergies as Ludus is integrated into North Security.
“With the Federal Government’s significant investment into cyber security and our comprehensive offering, as identified by the Austrade report, this positionsTesserent as a key player in securing Australia’s sovereignty, whilst taking advantage of the rapidly growing Canberra market,” Tesserent chairman and UXC founder Geoff Lord said.
“Having someone as well-respected as George Stewart and his team at Ludus will be a real ..
Support the originator by clicking the read the rest link below.
