Tesserent announces two security acquisitions

Australian cybersecurity and secure cloud services provider Tesserent has strengthened its government cybersecurity market position with two new acquisitions.

Tesserent has announced the acquisition of Pearson Corporation and Claricent via two separate share purchase agreements.

The two companies have a combined FY22 unaudited revenue target of $24.3 million and EBITDA target of $5.6 million.

Both companies have a strong presence in the federal government IT market, with Pearson Corporation being a leading provider of programs designed around the delivery of the Essential 8 program.

Tesserent plans to pay for the acquisitions using a mix of cash and shares in two separate instalments. Half the enterprise value of the acquisition is expected to be paid on completion of the merger later this month, with the remaining 50% due in September 2022.

Pearson Corporation has an enterprise value of $28.8 million, with Claricent having an enterprise value of $4.13 million.

Tesserent Chairman Geoff Lord welcomed the development. “These acquisitions cement our position as the leading ASX-listed provider of cybersecurity solutions and services into federal government and the leading provider of Essential 8 consulting services, as well as contributing to our annual revenue and adding significant recurring EBITDA to the Group,” he said.

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