Tesserent has announced its acquisition of Loop Secure with the signing of a Share Purchase Agreement executed between both parties.
Headquartered in Sydney with offices in Melbourne and Brisbane, Loop Secure provides Managed Security Services, GRC and Offensive Security services.
Geoff Lord, TNT’s Chairman, commented; “The addition of Loop Secure to the TNT group is a welcome one, cementing our position as the leading ASX-listed provider of cybersecurity solutions and services in ANZ and as well as contributing to our annual turnover and adding significant recurring revenue to the Group”.
Loop Secure has an unaudited FY21 turnover of $18M, delivering $2.25M EBITDA.
The consideration for the acquisition of Loop Secure will be a mix of cash and TNT shares, being $9M in cash, and 15.9M shares at a 14-day VWAP of $0.28. The cash component is paid $7M on completion with the balance paid out over 12 months which will be funded from existing cash reserves together with the earlier announced Pure Finance facility.
Adam Davenport, Loop Secure Chairman, commented; “After more than 15 years as a leading cybersecurity firm, I am delighted Loop Secure will become part of the Tesserent Group. The transaction provides Loop with immediate access to substantial resources and new opportunities and will allow us to continue our strong growth in the key cybersecurity domains of monitoring, consulting and solutions”.
