Tesserent Limited has announced the acquisition of Pearson Corporation Pty Ltd and Claricent Pty Ltd with the signing of two separate Share Purchase Agreements with the respective vendors. These acquired businesses will immediately integrate into Tesserent’s North Security business which leads TNT’s Federal Government team.
The Federal Government is deploying the Essential 8 across all departments and agencies, many with the support of the Pearson Corporation.
Pearson Corporation has an unaudited revenue target for FY22 of $21.5M, delivering $4.8M EBITDA. Claricent is a growing cyber GRC practice with an unaudited revenue target for FY22 of $2.8M and $0.75M EBITDA.
The consideration for the acquisition of the Pearson Corporation and Claricent will be a mix of cash and TNT shares, being paid in two instalments, with 50% of the enterprise value being paid on completion estimated in December 2021 and the remaining 50% paid on finalisation of audited accounts estimated to be in September 2022.
Geoff Lord, TNT’s Chairman, commented; “The addition of these two government focused organisations to the TNT group is a welcome one. 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”.
