AU$25m Deal: CyberCX Strengthens Security Group with New Acquisitions
Riddhi Jain,
5 years ago
3 min read
Table of Contents
Introduction
CyberCX, an Australian IT services firm, has announced its acquisition of two cloud and security solution providers—CloudTen and Decipher Works—from ASX-listed Vortix Limited. The acquisition, valued at $25 million, is aimed at strengthening CyberCX’s expertise in cloud security, identity management, and data analytics. While the acquisition is subject to regulatory and shareholder approval, it marks a significant step in CyberCX’s growth and expansion, further solidifying its position as a leading cybersecurity player in the region.
CyberCX – A Group of Securities Companies
CyberCX is led by two of Australia’s cyber veterans and technology experts John Paitaridis (CEO) and Alastair MacGibbon (CSO). Formerly, MacGibbon was once former Prime Minister Malcolm Turnbull’s special cyber security adviser and the head of the ACSC (Australian Cyber Security Centre). Paitaridis has been the Managing Director of Australian telecom giant Optus Business.
It has a talented workforce of more than 600 cyber security professionals as well as a presence of 20+ offices spread across Australia and New Zealand.
In 2019, CyberCX brought 12 of the independent cybersecurity brands of Australia: Assurance, Alcorn, Asterisk, Diamond, CQR, Enosys, Phriendly Phishing, Klein&Co, Shearwater, Sense of Security, YellIT and TSS. The financial backing for the same was provided by BGH Capital, a private equity firm.
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More on CyberCX’s newest acquisitions
The Australian group of securities companies, CyberCX said the two firms offer specialised solutions in the identity, cybersecurity and data analytics along with cloud services. The companies also have a strong enterprise customer base across education, financial services, government, manufacturing, transport and services sectors.
John Paitaridis, CyberCX CEO says they are committed to offering and delivering market-leading identity security and cloud security capabilities. CloudTen and Decipher Works, both bring synergies and expertise that complement the mature cybersecurity capabilities of CyberCX and will deepen it’s expertise, Paitaridis added.
CloudTen and Decipher Works will be joining the growing list of promising firms under the umbrella of CyberCX, with 2 Melbourne startups, Identity Solutions and Basis Networks, being bought in July. In August 2019, the firm also expanded its operations in the market of New Zealand by buying a Kiwi securities company Insomnia Security.
Conclusion
CyberCX’s acquisition of CloudTen and Decipher Works reinforces its commitment to becoming a dominant force in the cybersecurity and cloud solutions industry. By adding specialized capabilities in identity security and cloud services, the company is positioning itself to offer comprehensive and cutting-edge solutions to a diverse customer base. As CyberCX’s continues to expand through strategic acquisitions, it enhances its ability to meet the evolving security needs of businesses and government sectors, further solidifying its role as a leader in the Australian and New Zealand cybersecurity markets.
FAQs
- What are CloudTen and Decipher Works?
- CloudTen is a cloud security expert, and Decipher Works specializes in identity management and cybersecurity solutions. Both companies offer services that complement CyberCX’s cybersecurity offerings.
- What is the value of the acquisition?
- The total acquisition value for CloudTen and Decipher Works is $25 million.
- What does this acquisition mean for CyberCX?
- This acquisition enhances CyberCX’s capabilities in cloud security, identity security, and data analytics, strengthening its market position in the cybersecurity sector.
- When will CloudTen and Decipher Works join CyberCX?
- The acquisition is subject to regulatory and shareholder approval, and once completed, the two firms will join CyberCX’s expanding portfolio.
- How many companies has CyberCX acquired so far?
- Since its inception, CyberCX has acquired 12 independent cybersecurity brands across Australia and New Zealand, including its most recent acquisitions in July and August 2019.
- What is the significance of the acquisition for the Australian cybersecurity market?
- By acquiring CloudTen and Decipher Works, CyberCX is enhancing its ability to provide specialized security solutions to a broader range of industries, including government, financial services, education, and manufacturing sectors. This strengthens the overall cybersecurity landscape in Australia and New Zealand.
