Spirit Technology Solutions to acquire security specialist Intalock for $15 million
ASX-listed telecom giant Spirit Technology Solutions is all set to acquire a Brisbane-based cyber security specialist Intalock for $15 million. This will be Spirit’s 9th acquisition in the past 18 months. Formerly known as Spirit Telecom, the telco says the acquisitions support the onboarding of new service offerings and organic growth.
In a statement, Spirit said that the acquisition of Intalock positions Spirit to take a bigger share of the Corporate & Government markets which is in line with its expansionary vision as Spirit Technology Solutions and its growth strategy for Financial Year 2021.
Spirit on acquiring security specialist Intalock
Spirit says Intalock is one of Australia’s best managed cyber security services firms that offers a complete range of technical services, advisory services and software licensing sevices along with an industry leading Security Operations Centre that provides 24/7 technical and monitoring support.
After conducting an exhaustive market review of assets in the cybersecurity sector, Brisbane’s Intalock was chosen as the foundation asset for Spirit Technology Solutions to enter the Corporate and Government sector.
Intalock’s talent, assets and services will be used in 2 ways – firstly, as an entry into a new market. Secondly, its cyber security product range will be sold into the existing client portfolio of Spirit. This cyber security product and service range completes the Spirit’s range of Telco and IT bundled products.
About Brisbane-based Intalock
Intalock is a Queensland-based leading cyber security managed services provider. The company has a presence in Sydney, Manila and Melbourne and they serve medium to large-scale organizations across the APAC region. Its team’s collective expertise and experience lies in operational and leadership roles in cyber security across various industries. Intalock is a client-first business that makes sure it gives substantial time to every client in order to build long term and long lasting relationships. Its customer base includes large-scale companies spanning healthcare, education, financial services, property and heavy industries.
Intalock CEO, Julian Haber says he couldn’t be prouder and more excited to join the Spirit team. Haber believes that the telecom’s 2021 strategy is very unique and he can’t wait to help the company scale quickly. In FY2020, the security specialist generated $23.6 million in revenue and normalized EBITDA of $2.3 million.
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