Business Sales Market Update

Publicly listed cyber security services provider Tesserent plans to acquire cyber security firm Loop Secure as a "strategic addition" to the company for a combined price of $13.5 million. Headquartered in Sydney and containing offices in Melbourne and Brisbane, Loop Secure offers managed security services, governance risk and compliance and offensive security services, as well as a security operations centre in Melbourne. The acquisition is being viewed as a “strategic addition to strengthen Tesserent’s Cyber 360 capabilities”, according to a statement published to the Australian Securities Exchange (ASX), with synergies and opportunities expected through its corporate relationships and skills.

Canberra-based MSP Sliced Tech is to be acquired by Big Four accountancy firm Deloitte Australia to bolster its consulting business. Founded in 2011 by chief executive Jason McClure, Sliced Tech specialises in secure cloud managed services for enterprise and public sector clients who require highly secure environments. Sliced Tech’s expertise with high-level security and compliance needs clients is a major draw for Deloitte. This may be drive by the rapid uptick in cloud migration, alongside a massive escalation in the number of cyber attacks in Australia.

Fixed wireless and wholesale network infrastructure provider Swoop has acquired South Australia-based wireless broadband provider Beam Internet for a total of $6.7 million. Under the terms of the deal, which is expected to close in one to three weeks' time, the publicly listed provider will pay $6 million in cash and $700,000 in its own shares for the provider, with $1.3 million of the cash to be held back for 12 months for any potential claims and adjustments. Beam Internet offers wireless broadband to regional South Australia with a network of over 60 towers and masts, and has over 3,600 on-net residential and small- to medium-sized enterprise (SME) services in operation.

A Swedish private equity firm has acquired a majority stake in Australian cloud and managed IT services provider Nexon Asia Pacific, for an undisclosed sum. The investment from EQT Partners will allow Nexon to make acquisitions, grow its customer base and scale its platform, the MSP said in a statement. EQT Partners declined to reveal the percentage stake it acquired except to say it has now become a "major shareholder". CEO Barry Assaf, who co-founded Nexon with his brother Charles in 2000, will also remain a significant shareholder in the company, and the existing management will remain in place, EQT said.