SYDNEY, November 25, 2021 (Newswire.com) - Cipherpoint is pleased to announce that it has completed the acquisition of 100% of Virtual Information Technology Pty Limited (VIT Cyber Security). VIT Cyber Security provides managed IT and security solutions to agencies of the Tasmanian Government and enterprise businesses including digital forensics and incident response services, identity protection and security, and Citrix and Red Hat consulting.
The sale is on commercial terms as previously outlined in Cipherpoint's release on 13 October 2021 titled "Cipherpoint to Acquire VIT Cyber Security" and is subject to typical warranties and indemnities (subject to qualifications and limitations), agreed working capital and balance sheet adjustments and post-completion restraints on the vendor entity.
CPT Chairman Ted Pretty said, "The Cipherpoint team are delighted to welcome Mark Hitchcock and his team to Cipherpoint as we look to offer best of breed solutions to the business and enterprise market both locally and internationally. The VIT Cyber Security team and its capabilities gives CPT the opportunity to leverage the Group's capabilities not only into the Tasmanian market but also Victoria and South Australia."
VIT Cyber Security Founder Mark Hitchcock said, "I am delighted we are joining the team at Cipherpoint and to work alongside its wholly owned subsidiary Brace 168. VIT Cyber Security will continue its unique focus on its Tasmanian market supporting our existing and future clients in protecting their businesses and operations."