Cipherpoint Completes 100% Acquisition of Brace168
The Brace168 team advises that it is on track to achieve strong year-on-year growth in recurring revenues.
SYDNEY, April 8, 2021 (Newswire.com) - Cipherpoint has completed the 100% acquisition of Brace168 Pty Ltd, making the innovative IT and cybersecurity solutions business a subsidiary and integral part of Cipherpoint. The Brace168 team advises that it is on track to achieve strong year-on-year growth in recurring revenues with key customers in property and banking agreeing to renewals with upside from an expansion of services. Additional team members are being recruited for business development and customer success, and the Brace168 sales pipeline continues to build.
Separate business unit
It is Cipherpoint's intention to continue to operate Brace168 as a separate business unit complementing Cipherpoint's software business unit. Brace will continue to trade under its existing name to ensure a smooth transaction and to allow the focus to remain on business as usual. The IT and cybersecurity solutions company has customers across the financial property manufacturing, technology and health sectors (including both ASX50 and ASX200 companies). Cipherpoint's products will also be offered to those customers.
Matt Miller will serve as COO and Greg Bunt CISO of Brace168. Steven Bliim is COO of Cipherpoint and Hugh Stodart is head of product and software engineering. Chairman Ted Pretty will oversee the combined group supported by David Grinham as head of finance.
Targeting increased revenue
Chairman Tedd Pretty said: "We are delighted to welcome Matt Miller, Greg Bunt and their team to Cipherpoint. Our joint focus will be to ensure that Brace will have one of the most sophisticated MSSP offerings in the market. The recently announced partnership with XM Cyber will be followed by other complementary alliances. We are targeting increased revenue and opening up new opportunities."
Categories: Mergers and Acquisitions