Tesserent acquires Beyond Binary for $7M>
ARN Net – Eleanor Dickinson
Tesserent has acquired Beyond Binary, an Australian software development agency, in a deal worth up to $7 million.
Tesserent is a cybersecurity and managed services provider, listing on the Australian Stock Exchange in November 2017.
The target of the acquisition, Beyond Binary, specialises in agile product development, offering cloud, mobile, and web-based product development and eCommerce solutions.
The deal is expected to strengthen Tesserent’s ability to provide end-to-end technology services to customers, as well as giving the company access to Beyond Binary’s expertise in modern product development.
The $7 million figure consists of $4.2 million in cash, 200,000 ordinary shares in Tesserent, and $2.8 million to be paid out in performance payments over the next three years.
The deal is expected to be finalised by the end of June 2018.
Tesserent Executive Chairman, Ross Smith said “the acquisition of Beyond Binary brings the capabilities we need to deliver high-value, end-to-end outcomes to our customers”.
He added that this was an essential part of the company’s strategy, as the integration of best-of-breed technologies was increasingly being demanded by customers.
Beyond Binary CEO, Priya Balasubramaniam, spoke of her enthusiasm for the deal, saying “we’re extremely excited to join forces with the Tesserent team and we are looking forward to putting our combined knowledge and expertise to use to deliver the best possible solutions for our customers.”
Link: https://www.arnnet.com.au/article/708989/tesserent-acquires-beyond-binary-7m/