Tesserent Cyber Security IPO Closes Early and Oversubscribed

•  Maximum of $7m raised
•  Trading on ASX expected to commence shortly

Tesserent Limited has closed its initial public offering (IPO) oversubscribed, successfully raising the maximum amount of $7 million. The issue closed on Wednesday 20 January 2016 at AEST 5pm, approximately two weeks ahead of its scheduled close of 5 February. The company’s shares are expected to begin trading on the Australian Securities Exchange (ASX) shortly.

Tesserent is a direct provider of Security-as-a-Service to small and large organisations to protect computer networks. The IPO, managed jointly by Terrain Capital and Novus Capital, received strong backing from investors encouraged by the opportunity to invest in a profitable company with over 190 customers in 11 countries and rapidly growing.

Tesserent will list on the ASX with a market capitalisation of $20.5 million, based on the $0.20 per share offer price.

“We have been overwhelmed by the investor support, and it’s a fantastic endorsement of our company, technology and our people,” said Tesserent’s Managing Director Keith Glennan.

Tesserent already services customers in Australia and overseas including the United Kingdom, Hong Kong, South Korea and the UAE. With the growing need for cyber security Tesserent is positioning itself to win much more local and global business by providing small, medium and large organisations with resilient, safe and simple security solutions.

Funds from the IPO will allow Tesserent to expand its IT infrastructure and sales & marketing programs and support Tesserent’s ongoing research and development programs. Tesserent’s Managed Security Service Provider Platform is a subscription-based cloud service that services strong demand in the Security-as-a-Service market, forecast to increase from $US12.5 billion in 2015 to US$26.9 billion in 2019.