Tesserent Debt Free with Cash Balance of $1.91m

Managed cyber security specialist Tesserent Limited (ASX:TNT) is pleased to provide its Half Yearly Results Report for the period ended 31 December 2016.

HALF YEAR 2017 Highlights:

• Continued trend of positive sales growth. Customer receipts increased by 9.3% for the period compared to the previous six months, rising from $2,309,186 to $2,524,343.
• Tesserent is debt free with a cash balance of $1.91 million as at 31 December 2016.
• $2.5 million in cash from Sonar/MyNet IP sale due to Tesserent by 31 May 2017.
• New customers including a major global professional services firm signed, validating our approach and technology.
• Successful sale of Sonar/MyNet IP to Family Zone Cyber Security Ltd (ASX: FZO) for $3.8m in cash and shares.
• Impact of the Blue Reef IP purchase and sale to FZO results in profit of $1.1million split over FY16 & FY17.
• New and renewed customer contracts with a total contract value (TCV) in excess of $2.15m.
• US channel partner signed, delivering solid growth and exposure to the sizeable US education market.
• Established platinum partner relationship with global Security Information and Event Management (SIEM) provider AlienVault.
• Identified as an Australian cyber technology leader and invited to attend the Federal Government’s Cyber Security Trade Mission to San Francisco.
• Signed strategic funding arrangement with Dell Financial Services.
• On track to receive a Research and Development concession through the ATO of over $280,000 in April 2017.

Tesserent is a specialist in managed cyber security. Tesserent has built its own platform for the delivery of managed cyber-security, which it deploys for the management of its own customers and also licenses to partners around the world to enable them to deliver effective cyber-security management to their customers.

Managing Director Keith Glennan said: “The past six-month period has seen Tesserent move forward in terms of gaining momentum in the US market as well as in Australia, which has resulted in strong growth in our customer receipts – we expect this trend to continue into the second half of 2017.”

“It is also pleasing to see Tesserent continue to secure business from large enterprises and globally renowned organisations. This is testament to our service and technology offering.”

“The completion of our sale of Sonar/MyNet to Family Zone Cyber Security Ltd will allow us to focus further on our core business operations while the opening of our world-class Security Operations Centre in Melbourne earlier this month was also an important achievement and will help us provide the best possible service to our new and existing clients.”

“We expect to see more growth in client numbers and revenue to finish FY2017 in an even stronger position.”

Request Information