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Tesserent strengthens board with several key appointments accelerating organic revenue growth

The company has achieved $6 million in new government contract wins across the group in the September quarter, as well as new enterprise contract wins of more than $4 million during the month of September.

Tesserent Ltd - Tesserent strengthens board with several key appointments accelerating organic revenue growth
There have been a number of significant wins resulting from co-selling strategies between business units over the last quarter

Tesserent Ltd (ASX:TNT) has strengthened its board with several key appointments to accelerate organic revenue growth through cross-selling synergies and the integration of systems and processes.

The company has appointed two key executives in senior roles to help drive these integration and synergies across the group – Peter Fearns as group chief financial officer and Nathan Knox as head of synergies.

Fearns has extensive back-office integration experience form previous roles at UXC and ANZ Banking Group.

To ensure a coordinated approach to understanding group capabilities, Knox has been appointed following having worked at various companies and businesses such as NBN Co, Coles and Woolworths.

Group wins

Tesserent has achieved several significant wins resulting from co-selling strategies between business units over the last quarter, underpinning the achieved target of $100m gross revenue annualised run rate.

Some of the more notable group wins include:

  • New federal, state and local government contract wins across the group in excess of $6 million in the September quarter;
  • The group retained 100% of existing federal government clients with most contracts extended through to the end of the calendar year and beyond;
  • Significant enterprise contract wins in aggregate more than $4 million in the month of September with large financial services, insurance, advertising and media organisations; and
  • Continued growth of the firm’s annual recurring revenue streams from new and existing locked-in annuity contracts now more than $30 million per annum.

Strategy

The core objective of the Tesserent’s acquisition strategy is to fill key capabilities in the firm’s Cyber 360 end-to-end cybersecurity offering.

With a broad cybersecurity offering with clearly defined market segments now in place, the company is focused on unlocking synergies to maximise organic revenue growth.

Future Cyber 360 capabilities that are required, such as iQ3's secure cloud services and other potential proprietary solutions, will be strategically positioned to complement the above strategy.

System and process integration

Tesserent has completed a significant milestone toward back-office integration with the financial integration of all business units onto one system, Oracle NetSuite.

This single integrated financial management system now enables integration of new acquisitions onto a common core financial platform that optimises and lowers transaction processing costs across an expanding group.

The new financial year also saw Tesserent’s original Managed Security Services Provider (MSSP) business and Rivium absorbed into the Pure Security business, where the MSSP business now operates under a single Pure Security brand.

Tesserent looks forward to providing the market with additional information and guidance on our synergy strategy in future updates and the upcoming 4C commentary.

Quick facts: Tesserent Ltd

Price: 0.365 AUD

ASX:TNT
Market: ASX
Market Cap: $306.92 m
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