Tesserent’s Stock Moved Down By 13.333%, Post The Announcement Of Collaboration Pact With Nucleus Cyber

Tesserent Limited

Provider of Internet Security-as-a-Service to Australian and International customers, Tesserent Limited (ASX: TNT) notified that it had inked a collaboration agreement, with Nucleus Cyber. Nuclear Cyber is the AI-driven data security company for the smart office, to allocate, and resell its NC Protect solution for AI-driven data discovery, inside threat protection, regulatory compliance to clients, and associates in Australia, New Zealand and Asia.

Kurt Mueffelmann, CEO of Nucleus Cyber, said that TNT’s aim was on providing complete safety to its clients, and high level of technical know-how had proved, it to be a perfect partner to stretch Nucleus Cyber’s client footprint in Asia Pacific, which included Energy Safe Victoria, and numerous Australian government divisions. 

NC Protect provides a consolidated, and efficient AI-motivated data safety solution to safeguard compliance, with regulatory, and policies about the corporate, and guards in case of violation to reduce risk. NC Protect is content and context- aware to automatically discover, classify, and protect unstructured data on-property, in the cloud and in a hybrid setting.

Julian Challingsworth, CEO of TNT commented that the internal and external association would keep on advancing swiftly, with tools like Office365, Google Suite, and an expanding number of Social Media platforms. TNT’s association with Nucleus Cyber ensures that TNT could provide, an actual safe and smart office for leading companies, who use innovative and ever-changing partnership platforms.

On 28 February 2019, TNT released its half-year financial report ending 31 December 2018. By the end of the period, the revenues from ordinary activities were up by 6.6% to $ 2,801,132.  The net loss for the consolidated entity after tax added up to $1,889,048 on 31 December 2018 compared to (31 December 2017: $1,294,182).

On the operational front, the company kept on progressing in terms of revenues from its clients. TNT carried on its investment in R&D with $288,330 being obtained for R&D tax concession funds for 6-months.

There were several important matters which advanced during the half-year period comprising of:

  • Shareholder consent for the procurement of Asta Solution Pty Ltd (Asta).
  • Shareholder consent to fundraise regarding Asta and commencement of fundraising process.
  • The conclusion of heads of agreement for a 3-year $3m service contract to begin in March 2019.

The Net cash used in operating activities was $980,772 on 31 December 2018 compared to $1,081,821 on 31 December 2017. The Cash and cash equivalents at the end of the financial half-year, as of 31 December 2018, stood at $901,401 compared to $1,611,388 on 31 December 2017.

On 26 February 2018, the company updated about its previous announcement on ASX, dated 7 January 2019, of sealing the deal of 3-year $3.06m with the leading Australian firm, engaged with transport and logistics, K&S Corporation Limited. Currently, the project implementation had already begun, with TNT being ready to provide a gen-next safe network to more than 80 sites all over Australia.

The stock of the company closed at A$0.052 (as on 4 March 2019), down by 13.333% from its prior close.


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