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Cybersecurity company Tesserent Limited (ASX:TNT) can be watched on investors radar as its recently launched private placement offer gets oversubscribed.
The overwhelming response of the new sophisticated & institutional investors, as well as the existing shareholders, resulted in the capital raising of $1.1 million. This demonstrates the investors' endorsement to the Tesserentâs acquisition and growth strategy driven by its ambition to âbe the number one cyber security company serving Australian organisations.â
Tesserent has experienced substantial interest from its customers in evaluating and adopting Artificial Intelligence (AI) to help mitigate cyber risks and automate cybersecurity best practices. It, therefore, aims to deliver end-to-end solutions for its customers on the basis of its acquisition-driven growth strategy.
Alongside negotiating a number of acquisition transactions, Tesserent is progressing to close the long-standing takeover of IT services company Asta Solutions Pty Ltd (Asta). Asta is a 19 years old company that has grown to as renowned end-to-end IT services provider to the SMB marketplace across Australia and New Zealand.
Robert Langford, Chairman of Tesserent stated that âThe Asta acquisition forms a key cornerstone of Tesserentâs FY19 growth strategy. The company further have some exciting projects in the blockchain, artificial intelligence (AI) and cloud underway.â
Its other partnership activity includes a newly announced partnership with the AI-driven data security company Nucleus Cyber to distribute and resell its NC Protect⢠solutions aimed at AI-driven data discovery for regulatory compliance and threat protection to clients across Asia, New Zealand and Australia. Partnership with Australiaâs Huntsman Security to support Tesserentâs market growth into Government, Energy and Utilities has been its another significant move in mitigative cyber risks with Artificial Intelligence.
To address cyber risk, the hot topic for business leaders, Tesserent has been implementing new AI-powered technologies to help organisations automate cybersecurity. In addition to the above Tesserent have cooperation agreements in place with PAN, Darktrace and AlienVault which adds to its suite of Products and Services already in existence. Darktrace augments Tesserent highly skilled security engineers with the use of its AI algorithm and machine learning that detects and responds to cyber-threats across diverse digital environments,
Today, 14 March 2019, Tesserent announced that it is undertaking multiple Cyber AI Proof Of Values (POV). Further, the company with Darktrace is embarking on a Cyber AI roadshow across Sydney, Melbourne and Brisbane, following the success of the recent CIO Lunch event at Crown held in February.
Tesserent has also launched a cost management initiative which is aimed to cut costs by approximately $1 million over the next 12 months, effective from 1 March 2019. The initiative includes Network, nonessential OEM and Staff optimisation. The company is also committed to complete restructuring process with the intent to become operationally cash flow positive during Fiscal 2019 on the back of funds received from placement.
TNT stock last traded at $0.060 with the market capitalisation of $8.62 million as at 14 March 2019. Over the past three months, the stock has returned a decent yield of 20.00%, reflective a positive price change of 9.09% in the last month.
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