CyberCX scoops up Basis Networks to expand security capabilities
The group of security companies headed by two of the country's technology and cyber veterans, CyberCX, has announced the acquisition of Melbourne-based Basis Networks.
Basis Networks has a focus on securing mission-critical networks, with CyberCX CEO John Paitaridis saying the acquisition is aligned with his company's strategy to accelerate the growth of its network security, managed services, integration, and engineering capability.
The startup was stood up in 2015 and provides a broad suite of cybersecurity professional services to the likes of the Australian Energy Market Operator, Australia Post, JB Hi-Fi, Bupa, and McMillan Shakespeare.
CyberCX told ZDNet that the Basis Networks team would join its venture and its co-founder and managing director Tom Allan would be assuming a senior leadership role based in Victoria upon the closure of the deal.
Completion of the acquisition is subject to a small number of conditions, including regulatory approval, which should be completed in the coming weeks. The value of the deal is undisclosed.
"We are pleased to add Basis Networks' capabilities, experience, and customer-focused approach to CyberCX's comprehensive security service offerings," Paitaridis said. "Increasingly customers are looking for end-to-end solutions for their network, security, and cloud services. CyberCX is committed to working with customers to advise, build, implement and manage security solutions, we are committed to supporting organisations through the journey."
Allan, meanwhile, said joining CyberCX was a "natural fit" for his company.
"Organisations are looking for a trusted sovereign partner to help them manage their cybersecurity risk. A combination of COVID-19 and recent targeted attacks from state-based actors reinforces the need for Australian businesses and government to urgently uplift cybersecurity capability." Paitaridis added.
See also: Prime Minister says Australia is under cyber attack from state-based actor
"Corporate networks represent a key vulnerability for Australian businesses, especially with a large proportion of the economy engaged in remote working. Basis Networks' reputation for providing highly secure network infrastructure and cloud solutions will strengthen CyberCX's position as Australia's leading cybersecurity service provider."
CyberCX, formed in October 2019 and backed by private equity firm BGH Capital, brought together 12 of Australia's independent cybersecurity brands: Alcorn, Assurance, Asterisk, CQR, Diamond, Enosys, Klein&Co., Phriendly Phishing, Sense of Security, Shearwater, TSS, and YellIT.
It is headed by Alastair MacGibbon, former head of the Australian Cyber Security Centre (ACSC) and once special adviser on cybersecurity to former Prime Minister Malcolm Turnbull, as well as Paitaridis, who was formerly Optus Business' managing director.
The Basis Networks acquisition follows CyberCX recently scooping up another Melbourne-based cybersecurity specialist startup Identity Solutions.
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