Accenture said on Thursday it will buy Australian cybersecurity firm CyberCX in its largest-ever deal in the sector, with the Australian Financial Review valuing the transaction at more than A$1 billion ($650 million).
Private equity firm BGH Capital is selling CyberCX. However, financial terms have not been disclosed. Neither Accenture nor BGH Capital immediately responded to Reuters requests for comment on the reported valuation.
The deal comes amid a global surge in cases of cyberattacks, as companies from healthcare to finance grapple with increasingly sophisticated threats that disrupt operations and compromise sensitive data.
Melbourne-based CyberCX was formed in 2019 through the merger of 12 smaller cybersecurity firms backed by BGH Capital.
The company now employs about 1,400 people and runs security operations centres across Australia and New Zealand, with offices in London and New York.
Since 2015, Accenture has completed 20 security acquisitions, including recent purchases of Brazilian cyber defense firm Morphus, MNEMO Mexico and Spain-based Innotec Security.
“Client demand for cybersecurity services is accelerating as data and digital environments become increasingly connected and heightened threats are exposed across operational value chains, supply chains and the enterprise,” said Peter Burns, who leads Accenture’s business in Australia and New Zealand.
($1 = A$1.5385)
Source: CNA
