New Zealand’s Bastion Security Group is set to join forces with Perth firm Seamless Intelligence as cybersecurity threats buoy the global M&A market.
New Zealand’s Bastion Security Group is set to join forces with Perth firm Seamless Intelligence as cybersecurity threats buoy the global M&A market.
The deal, expected to complete in the September quarter, marks Bastion’s second Australian acquisition after it bought Melbourne-based Cythera in December last year.
Founded in 2017, Seamless provides cyber monitoring and protection packages for businesses in WA.
According to a contractor profile published by the state government, the company’s major clients include Bunnings, Kmart and Murdoch University.
Co-founder Chris Bolan, who owns 45 per cent of the company, told Business News the merger was roughly six months in the making.
“In Bastion, we’ve found a partner that shares our values and brings the scale, depth, and breadth to take our mission even further,” he said in a statement this morning.
Bastion’s latest deal reflects a broader consolidation in the cybersecurity sector, where growing demand and evolving threats are driving acquisition activity worldwide.
According to risk advisers at Kroll, the global cybersecurity market is now valued at more than $US200 billion and is growing by roughly 13 per cent every year.
Financial services firms traditionally spend the most on cybersecurity solutions, followed by government agencies, healthcare companies and telcos.
Research from Kroll shows the global M&A market for cybersecurity solutions remains highly active, with 48 deals announced in the first three months of the year.
Photo: Kroll
Against this backdrop, Bastion is angling to grow its business beyond the Tasman Sea.
Following today's deal, Seamless’ shareholders will remain invested in the Bastion Group, with the leadership team and around 25 cybersecurity professionals remaining in place.
Bastion CEO Eugene Gibney said the transaction supported the company’s ambition to become a “trans-Tasman cybersecurity powerhouse”.
“Seamless has earned a strong reputation for technical excellence and client trust, with a clear focus on making advanced cyber protection both accessible and tailored,” Mr Gibney said.
Post merger, Seamless’ clients will gain access to support coverage across the east coast and New Zealand, along with Bastion’s broader cybersecurity offering.
The Seamless team will also integrate over time with Bastion-owned Cythera to strengthen managed services delivery nationally.
Bastion was advised by EY and Maddock on the deal, while Seamless was advised by Bonitz Advisory and Thompson Geer.
