HackLabs, Securus Global agree to sell

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HackLabs, Securus Global agree to sell

New parent to list on ASX.

Penetration testing firms Securus Global and HackLabs will form the security division of a new ICT company that plans to float on the ASX.

The new company, PS&C (People, Security and Communications), has agreed to pay at least $4 million for Securus and $1.5 million for HackLabs, according to a prospectus. (pdf)

It is presently unknown if there are other considerations to be paid for the businesses, as the acquired companies are bound by non-disclosure agreements and could not comment.

However, it's understood Securus Global and HackLabs will continue to operate under their business names and retain existing staff.

The two security firms count Coles, Betfair, Tabcorp, Westfield and major banks and telcos among their customers.

They had combined revenues of $5 million in the last financial year, though PS&C estimates the Australian security industry to be worth $2.1 billion annually.

Other divisions

PS&C will also snap up a Melbourne-based SAP integrator, Systems and People, as well as Allcom Networks and Allcom Consulting.

PS&C is expected to have a workforce of over 300 consultants. Systems and People brings the lion's share with 240 staff and contractors; Allcom brings 40 staff; and Securus Global and HackLabs contribute a combined 25 staff.

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