CyberCX, one of Australia’s largest privately-owned cybersecurity firms, will be acquired by tech consulting giant Accenture less than six years after it formed to challenge the US behemoths.
Subject to regulatory approvals, the deal announced on Friday will bolster Accenture’s cybersecurity business in the Asia-Pacific market, one of the most attacked regions in the world.
It is the Irish domiciled multinational’s biggest cybersecurity acquisition to date, reportedly worth more than $1 billion to CyberCX’s former owner, privacy equity firm BGH Capital.
Formed from the merger of 12 firms in 2019, CyberCX is a full-service cybersecurity company, providing consulting and managed security services, with offices in all major Australian cities, as well as the United States and United Kingdom.
The Melbourne-headquartered company has continued to acquire local cybersecurity companies over the last six years, including Tracer Cloud and Consegna, helping grow its workforce from 400 to 1,400.
John Paitaridis, a former telco executive who leads the company alongside one-time Special Adviser to the Prime Minister on Cyber Security Alastair MacGibbon, said the deal would act as a “force multiplier” for the company.
“We are immensely proud of the business we have built, becoming one of the leading providers of cyber security services in the region,” Mr Paitaridis said in a joint statement on Friday.
“Joining Accenture’s global cyber security organisation enables our exceptional people to combine forces with global capabilities and provide world-leading cyber security services to an even greater number of clients across Asia Pacific as we accelerate our growth in the region.”
Accenture’s global lead for cybersecurity, Paolo Dal Cin, added that the deal would combine the company’s “agentic AI capabilities with CyberCX’s strong market leadership, innovative offerings and trusted C-suite and government relationships”.
Since 2015, Accenture has made more than 20 cybersecurity acquisitions to boost its capabilities and solutions, with Morphus, MNEMO Mexico and Melbourne-based Innotec Security among the most recent.
It reflects growing demand for cybersecurity services in the region, according to Accenture’s business in Australia and New Zealand, Peter Burns, as companies become increasingly connected.
“CyberCX’s breadth of capabilities, trusted relationships with government and critical infrastructure organisations, and exceptional talent in the region, combined with Accenture’s local and global scale and innovation, will help us meet this ever-increasing client need,” he said.
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