Something’s not right at Melbourne-based cybersecurity roll up Tesserent, whose failure to win the hearts of small cap investors is putting it on private equity firms’ radars.
Something’s not right at Melbourne-based cybersecurity roll-up Tesserent, whose failure to win the hearts of small cap investors is putting it on private equity firms’ radars.
Despite more than doubling EBITDA to $16.3 million in the year to June 30, cleaning up its balance sheet with funds from Australia’s biggest bank and operating in a hot sector, the software consulting group’s shares are down 33 per cent this year to be hovering at a two-year low. And while the bears dictate the share price, Tesserent’s growth options are restricted. The company has been a busy acquirer to date , but it’s got to the stage where investors want to see earnings from the bulked up group rather than the next MStreet Talk’s aware of some private equity types that have been watching the conundrum play out.
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