Tesserent (ASX:TNT) share price slides despite Vocus deal

Downward red arrow with business man sliding down it signifying falling asx share price.

The Tesserent Ltd (ASX: TNT) share price is falling wayside during mid afternoon trade. This comes regardless of the fact that the internet security services company announced a partnership with Vocus Group Ltd (ASX: VOC).

At the time of writing, Tesserent shares are fetching for 16.2 cents apiece, down 1.82%.

Tesserent strengthens cybersecurity solutions

Investors appear unfazed by the company’s latest release, sending the Tesserent share price in negative territory.

In a statement to the ASX, Tesserent advised it has secured a cybersecurity partnership with international telecommunications company, Vocus.

Founded in 2008, Vocus is a specialist fibre and network solutions provider that operates in Australia and New Zealand. The company has over 30,000 kilometres of fibre network that is purpose-built and managed for business and government.

Under the deal, Tesserent will initially focus on delivering its Cyber 360 solutions to Vocus’ 5,000-strong enterprise and government clients. This includes essential 8 programs, testing/assurance/red team services, and scaling up key security product controls and managed security services.

Recently, Tesserent cemented its leading position in the federal government cybersecurity solutions space with the acquisition of two businesses.

The new additions are expected to immediately integrate into Tesserent’s ecosystem, particularly its North Security business. This area is tasked with leading the company’s federal government team by delivering large multi-year projects.

Tesserent CEO, Kurt Hansen commented:

We are extremely pleased to be able to partner with Vocus on their cybersecurity initiatives with their enterprise clients. Increasingly critical infrastructure controls are coming under cyber-attack and we look forward to working with Vocus to improve their clients’ cybersecurity resilience.

This partnership will enhance Tesserent’s profitable organic growth through access to clients that are currently not being addressed by our current client facing team.

About the Tesserent share price

Adding to today’s losses, the Tesserent share price has dropped by more than 50% in the last 12 months. A stark contrast to when the company’s shares reached an all-time high of 44 cents at the beginning of January.

Based on today’s prices, Tesserent presides a market capitalisation of roughly $200.22 million and has approximately 1.21 billion shares outstanding.

The post Tesserent (ASX:TNT) share price slides despite Vocus deal appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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