Accenture has announced plans to acquire Australian cybersecurity company CyberCX in what will be its largest deal in the sector so far. According to reports, the transaction is valued at more than A$1 billion, approximately $650 million.
The move comes as Australia continues to face a rise in major cyberattacks. In 2022, telecom company Optus suffered a massive data breach that exposed the personal details of up to 10 million users. Around the same time, health insurer Medibank was targeted in another cyberattack that affected nearly 10 million customers. More recently, in July, Qantas Airways revealed that hackers had accessed one of its call centres, compromising the information of six million passengers.
CyberCX, which is being sold by private equity firm BGH Capital, was created in 2019 through the merger of 12 smaller cybersecurity businesses. The Melbourne-based company has grown into a leading cyber defence provider, employing around 1,400 professionals. It operates security centres across Australia and New Zealand, and also maintains offices in London and New York.
The company is led by Chief Executive Officer John Paitaridis, who previously served as managing director of Optus Business, and Chief Strategy Officer Alastair MacGibbon, Australia’s former national cybersecurity coordinator. Their leadership links to Optus have drawn attention, given the scale of the company’s 2022 data breach.
Accenture has declined to provide further financial details, while BGH Capital has not commented on the reported valuation. However, the deal highlights the growing demand for advanced cybersecurity services as businesses worldwide face increasingly complex and damaging digital threats.
This acquisition is part of Accenture’s broader expansion in security services. Since 2015, the company has completed 20 similar deals, including its recent purchases of Brazilian cyber defence provider Morphus, MNEMO Mexico and Spain-based Innotec Security.
In February this year, Accenture also signed a $700 million collaboration agreement with Telstra, focusing on deploying artificial intelligence capabilities across the telecommunications company.
The acquisition of CyberCX further strengthens Accenture’s global cybersecurity portfolio and expands its reach in the Asia-Pacific region, positioning the company to meet the growing needs of enterprises dealing with rising cyber risks.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter |The Mainstream formerly known as CIO News Whatsapp Channel | The Mainstream formerly known as CIO News Instagram
About us:
The Mainstream formerly known as CIO News is a premier platform dedicated to delivering latest news, updates, and insights from the tech industry. With its strong foundation of intellectual property and thought leadership, the platform is well-positioned to stay ahead of the curve and lead conversations about how technology shapes our world. From its early days as CIO News to its rebranding as The Mainstream on November 28, 2024, it has been expanding its global reach, targeting key markets in the Middle East & Africa, ASEAN, the USA, and the UK. The Mainstream is a vision to put technology at the center of every conversation, inspiring professionals and organizations to embrace the future of tech.
