Melbourne-based scaleup CyberCX is on track to become a unicorn, as professional services giant Accenture plans to buy the six-year-old cybersecurity firm in a deal worth over $1 billion.
CyberCX was founded in 2019 by former Optus Business head John Paitaridis and ex-Australian government cybersecurity chief Alastair MacGibbon. It was built by merging about a dozen smaller cybersecurity companies, all backed by private equity firm BGH Capital, which still owns CyberCX.
Today, CyberCX is one of the biggest cybersecurity companies in the Asia-Pacific region, with around 1,400 employees. It provides consulting, digital transformation, and managed cybersecurity services. The company has operations centres across Australia and New Zealand, along with offices in London and New York.
CyberCX works with clients that include Australian federal and state government agencies. Its AI-powered platforms provide services such as threat detection and response, secure sovereign cloud solutions, and training through the CyberCX Academy. The company also offers its own tools for security testing and cyber intelligence.
The deal terms haven’t been officially shared, but reports suggest it’s worth over $1 billion. Before Accenture, which is listed on the NYSE, can take control, the agreement will need approval from Australia’s Foreign Investment Review Board.
This will be Accenture’s biggest cybersecurity acquisition so far and will significantly strengthen its services in the Asia Pacific region.
Accenture ANZ boss Peter Burns said demand for cybersecurity services from clients is rising quickly.
“The need for responsible governance is also rising as AI and Quantum technologies advance,” he said.
“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.”
CyberCX CEO John Paitaridis said:“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.”
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