CyberCX, formed in 2019 from the merger of smaller cybersecurity firms, has operations in Australia and New Zealand, with offices in London and New York.
Accenture is buying Australian cybersecurity firm CyberCX in its largest-ever deal in the space, coming close on the heels of significant cyberattacks affecting firms in Australia and other parts of the world.
The transaction is valued at more than A$1 billion ($650 million), according to the Australian Financial Review. Private equity firm BGH Capital, which is selling CyberCX, and Accenture did not provide the deal terms.
Melbourne-based CyberCX was formed in 2019 through the merger of 12 smaller cybersecurity firms backed by BGH Capital. The company employs approximately 1,400 people and operates security operations centers across Australia and New Zealand, with offices in London and New York, according to a Reuters report.
Since 2015, Accenture has completed 20 security acquisitions, including recent purchases of Brazilian cyber defense firm Morphus, MNEMO Mexico, and Spain-based Innotec Security, according to Reuters.
The latest deal, incidentally, comes amid a surge in major cyberattacks. Australian telecom major Optus and health insurer Medibank suffered significant hacks in 2022. More recently, British retail Marks & Spencer and U.S. lingerie company Victoria’s Secret suffered attacks that crippled their online operations and materially impacted their business.
On Stocktwits, the retail sentiment for Accenture remained ‘bullish’, unchanged from the previous day. Accenture shares have declined about 23% from a recent high two months ago; the year-to-date drop is also about 23%.
Shares suffered in mid-June, when Accenture reported that new bookings dropped for a second consecutive quarter in its fiscal fourth quarter.
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