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Acquisitive Australian technology business Brennan has struck a formal agreement to acquire Canberra-based cybersecurity specialist CBR Cyber, closing out its fifth business buyout deal in the past four years.
The acquisition strengthens Brennan’s cyber security capabilities, while expanding the company’s national footprint and bolstering its credentials across all levels of government.
The deal comes less than two months after Brennan withdrew a $22.8 million takeover offer for Brisbane’s AUCyber (ASX: CYB) in January in the wake of rival bidder 5G Networks (ASX: 5GN) making an increased, although still lower offer, for the company.
It also builds on recent acquisitions by Brennan, the most recent being Adelaide-based managed services provider Nuago in July last year which followed the buyouts of MOQ, MOQdigital and Clade in 2022.
Brennan founder and managing director Dave Stevens says the rationale for the latest acquisition is CBR Cyber’s “formidable reputation as a proven, dependable, and trusted consulting, engineering, and cybersecurity partner to public sector agencies at all levels”.
“This agreement will not only add to Brennan’s strong organic national growth, but it also puts us firmly at the heart of the nation’s capital, enabling us to better drive tangible outcomes and deliver true performance for key national organisations,” says Stevens.
“For Brennan, an anchor in the nation’s capital opens up exciting opportunities, and for the wider market it signals our strong belief in the value and importance of a sovereign owned and operated systems integrator.”
CBR Cyber, which was founded in 2020, is controlled by directors Andrew Weir and Michael Honeyman who are the company’s general manager and chief technology officer respectively.
CBR Cyber says that as it was founded during the remote working revolution that emerged during lockdowns, its core focus is on supporting the digital workforce and developing cloud technologies.
The Canberra company works with government agencies, national institutions and businesses across the ACT.
It has also been positioned in second place for two consecutive years on the CRN Fast50, which recognises the fastest-growing companies in the Australian IT channel based on year-on-year revenue growth.
Brennan plans to fully integrate the CBR Cyber management and team into the existing Brennan business on completion of the deal, which is expected in about four weeks.
Weir says the CBR Cyber team is looking forward to joining Brennan to open up new growth opportunities for the business and enhance customer outcomes.
“In just four years, we’ve established a strong foothold in Canberra, fuelled by ambition and an unwavering commitment to customer success,” says Weir.
“By joining Brennan, it will strengthen our ability to deliver even more value, giving customers access to a broader portfolio of solutions designed to drive their business forward.”
Financial details of the CBR Cyber acquisition have not been disclosed.
However, Brennan forked out $23.3 million in 2022 for the takeover of MOQ, a former ASX-listed digital-business services provider, after outbidding managed services provider Attura.
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