Accenture is set to buy Australian cybersecurity company CyberCX in what will be its largest deal in the cybersecurity sector. The Australian Financial Review estimates the purchase price to be over A$1 billion, which is about $650 million US dollars.
The move comes amid a rise in major cyberattacks in Australia. Big companies like Optus and Medibank have suffered breaches, exposing the personal information of millions of people. Just recently, Qantas Airways revealed a hack at one of its call centers, where criminals accessed data from six million customers.
CyberCX, based in Melbourne, was created in 2019 by merging 12 smaller cybersecurity firms. It now has around 1,400 employees and operates security centers across Australia and New Zealand, as well as offices in London and New York. The company is led by John Paitaridis, a former Optus Business director, and Alastair MacGibbon, Australia’s former national cybersecurity coordinator.
The deal highlights growing demand for stronger digital security as cyber threats become more common and destructive. Accenture has been active in cybersecurity acquisitions, having bought 20 security firms since 2015, including recent ones in Brazil, Mexico, and Spain. Earlier this year, Accenture also partnered with Australian telecom giant Telstra on a $700 million project to boost its AI capabilities.
Neither Accenture nor CyberCX’s owner, private equity firm BGH Capital, have shared specific financial details of the deal. But this purchase clearly shows the importance of cybersecurity in protecting businesses and personal data in a digital world.