iscover
Australian owned cyber security company Penten announced that Five V capital was successful in its tender to become the company’s major shareholder, after investing $50 million into the company.
Five V Capital, a private equity firm specialising in investing in companies across Australia and New Zealand, took the majority stake in Penten after agreeing to invest $50 million into the company to help meet the corporate objectives and support continued growth.
It is expected that the investment will enhance Penten’s secure mobility, cyber applied artificial intelligence and tactical secure communications capabilities.
According to a statement by the company, Five V Capital was selected as the shareholder following a comprehensive tender process.
Matthew Wilson, co-founder and chief executive at Penten, welcomed the new partnership, and acknowledged Five V Capital’s appreciation of Penten’s capabilities in the industry.
“Importantly, Penten remains a company that is Australian-owned,” Wilson said.
“Penten will now be well-placed to continue its rapid expansion delivering new defence and cyber security technologies for Australia and its allies.
“Cyber security remains a growing concern within Australia and internationally. With Five V Capital as a shareholder and growth partner, we will be better positioned to help Australia respond to the increasing defence and cyber challenges.”
Sarah Bailey, Penten company director and chief financial officer, noted that the investment is expected to support the company’s ongoing growth.
“This investment by Five V signifies the beginning of the next growth story for Penten and I am incredibly excited by this next chapter,” Bailey said.
PWC, Allens, Gilbert + Tobin, LEK and McR Defence advised the companies during the procedure.
[Related: Aussie companies Penten, GME unveil updated anti-eavesdropping device]
Want to see more stories from trusted news sources?
Make Defence Connect a preferred news source on Google.
Click here to add Defence Connect as a preferred news source.