Login
iscover
Share this article on:
Powered by
MOMENTUM
MEDIA
Powered by MOMENTUMMEDIA
The embattled Aussie cyber security company has turned over a new leaf under a new substantial shareholder, 5G Networks.
Australian cyber security company AUCyber has a new board of directors and CEO following a tense series of buyout talks that began between the firm and IT services company 5G Networks late last year.
“This week, we welcomed Joseph Demase as our new chairman and Chris Wright as our new CEO, along with an updated board of directors,” AUCyber said in a recent news release.
“Their combined expertise and strategic vision will guide AUCyber’s next phase of growth, strengthening our ability to deliver world-class cyber security solutions and drive innovation in sovereign cloud and data resilience.”
In addition to Demase as chairman, the board consists of two other non-executive directors – Hugh Robertson and Conrad Morgan.
While the buyout was not entirely successful, 5G Networks – of which Demase is the managing director – is now a substantial shareholder of AUCyber.
“Recently, we announced and welcomed 5G Networks, a publicly listed Australian technology company, as a substantial shareholder in AUCyber,” AUCyber said.
“This development helps further strengthen our organisation and represents [a] continued commitment to deliver cutting-edge cyber security, sovereign cloud and data resilience solutions to our customers.”
At one point, two other Australian IT companies had expressed interest in AUCyber, but both Brennan and Interactive pulled out of the race early this year. Now that the dust has settled, and following a net loss for the half-year ending December 31 of just over $19 million, the company is now looking firmly ahead.
“It is business as usual for our operations, solutions and our expert teams,” AUCyber said.
“We are fully committed to continuing to deliver the highest-quality services, backed by robust service level agreements and a team of highly skilled professionals.”
Cyber Daily has reached out to AUCyber’s new chairman for comment.
David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.
Be the first to hear the latest developments in the cyber industry.
