Optic Security Group launches
Optic Security Group launches to serve the converging security needs of customers
Merging six leading trans-Tasman security companies under one umbrella
Auckland, 4th December, 2018 – Optic Security Group has been launched today through a merger of six entities with combined revenues in excess of $100m. The new company which will operate across New Zealand and Australia brings together the combined capability and expertise of industry-leading security businesses to form ANZ’s largest independent and most technically advanced physical, IT and information security group.
The newly formed entity brings together leading physical security company Fortlock who recently acquired IT experts Comsmart, Circuit Systems and SSL along with Australian based companies Securities and Security & Technology Services and Bemac. The group members were carefully selected over a 12 month period to ensure complementary capabilities in respect of geographic coverage and industry expertise, and alignment with respect to market reputation and strategic aspirations to deliver clients a fully converged IT security proposition – a globally emerging trend that is driving industry growth by over 10%.
Optic Security will be led by Group CEO, Jason Cherrington who says, we are all living in a more connected world, where organisations are operating in an environment with increasing demand, more volatility and more complexity. Safe guarding people, information and technology has become much more complex and this rapidly changing risk profile is making the need to protect critical infrastructure against both physical and digital threats an absolute imperative.
“The formation of the Optic Security Group will enable us to meet the needs of customers as converging security requirements grow and become more complex, be they physical or digital. These threats are now exposing Directors to a complex liability that if not mitigated successfully lead to significant financial, criminal and brand damaging outcomes that Boards have to be fully aware of, and then protected against. That’s our purpose. We also had a particularly clear vision to create a trans-Tasman capability that has full geographic coverage across both markets and depth in technical and industry expertise to tackle these emerging challenges and deliver appropriate solutions to our customers – now achievable with a scale presence in both New Zealand and Australia” says Cherrington.
Optic Security Group will bring unparalleled resource capability across both countries and will hit the ground running with over 200 employees across 10 different locations serving the needs of close to 1,000 existing customers. The new company will be led by a senior leadership team that has a wealth of international experience and sector expertise that will ensure customers have access to the best resources and latest leading technologies from around the world. There will be no change in the management at a business unit level within each of the six respective business units (all significant shareholders in Optic) and the group provides a wealth of career growth opportunities for the employees of Optic.
Cherrington says that the new company will immediately be able to provide additional services to the existing customers of the companies under the Optic Security umbrella. The company will also partner with other leading players in the market such as the Cyber Audit team in Australia who provide independent information security and cybersecurity assessments.
Chris Giufre, Managing Director of Ascentro Capital Partners, a New Zealand Investment firm co-founded the Optic Security Group with Cherrington, both of whom will join the existing shareholders of the six businesses on the Optic shareholder register and become members of the Board.
KPMG New Zealand provided M&A and transactions services advisory to lead the execution of the transaction. Mayne Wetherell and Gilbert Tobin providing legal services, and BNZ, ASB and Arena Investors LP supporting Optic Security Group from a financing perspective.