Gold Coast software company Opmantek acquired by FirstWave Cloud Technology for $62m

A Gold Coast software success story, which counts Microsoft and NASA among its clients, has been acquired by an ASX-listed company for $62m. DETAILS

Gold Coast software success story Opmantek has been acquired by ASX-listed cybersecurity group FirstWave Cloud Technology for $62m.

Opmantek executive chairman Danny Maher, who will become managing director and CEO of FirstWave under the deal, said it was a win for the Coast’s technology and entrepreneurial sector.

Danny Maher, CEO of Opmantek, which won the Digital Technologies award at the Premier of Queensland's Export Awards.

“I’m thrilled for our shareholders but moreover I think it is a great win for the Gold Coast,” he said.

“The acquisition by FirstWave will enable the integration of Opmantek’s software onto FirstWave’s CyberCision Open Security Management Platform and create an end-to-end solution for network discovery, management and cybersecurity that is globally unique.”

Mr Maher will lead the ASX-listed company from the Gold Coast.

Opmantek is a local success story, having been attracted to the Gold Coast by the Gold Coast City Council’s economic development team and taking out the Premier’s Queensland Export award for Digital Technologies five times.

It exports software to 130,000 companies in 178 countries.

Danny Maher. Picture: NIGEL HALLETT

Mr Maher said the acquisition had made millionaires of his early investors in Opmantek, which counts Microsoft and NASA as clients.

He said the Gold Coast company was part of efforts to put the first woman on the moon and the first human on Mars.

Mr Maher is also chairman of Gold Coast United FC and is leading the city’s push for a return to the A-League.

Gold Coast chairman Geoff Smith and Gold Coast United chairman Danny Maher pictured in Southport. The pair are behind a push for a 5000-seat stadium on the GC. Picture Mike Batterham

Mr Maher said he’d continue to boost the tech startup scene on the Gold Coast and had committed $1m to the Gold Coast Innovation Hub, which he also chairs.

The commitment is part of a $20m tech investment plan through his 42 Ventures firm.

FirstWave Executive Chairman John Grant said the acquisition would allow the company to access Opmantek’s reach in North America.

“In a case of the whole being greater than the sum of its parts, both companies bring highly complementary business models, product offerings and geographic footprints,” he said.

“The combination significantly expands the growth potential of both companies by providing truly global reach, an expanded product portfolio and material operational, strategic and financial benefits.

“For FirstWave this is a transformative transaction, as we will gain access to Opmantek’s channel partners and sales force in the US, the world’s most lucrative market for cybersecurity, as well as Canada and Latin America, both large markets where we do not currently have a foothold.”

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