A sale of BGH Capital’s cybersecurity business, CyberCX, is believed to have been pushed further down the road, with its most likely buyer, Telstra, currently too distracted for a major acquisition.
As earlier flagged by DataRoom, Goldman Sachs is believed to be the investment bank lined up to sell CyberCX, a business that was expected to change hands for at least $2bn and considered one of the best companies within the portfolio of Melbourne-based private equity firm BGH.
The understanding is that Telstra would be considered the best buyer for the group, but has plenty going on internally, so would be unlikely to bid if it were placed on the block at the current time.
Also potentially in line to buy CyberCX is a global strategic buyer that will pay up for the prized company.
CyberCX describes itself as the leading provider of professional cybersecurity and cloud services in Australia and New Zealand.
It employs more than 1300 staff, with customers in both the private and public sectors with which it works to manage cyber risk, respond to incidents and build resilience in an increasingly complex and challenging threat environment. The business is run by the former boss of Optus, John Paitaridis.
Cybersecurity remains at the forefront of the minds of most company directors and executives following major cyber hacking events against companies in recent years, including Medibank Private, Optus and Latitude Financial.
After successfully raising billions of dollars, BGH Capital is yet to land a major asset sale, so a successful sale of CyberCX will be important for the buyout fund that was launched in 2017 by former Macquarie Capital boss Robin Bishop and TPG Capital executives.
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