Australian PE firm BGH Capital backs newly created cybersecurity firm CyberCX

Australian private equity firm BGH Capital has backed the formation of CyberCX, which is consolidating 12 local cybersecurity brands to create Australia’s largest, dedicated cybersecurity organisation.

The brands are Alcorn, Assurance, Asterisk, CQR, Diamond, Enosys, Klein&Co., Phriendly Phishing, Sense of Security, Shearwater, TSS and YellIT. More organisations will be announced in the near future, CyberCX said in a statement.

The new business will be headed by John Paitaridis, former managing director of Australian telco Optus Business, who recently joined BGH Capital as the CEO of its IT portfolio. He is currently also chairman of the Australia Information Industry Association.

CyberCX has also poached former national cybersecurity adviser, Alastair MacGibbon, as its chief strategy officer. He used to run the government’s cybersecurity strategy as head of the Australian Cyber Security Centre.

CyberCX has over 20 offices across Australia with an initial workforce of more than 400 cybersecurity professionals.

The company will provide a full range of cybersecurity services, including consult and advisory, risk and compliance, security assurance, integration and engineering, training and education, incident response and digital forensics, and managed security services.

“The rapid increase in the number of cyber security threats globally is creating unprecedented risk and exposure for organisations in Australia which must be addressed,” Paitaridis said. “It is clear that many businesses, enterprises and government organisations are not yet well enough advised, supported or equipped to defend their mission critical assets.”

MacGibbon added: “The reach of cyber threats is pervasive, from websites, email and mobiles, to cars, financial systems, power grids, industrial systems and the internet of things. There is no safe harbour.”

The Australian cybersecurity industry is valued at $4.1 billion, according to CyberCX. Meanwhile, the global market reached $116.5 billion in 2018 and is growing at an 11 per cent CAGR in the 2019-2025 period, according to a report by Grand View Research.

BGH Capital, founded in 2017, closed its first fund at A$2.6 billion ($1.75 billion) in May 2018, claiming to be the largest private equity fund focused on Australia and New Zealand. The fund counts Singapore’s Temasek as a limited partner.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.