Gold Coast Innovation Hub (GC Hub) founding member, Opmantek, has announced a $62M acquisition offer from ASX listed FirstWave Cloud Technology (ASX:FCT), a global cloud based cybersecurity technology company.
Danny Maher, Executive Chair of Opmantek, has described the acquisition as a win for the Gold Coast technology and entrepreneurial scene. “We’re thrilled with the acquisition and have a strong belief in the future success of the combined entity which will be led from the Gold Coast.”
Opmantek was the first member company to contribute to the GC Hub and are graduates of the GC Hub’s Scaleup Accelerator – a 12 month program co-funded by the Australian Government’s Expert in Residence grant that supported Opmantek to accelerate growth and prepare for acquisition. GC Hub’s financial advisory partner RSM assisted in the acquisition process and GC Hub partner Scale Innovationsmanaged the Due Diligence process. Mr Maher commented “I am so grateful to the GC Hub partners, the last 4 months has been intense and these partners have allowed the business to keep functioning and growing while under acquisition”.
In a letter to local government officials Maher has made a $1 million commitment to the Gold Coast Innovation Hub and has confirmed that this is the first stage of a $20 million tech investment plan through the investment firm he chairs, 42 Ventures.
Maher confirmed that Opmantek will maintain all of their Gold Coast staff and Maher will lead the combined organisation as FirstWave CEO from the Gold Coast.
“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. I am excited by a belief that we have an incredible opportunity to be the automated network and security management platform of choice for MSPs and enterprises globally,” Maher said.
Opmantek first pitched for seed investment to Founders Forum and Gold Coast Angels and several of the early stage investors in the organisation are now millionaires with more millionaires on the way if the integration with FirstWave is successful in driving further shareholder returns.