Canberra-based cyber security company, Penten has announced a major injection of capital through the acceptance of Five V Capital as an equity partner.
Penten says Five V Capital is an Australian-owned and operated private equity firm that specialises in partnering with Australian and New Zealand companies. Under the terms of the agreement, Five V Capital will invest $50m, and take significant minority stake in Penten.
The investment will support the acceleration of growth initiatives that will see Penten expand its capabilities in secure mobility, cyber applied artificial intelligence, and tactical secure communications. Penten said the process of selecting Five V was lengthy and thorough, and allowed them the opportunity to find an Australian-owned investor that suited the company’s purpose and aligned with its values and mission statement.
Significantly, the acceptance of an equity partner allows Penten to retain its management structure and control of the company and its intellectual property (IP), and to continue with its strategy to support the Australian government and Defence with cyber technology.
“Importantly, Penten remains a company that is Australian-owned.” Penten CEO and co-founder Matthew Wilson said in a company release. “Penten will now be well-placed to continue its rapid expansion delivering new defence and cyber security technologies for Australia and its allies.
“Cyber security remains a growing concern within Australia and internationally,” he added. “With Five V Capital as a shareholder and growth partner, we will be better positioned to help Australia respond to the increasing defence and cyber challenges.”
Penten company director and CFO, Sarah Bailey added, “This investment by Five V signifies the beginning of the next growth story for Penten and I am incredibly excited by this next chapter.”