Ernst & Young, Australia is acquiring MSSP and cybersecurity consulting firm SecureWorx. The deal is expected to close on September 1, 2021. Financial terms were not disclosed.
Australia's SecureWorx is not to be confused with US-based Secureworks, an MSSP and XDR service provider owned by Dell Technologies.
The EY-SecureWorx agreement is M&A deal number 474 that MSSP Alert and ChannelE2E have covered so far in 2021.
Ernst & Young (EY) has been active in the M&A market for Australia-based cybersecurity companies. Earlier acquisitions include cyber strategy firm Aleron in 2019, and Open Windows Identity in 2017.
Ernst & Young and SecureWorx: Addressing Australia Compliance Regulations
The acquisition comes as MSSPs and technology service providers strive to navigate Australia's new mandatory requirements in the Security Legislation Amendment (Critical Infrastructure) Bill 2020. The bill increases the need for sovereign cybersecurity capabilities.
SecureWorx appears to address those mandates. The MSSP is based in Glen Waverley, Victoria, Australia. The company's key capabilities include multi-cloud managed services for Microsoft Azure and Amazon Web Services; managed security operations; and security advisory services.
The SecureWorx lineup include a 24/7 security operations managed services onshore in Australia -- with government cleared personnel and certified facilities.
Dig a little deeper, and the SecureWorx managed services span SIEM-as-a-Service, SOC-as-a-Service, data protection, vulnerability scanning and more, the seller says.
Ernst & Young Buys SecureWorx: Executive Perspectives
SecureWorx CEO Philip Mulley will shift to EY Australia as sovereign cybersecurity leader. The seller has 21 employees listed on LinkedIn.
In a prepared statement about the deal, Richard Bergman, EY Oceania Cybersecurity Lead Partner said:
“The latest updates to the Security of Critical Infrastructure Act outline new requirements that will require significant investment for onshore cyber capabilities to detect and combat threats.
Threat volumes are rapidly increasing and now costing the Australian economy $29 billion per annum, according to recent Microsoft reports.
SecureWorx has a set of cybersecurity assets that complement EY Australia’s existing cybersecurity team and capabilities including government accredited hosting facilities in Melbourne and Canberra and an accredited Security Operations Centre in Melbourne.
SecureWorx complements and extends EY’s existing cybersecurity capabilities along with previous EY Australia acquisitions of Aleron and Open Windows.
For our clients this will provide access to 24x7 Security managed services onshore in Australia with cleared personnel and facilities."
Added Mulley from SecureWorx:
“We have long admired EY Australia and in particular the work of their cyber security team. Joining EY Australia gives us access to EY Australia’s global thought leadership and deep industry knowledge. For our people it provides exciting career development opportunities through industry focus, technology career paths and global reach and mobility. The EY Australia Cyber team is a natural, cultural fit for us.”
David Larocca, EY Australia CEO and Regional Managing Partner (Oceania) concluded:
“Cyber security is a critical business function that has moved beyond our clients’ technology agenda. This is because we’re seeing a dramatic escalation in the frequency and impact of ransomware attacks that are changing the way Boards are accountable to stakeholders.
Our clients are telling us that cyber security is one of their greatest concerns. It is now high on the agenda at Board, C-suite and government leadership meetings.
EY Australia is investing in the technology, assets and that will help our clients develop protection strategies. The addition of SecureWorx to our cyber team will provide our clients with even greater security. EY Australia’s purpose is to Build a Better Working World, and the acquisition of SecureWorx goes to the heart of this. We look forward to welcoming SecureWorx to EY Australia and to provide these enhanced services to our clients."
Additional Ernst & Young Technology Acquisitions
Meanwhile, Ernst & Young continues to acquire IT consulting firms worldwide. Additional deals include:
- 2021: Canadian ServiceNow partner SuMO IT Solutions.
- 2020: Zilker Technology for e‑commerce, digital & cloud consulting.
- 2019: Plaut IT, an Australia-based SAP consulting partner.
- 2018: Adelphi Digital, a digital consultancy firm with operations in Singapore and Australia.
- 2018: Riverview Law, a legal managed services provider.
