Bastion Security Group Expands into Australia Through Cythera Acquisition

Bastion Security Group has signed an agreement to acquire Cythera Cyber Security, a Melbourne-based managed services provider specialising in cybersecurity. The move marks Bastion’s expansion into the Australian market, bolstering its capability to deliver advanced cyber protection and managed services across the region.

Cythera, established in 2018 by Euan Prentice, Craig Joyce, Tim Sank and Ben Cuthbert, has rapidly grown to become a leader in the Australian cybersecurity sector. The company offers 24/7 threat detection, incident response, and managed cyber protection through its Security Operations Centre, supported by modular subscription services and technology from global vendors.

Strengthening Regional Cybersecurity

The acquisition will bring together more than 150 cybersecurity professionals across Australia and New Zealand. Bastion and Cythera aim to combine their strengths to support enterprises and government organisations with an enhanced range of cybersecurity services.

Bastion Founder and CEO Eugene Gibney emphasised the importance of the partnership in addressing evolving cybersecurity challenges.

“This partnership is a coup for Bastion and the customers of both companies. Welcoming Cythera’s talented team to the Bastion family strengthens our service offering in New Zealand and expands our presence into Australia,” Gibney said. “Cythera’s cutting-edge managed security services align with our focus on delivering solutions that protect our customers.”

Gibney also highlighted the importance of cultural alignment in identifying the right partner. “There are lots of good operators in the market, but identifying the right one is critical. Cythera not only adds to our capabilities but also aligns culturally with what we’re building and where we’re going as a group.”

Expanding Services for Enterprise and Government

The partnership enables Bastion to deliver managed security services to new and existing customers in New Zealand while accelerating Cythera’s Australian growth. The combined entity will offer services including governance, risk and compliance, penetration testing, cloud and network security, cyber strategy advisory services, threat intelligence, and managed security solutions.

Cythera Co-Founder Euan Prentice said the acquisition comes at a critical time, with cybersecurity threats growing in both complexity and frequency across Australia and New Zealand.

“As cyber threats continue to rise, the ability to provide a full-service cybersecurity offering to the group’s customers is increasingly important,” Prentice said. “Bastion’s complementary capabilities will support our rapid growth and enhance the value we deliver to our clients.”

Craig Joyce, also a Co-Founder of Cythera, echoed the sentiment. “Bastion is the perfect match for Cythera. Its strengths in different services and technical capabilities create a very powerful service offering across Australia and New Zealand.”

Leadership and Integration

Cythera’s leadership team will remain in place, and the company will continue to operate under its existing brand. Current shareholders of Cythera will maintain a significant investment in the Bastion Group, and Prentice will join Bastion’s Board of Directors.

Johnny Zhang and Louise Haslehurst, Directors at Bastion, praised Cythera’s growth and leadership. “Cythera has grown significantly, driven by an impressive team and a differentiated customer proposition. We look forward to working closely with Euan, Craig, and the broader team to support this growth.”

Supported by Strategic Investment

The acquisition is the second strategic move for Bastion since securing investment from Quadrant Growth Fund No. 2 in May 2023. Quadrant has played an active role in providing strategic, financial, and operational guidance, aiming to drive growth outcomes for Bastion and its subsidiaries.

The transaction is expected to be completed by December 31, 2024. With the partnership in place, both companies are poised to deliver market-leading cybersecurity solutions to over 400 clients across Australia and New Zealand.

Last Updated on December 9, 2024 by Nick Ross