Telstra has acquired the assets of New Zealand security analytics provider, Cognevo, taking advantage of parent company Wynyard Group being placed into administration.
Having previously been a customer of Cognevo - under its previous trading name of ACTA - the Australian telco giant now expects a deal to be completed “in the next 10 days”.
After rebranding in September 2016, Cognevo has forged a reputation as being a leading security analytics and discovery software provider, working closely with managed security service providers (MSSP) across New Zealand.
Revealed by Wynyard Group administrators, Grant Graham and Neale Jackson, the sale of the Cognevo business division represents a “significant part of Wynyard's operations”.
“The agreement involves the sale by each of Wynyard (NZ) Limited (Administrators Appointed), Wynyard (Australia) Pty Limited (Administrators Appointed) and Wynyard (UK) Limited (In Administration) of their respective interests in the business and assets of the Cognevo business division,” a statement on the New Zealand Stock Exchange read.
“It remains subject to a number of termination rights, with the sale expected to be completed in the next 10 days.
“The administrators are working through the options for the remainder of the business but it is already apparent that there will not be any returns for shareholders arising from the administration.”
Cognevo security analytics solution use machine learning technologies and advanced analytic techniques, specifically targeting business customers.
“Telstra is an existing Cognevo customer and we are acquiring the assets to further enhance the capabilities of our managed security services offer for customers in Australia and globally,” a Telstra statement confirmed.