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ASX-listed managed security specialist, Excite Cyber (trading as Excite Technology Services ASX:EXT), has announced the intention to acquire CBIT Digital Forensic Services for AUD$4 million (USD$2.67 million).

CBIT Digital Forensic Services will strengthen Excite Cyber’s capabilities with law enforcement, government and corporate enterprises. In terms of technology, it would enhance the company’s managed services offering, as well as deep digital forensics and accredited training capabilities.

In addition to staffing and scale capabilities, the transaction would also result in Excite having a new “state-of-the-art digital forensics lab and training facility,” which is due to be completed in July 2025.

CBIT Digital Forensics Services would also add significantly to Excite Cyber’s revenue and profitability. According to the statement to the ASX regarding the proposed acquisition, CBIT Digital Forensics Services had $14 million in revenue for the previous financial year (ending June 30), and EBITDA of $954,000.

A big year ahead

In another separate filing to the ASX, Excite announced that Belgravia Group, an investment company founded by the local business legend Geoff Lord, would exercise an option to invest AUD$1 million (US$670,000) into the company.

In the statement, Excite Cyber CEO, Bryan Saba, noted that the investment would be in part used to support the acquisition of CBIT Digital Forensic Services. “This significant capital injection will be utilised for the imminent acquisition of CDFS, propelling Excite towards deeper specialization in digital forensics and incident response, as well as creating new market presence in State and Federal Government,” he said.

This news comes on the back of a strong quarter for the MSSP, which reported an additional AUD$989,000 (US$659,000) in additional annual contract value with “no significant contract churn.”

As Saba said of the results: “We are thrilled with our June quarter performance, reflecting our tactical focus on expanding our footprint across diverse industries and enhancing service delivery to our existing clients. Having spent time restructuring and investing in our go to market in late 2023, we are now seeing the teams dedication and expertise now driving growth as well as solidifying our position as a trusted cyber services provider.”

As a cyber security specialist MSP, Excite Cyber is seeing big opportunities in the market, with analyst data suggesting that cyber security is a particular stand-out opportunity across Australia. With other companies working quickly to acquire capabilities in cyber security, Excite Cyber enjoys a strong incumbency position.