PwC and OC&C advise Quadrant on trio of Kiwi cyber acquisitions

11 April 2023 2 min. read

Investor Quadrant has acquired a majority stake in three New Zealand-based cybersecurity providers, in a deal that was advised on by consultants from PwC, OC&C Strategy Consultants, and Bell Gully.

Just months after Quadrant acquired three Australian cloud specialist providers (Cevo, Arinco and D6 Consulting), the private equity firm has recycled its strategy in New Zealand in a move which marks its entry into the Kiwi cybersecurity space.

Quantum Security Services, ZX Security, and Helix Security Services all specialise in cyber-related services, including cyber security advisory, governance, risk and compliance, penetration testing, and cloud security. Together, the three firms have 120 staff.

PwC and OC&C advise Quadrant on trio of Kiwi cyber acquisitions

“We are attracted to Quantum Security Services, ZX Security, and Helix Security Services given their highly reputable position in the market,” said managing partner of Quadrant, Simon Pither, adding that the market for cybersecurity services faces a promising outlook.

“The need for specialised cyber security services continues to grow in an increasingly digital age. The number and complexity of cyber threats are on the rise as seen by the increasing frequency of high-profile data breaches in both New Zealand and Australia (for example: Optus),” he said.

By “combining the respective strengths” of the three firms, Quadrant expects to be able to build a “culturally aligned cyber security specialist group with a leading position in the market”.

Investment Director of Quadrant, Louise Haslehurst, commented: “We are excited to partner with the founders and their teams to unlock further growth by investing in and reinforcing the group’s employee value proposition.”

Having previously turned to EY and Gilbert + Tobin for its recent Australian cloud deal, this time round Quadrant worked with PwC (financial advisory), OC&C Strategy Consultants (commercial due diligence), and Bell Gully (legal support) on sealing the multi-acquisitions.

The team of OC&C Strategy Consultants consisted of Mark Blackwell, Maurice Violani, Robert O'Donnell and Mark Stormont. “We had a great time helping Quadrant Private Equity ‘scoop up’ what we think is a winning combination of three Kiwi cyber firms,” said Blackwell.

As part of the deal, Quadrant’s managing partner Simon Pither and investment director Louise Haslehurst will be joining the newly established Group Board of Directors of Security Services, ZX Security, and Helix Security Services.

“This partnership marks the start of a new chapter of growth not only for the business but also the team as it will open up new career development opportunities as we grow,” said the founders of the three companies, Eugene Gibney (Quantum), Simon Howard (ZX), and Sam Andrews (Helix).