Excite Cyber, an ASX-listed managed security specialist, has announced plans to acquire CBIT Digital Forensic Services for AUD$4 million. This acquisition aims to enhance Excite Cyber’s capabilities in working with law enforcement, government, and corporate enterprises. By integrating CBIT’s expertise, Excite intends to strengthen its managed services offering while expanding its digital forensics and accredited training capabilities.
The acquisition will also lead to the establishment of a new state-of-the-art digital forensics lab and training facility, set to be completed by July 2025. This facility will not only bolster Excite’s staffing and operational scale but also provide advanced resources for its forensic investigations and training programs. CBIT’s strong financial performance, with $14 million in revenue and an EBITDA of $954,000 for the previous year, positions Excite Cyber for increased profitability.
In addition to the acquisition, Excite Cyber has secured a AUD$1 million investment from Belgravia Group, which will help finance the purchase of CBIT. CEO Bryan Saba highlighted that this capital injection is crucial for deepening Excite’s specialization in digital forensics and expanding its market presence in state and federal government sectors. The investment reflects confidence in Excite’s growth strategy and its commitment to enhancing its cybersecurity services.
Excite Cyber has reported a strong quarterly performance, with additional annual contract value of AUD$989,000 and no significant contract churn. Saba expressed excitement about the company’s progress, attributing it to a focused restructuring and investment strategy from late 2023. As cybersecurity opportunities grow in Australia, Excite Cyber is well-positioned to capitalize on market demand and strengthen its status as a trusted provider of cyber services.
