IBM partner props up Aussie payment tech player’s bottom line

Cyber security provider and IBM partner Decipher Works, which was acquired by local financial technology provider Transaction Solutions International (ASX:TSN) late last year, has played a major part winding back its new parent’s annual losses.

Transaction Solutions International, which is publicly-listed on the Australian Securities Exchange (ASX), told shareholders on 29 May that it had narrowed its annual net loss for the year ending 31 March to $590,000.

The year prior, the financial payments and technology company reported a $1.3 million loss.

It appears the change came largely as a result of the company’s increase in revenue, which rose from $91,766 for the year ending March 2017, to $2.36 million for the 12 months to the end of March this year.

“The revenue is predominantly derived from the Decipher Works…business since its acquisition in August 2017,” the company told shareholders in a statement. “Based on the [seven] months of revenue between August 2017 to March 2018, [Decipher Works’] annualised revenue is approximately $4 million.”

The latest Decipher Works revenue figure represents an 18 per cent increase compared to revenue from the 12 months prior to the acquisition by Transaction Solutions International. Decipher Works is a Sydney-based cyber security specialist, which counts IBM, Okta, Forgerock and Thycotic among its vendor partners.

As well as integration services, Decipher Works also offers managed services and support, access management, identity governance and enterprise security.

Source: IBM partner props up Aussie payment tech player’s bottom line – ARN