On Tuesday 10 November 2020, Penten was named by the Australian Financial Review as a successful and growing cyber business despite the difficult year 2020 has been for many.
The pandemic has accelerated a digital transformation with two years of growth occurring within just two months. This, in addition to the commitment by the Morrison Government of a $1.4 billion investment in cyber capabilities, has seen the cyber industry grow at an accelerated pace.
The defence sector has also been an integral part of this digital revolution. Funding has increased for defence innovation, industry grants, skilling and cyber training.
Since founding in 2014, Penten has grown from five to 97 employees and expects to grow to 125 next year.
Matthew Wilson, Penten CEO and one of the company’s five founders, says innovation has been key to that growth. Since 2014, Penten has invested $10 million in research and development.
“We actively look to solve the most difficult cyber security problems in government and defence. We look for the white space in the world and create a solution where there isn’t one,” Wilson says.
“We’re not just about creating technology. We solve problems and we deliver outcomes for our customers.”
Sarah Bailey, CFO, Penten says people are integral to the company’s success.
“We’ve worked hard to create and maintain a great culture. Our culture is one of our biggest assets. It produces huge benefits for us. It’s a competitive advantage in terms of the talent we need to attract as we grow.”
Veterans comprise 28 per cent of Penten’s workforce. Bailey says that’s been “a fundamental element” of Penten’s success.
Wilson is bullish about Penten’s future. “We’re on the cusp of significant growth,” he says.
Wilson and Bailey will steward Penten through this growth by focusing on innovation and culture – with the right capital partner. They have engaged PwC to support their capital market engagement process.
“We see great opportunities before us to build an organisation that makes a great contribution to Australia’s cyber security and to the Australian economy,” said Wilson.