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Australian Mining Company Acquires Israeli Cyber Security Firm

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Thursday, April 14th, 2016

Another Israel-based company is floating on the Australian Securities Exchange (ASX) via a reverse listing.

Perth based Drake Resources has expanded its business activities from mining to technology with the acquisition of Israeli based cyber security form Genome Technologies Ltd for A$11,000,000.

Genome Technologies mitigates cyber threats by focusing on an organisation’s and the risks from a growing array of vectors, including BYOD, wearables, social networks and remote access into the corporate network. The human factor is considered the weakest point of an organisations security. Genome’s proprietary technology and unique flexible engine algorithm analyses and maps each employee’s risk level and provides customized mitigation, intelligence and training solutions to reduce the risks.

The target market is companies with 500 or more employees across industry and across continents.

Market sources indicate the cyber security market is expected to grow from US$77 billion in 2015 to US$170 billion by 2020.

Genome is targeting first revenue 12-15 months from re-admission on the ASX. Drake will be required to consolidate its issued capital to facilitate a share price of at least $0.02.