Perth-based cybersecurity firm Sapien Cyber, primarily based on expertise developed at Edith Cowan college, has entered administration after two large clients who have been additionally main shareholders went elsewhere for cover towards cyber threats.
Distinguished Perth businessman John Poynton, who has lengthy been concerned with Sapien and have become chair in October 2023, mentioned its entrance to administration was unlucky.
Poynton mentioned a financier organized to again the corporate instantly withdrew its help after two main shoppers, who have been additionally shareholders, ceased to be clients.
Sapien Cyber is predicated at Edith Cowan College’s Joondalup campus. Credit score: Lauren Pilat
The enterprise primarily based at ECU’s Joondalup campus supplied merchandise to know the place an organization’s software program and {hardware} was weak to cyber assaults and mechanically detect and examine these assaults.
The outlook for Sapien was cautious however not with out hope in December when its annual report for the 12 months to June 2023, revealing a $3.6 million loss and about $700,000 in money, was signed off.
It famous that administrators have been assured that the corporate may pay its money owed and proceed as a going concern offered it may improve income from current and new clients, elevate extra capital, and improve its revenue margin.
The departure of two shareholders from its shoppers listing toppled a type of pillars and the resultant withdrawal of finance broke one other.
Woodside purchased a ten per cent stake in Sapien in 2019 and its chief expertise officer Shaun Gregory joined Sapien’s advisory board.
“The sophistication of Sapien Cyber’s expertise platform has the potential to ship a complete and multi-dimensional cybersecurity answer to guard Woodside’s working property,” he mentioned on the time.