Penten is expected to use part of the proceeds to support the acceleration of growth activities
Allens has advised Penten, an Australian cyber technology business, in relation to an investment in the business by Five V Capital.
Five V Capital, an Australian private equity firm, will invest $50 million into the tech business, taking a significant minority interest.
Penten is expected to use part of the proceeds to support the acceleration of growth activities, expanding the reach of the cybersecurity firm's offerings.
Allens advised Penten on all aspects of the selection process and subsequent investment by Five V Capital.
'We are pleased to have supported Penten throughout this transaction. The deal reaffirms the continued interest of private equity sponsors in the tech sector, and their versatility to get the deal done as demonstrated by the minority interest acquired here,' said lead Partner and Fund sector leader Emin Altiparmak.
'This is a great example of the growing focus – from both here and offshore – on Australian tech, which is a tribute to the sophistication and maturity the market has gained in recent years. Penten is a true homegrown success story, and it's really exciting that the next phase of Penten's growth will be achieved through Australian capital,' said Managing Associate Elyse Adams.
Allens legal team
Emin Altiparmak (Partner), Elyse Adams (Managing Associate), Andrew Lee (Associate), Erica Tan (Lawyer).