Shaw and Partners is raising $20 million for ASX-listed Tesserent Limited, as the cybersecurity firm lines up acquisitions.

The offer is priced at 21¢ and an 11 per cent discount to last close.

The book shuts at 3:30pm today, after strong cornerstone support early on.

Tesserent is a cybersecurity provider, and the largest among its pack for federal government business.

The $20 million raising will fund Tesserent’s acquisitions, where it is typically looking to pay five to six times the EBITDA, Shaw and Partners told potential investors.

For Tesserent itself, Shaw and Partners is touting EBITDA of $17.9 million for the 2022 financial year.

The company posted $96.7 million in turnover in the 2021 financial year, which was up 370 per cent to previous corresponding period.

This is not the first time Tesserent is raising for an acquisition.

In 2019, it paid $3.25 million for Rivium at five times the EBITDA. It funded the acquisition via a $2 million or so raise led by Taylor Collison.