https://investingnews.com.au/cybersecurity-stocks-asx
This article from 4 days ago lists the 8 biggest cyber security companies on the ASX, on the basis on market cap. TNT was then the 2nd biggest, behind FZO. Interestingly though, TNT has roughly 5 times as many staff as FZO. On the staffing basis, TNT could ought to be seen as having a significantly more capability and presence. It's interesting too that TNT now has a comparible number of staff (496) to Nuix (428). The "biggest" player CyberCX has 1051. So despite having a relatively sizeable workforce, TNT has a tiny market cap (see below, rankings by staff numbers). Everyone wants to see TNT demonstrate positive cash flow, but I'm thinking the current selloff of TNT has been overdone. Perhaps it is indeed a possible takeover target. If either CyberCX or NXL bought TNT, they could instantly boost their staff numbers very dramatically. Food for thought.
.....................#staff.....MC($m)
CyberCX......1051......private
TNT...............496........77
NXL...............428.......339
FZO...............104.......192
PRO................71........47
FCT.................51........83
SEN................43........32
AR9................42.........25
WHK...............27.........10
#staff from linkedin.
All IMHO, DYOR