The Tesserent Ltd (ASX: TNT) share price is battling through a tough day amid the broader market sell-off.
The company released an update after the market closed last night which outlined its plans for the future. However, the presentation hasn't been enough to protect the Tesserent share price today.
At the time of writing, the Tesserent share price is flat at 23 cents. However, it's been wobbling in and out of the red all day, recording an intraday low of 22 cents.
That's still a better performance than the broader market. Right now, the S&P/ASX 200 Index (ASX: XJO) is down 2% while the All Ordinaries Index (ASX: XAO) has fallen 1.9%.
Let's take a closer look at the security-as-a-service company's investor update.
Tesserent's investor update
Tesserent told investors its plans for the future include deepening its footprint in government, infrastructure, and financial services.
Currently, Tesserent provides internet security for 47 federal and state departments and agencies. It also looks after 8 of Australia's largest banks, 16 financial services firms, and 14 foreign banks. Their client list includes 43 companies in the S&P/ASX 100 Index (ASX: XTO).
Tesserent also notes that it believes the Australian cyber security market will expand to be worth $7.3 billion by 2024. The increase will be driven by greater cyber security risks, greater enterprise spending on cyber security, and changes to legislation.
Over the financial year 2022, Tesserent plans to increase the number of services it provides to each customer. It will also integrate acquisitions that will increase synergies and revenue growth, and expand its proprietary intellectual property.
It also wants to reduce its skills shortage gap and build its leadership position in education through the Tesserent Academy.
Tesserent share price snapshot
Despite the company's forward-thinking, the Tesserent share price has been tanking on the ASX lately.
It is currently 34% lower than it was at the start of 2021. This time last year, it was exactly as it is today at 23 cents.
