Join our daily newsletter At The Bell to receive exclusive market insights
- Cybersecurity specialist FirstWave has signed its first customer since signing a manufacturing deal with Cisco last year in July
- The full details of the subscription deal are undisclosed, but company management called it a significant first win
- The company is currently targeting an annual $20 million revenue over the next three years in its Asian Pacific market alone
Cloud cybersecurity tech-company FirstWave has reported its first customer since signing a manufacturing agreement with communications giant Cisco.
FirstWave deliver automated cyber security solutions and services to subscribing business customers. FirstWave Chief Operating Officer Neil Pollock says this is the company’s ‘first win’ since signing the Cisco deal last year in July.
“This deal is one of several opportunities in the pipeline and endorses our decision to invest in the relationship with Cisco globally,” he said.
“We are currently conducting proof of value demonstrations with a number of other service providers across the globe and I will provide more news on these opportunities in the near future,” he said.
Commenting on the deal last year, FirstWave CEO Dave Kirton said Cisco recognised the company’s competitive advantages for an accelerated global expansion.
Company management stated the Cisco deal was part of a five-year strategic expansion plan. FirstWave said today they are currently targeting an annual revenue of $20 million over the next three years in the Asian Pacific market.
“It is a pleasing result and demonstrates the expanded sales activity which had already commenced when we announced the agreement last July. The team is absolutely delighted, and we look forward to announcing more OEM wins in the near term,” said Kirton today.
FCT shareholders enjoyed an 8.77 per cent bump this morning in the market. Shares closed at 28.50 cents yesterday and opened in the market at 31 cents. The company’s market cap currently sits at $80.02 million.
