Total
0
Shares
Image Sourced ShutterStock
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 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.

FCT by the numbers
More From The Market Herald
Bill Identity (ASX:BID) - Incoming CEO, Michele Garra (left)

" Bill Identity (ASX:BID) appoints Michele Garra as new CEO

Bill Identity (BID) has appointed a Telstra and Optus senior executive as its new Chief Executive Officer.
Peppermint Innovation (ASX:PIL) - CEO and Managing Director, Chris Kain

" Peppermint Innovation (ASX:PIL) signs with payment gateway Dragonpay

Peppermint Innovation (PIL) has signed an agreement with one of the Philippines’ largest and most reliable online payment gateway platforms, Dragonpay.
Tesserent (ASX:TNT) - Non Executive Chairman, Geoff Lord

" Tesserent (ASX:TNT) posts ‘strong’ start to FY22

Tesserent (TNT) is reporting a ‘strong’ start to the 2022 financial year, despite a slip in turnover in the September quarter.
Security Matters (ASX:SMX) - CEO, Haggai Alon

" Security Matters (ASX:SMX) increases customer receipts in Q3

Security Matters (SMX) has delivered a recap of its quarterly activities during the three months ending September 30 2021.