Total
0
Shares
Image Sourced ShutterStock
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Business relations between cloud-tech security company FirstWave and telecoms giant Cisco continue to grow after Cisco pledges $1 million to upgrade FirstWave’s Sydney technology lab
  • The upgraded lab will be used to accelerate development of current and future products along with enhanced pre-release testing capabilities of those products
  • Cisco’s interest in the investment comes from a Cybersecurity Ventures study, claiming cyber crime related damages to hit an annual $6 trillion by 2021

Cloud technology security company FirstWave, has announced a joint agreement with telecoms giant Cisco for a laboratory investment. As part of an ongoing relationship with Cisco, FirstWave’s Sydney technology lab will see a significant upgrade from a $1 million Cisco investment.

FirstWave CTO Simon Ryan, says the new lab is aimed at expanding additional product staging and testing capabilities.

“This will significantly shorten and enhance our speed to market with new product innovations and Cisco’s agreement to fund the additional infrastructure and software shows a real commitment to our partnership,” he said.

The companies made the decision after seeing a demand in the cybersecurity market, and believe FirstWave can meet it.

Damage related to cyber crimes in 2021 is expected to hit an annual $6 trillion according to studies by Cybersecurity Ventures, as cited by FirstWave in today’s ASX release.

Expansions to the Sydney lab will allow FirstWave to accelerate current and planned development of products and enhance pre-release testing of those products.

Cisco’s $1 million funding will help equipment supplies and use of ongoing supporting software for enhanced lab performance.

Today’s news also follows the first subscribed tier-1 service provider sale success by FirstWave after signing a manufacturing deal with Cisco earlier in the year.

“We are very pleased to have Cisco as our technology partner and we are happy to be able to enhance our partnership through this crucial laboratory capability expansion,” CEO, David Kirton said.

Shares in FCT are currently trading at 32 cents each, a 5.88 per cent decrease from yesterday’s market close price of 34 cents. The company’s market cap is currently $95.47 million.

FCT by the numbers
More From The Market Herald
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.
The Market Herald Video

" Identitii (ASX:ID8) raises $6m to pursue growth initiatives

Software firm Identitii (ID8) has raised $6 million in a placement to institutional investors as it looks to accelerate a number of current
Silex Systems (ASX:SLX) - Managing Director & CEO, Michael Goldsworthy

" Silex Systems (ASX:SLX) completes $7m capital raise

Technology researcher and developer Silex Systems (SLX) has completed a share purchase plan (SPP) to raise $7 million.
Biogene Technology (ASX:BGT) - CEO, Richard Jagger

" Bio-Gene Technology (ASX:BGT) executes option agreement with Clarke

Ag-tech company Bio-Gene Technology (BGT) has executed an option agreement with Clarke Mosquito Control.