- 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.