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Covata looks to tap data security market

Covata looks to tap data security market

Covata Limited (ASX:CVT) listed on 10th November at $0.20 and a market cap of $74 million after completing a reverse takeover of uranium explorer Prime Minerals.

The company is tapping into the global growth from costs of securing data assets from hackers.

Covata's method protects data wherever and whenever it travels. It encrypts and protects the data itself, rather than trying to protect the system that contains the data.

It also allows governments and corporations to use their own keys, rather than those provided on devices by manufacturers.

The technology can actually be embedded into other applications and pieces of software.

Covata has incorporated its encryption process into a data and file sharing app called Safe Share, creating a secure way to transfer information.

This is touted as being a superior alternative to Dropbox, which has been valued at around $10 billion.

Notably, TPG Telecom (ASX:TPM), capped at $6 billion, took at 15% stake in Covata at listing, via an outlay of $10 million at $0.20 per Covata share.

TPG is capped at $5.8 billion, and is also a CVT customer... in fact TPG paid Covata $2.7 million just for the privilege of selling  a small selection of four CVT-based products.

Covata's CEO is Chuck Archer Charles, former Assistant Director of the FBI in charge of the Criminal Justice Information Services Division, and frequently testified before the US Senate on advancing technology to prevent crime.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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