Proactiveinvestors Australia Covata Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Covata Ltd RSS feed en Mon, 17 Jun 2019 13:04:01 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Covata on track to complete SafeShare sale by month-end ]]> https://www.proactiveinvestors.com.au/companies/news/220475/covata-on-track-to-complete-safeshare-sale-by-month-end-220475.html Covata Ltd (ASX:CVT) is moving ahead with the sale of its 100% equity in Cocoon Data Holdings Pty Limited, the holding company of the SafeShare business.

The date for completion of the sale has, at the request of the acquirer, Cybr5 Pty Limited, been extended to May 28, 2019.

Covata is undergoing a period of transformation and is planning to trade in future as dataglobal Limited after completing the acquisition of Germany-based dataglobal GmbH.

READ: Covata looks to Eclipse with dataglobal

Covata is now finalising the preparation of its prospectus and associated pro forma accounts, expert reports, notice of meeting and explanatory memorandum relating to the acquisition of dataglobal GmbH.

It is anticipated that these will be completed within the next week and lodged as appropriate following completion of the Cocoon sale.

Business as usual

Covata continues to operate its business on an as usual basis, recently signing a contract with DHL and continuing to report sales of its ITAR product.

READ: Covata signs supply and services deal with DHL

Subject to receipt of payment of all current outstanding invoices within the terms of trade, Covata expect cash receipts from customers for the quarter ending June 30, 2019 to be in excess of $600,000, being the highest cash receipts for a quarter to date.

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Fri, 17 May 2019 15:14:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220475/covata-on-track-to-complete-safeshare-sale-by-month-end-220475.html
<![CDATA[News - Covata signs supply and services deal with DHL ]]> https://www.proactiveinvestors.com.au/companies/news/220268/covata-signs-supply-and-services-deal-with-dhl-220268.html Covata Ltd (ASX:CVT) has signed a master supply and services agreement with DHL Information Services (Europe) s.r.o.

The initial order is to the value of €244,360 or about A$390,000.

The deal size is material for Covata who recorded cash receipts of $382,000 for the recent March quarter.

READ: Covata looks to Eclipse with dataglobal

Covata continues to progress its transformational acquisition of Germany-based content services, digital workplace and archiving software provider dataglobal GmbH.

The conditions precedent to the acquisition includes completion of due diligence, various approvals and an equity raising of around $20 million.

Last month, Covata appointed Shaw and Partners Limited and Aitken Murray Capital Partners Pty Ltd as joint lead managers in relation to the proposed equity raising.

Under the deal Covata will acquire 100% of dataglobal for €13 million with consideration settled 65% in cash and 35% in Covata shares.

Proactive caught up with Covata in March 2019 for an update

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Wed, 15 May 2019 12:52:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220268/covata-signs-supply-and-services-deal-with-dhl-220268.html
<![CDATA[News - Covata looks to Eclipse with dataglobal ]]> https://www.proactiveinvestors.com.au/companies/news/219320/covata-looks-to-eclipse-with-dataglobal-219320.html Covata Ltd (ASX:CVT) is a data security company undergoing a period of transformation and is looking to trade in future as dataglobal Limited after fully-completing a reverse takeover by Heilbronn, Germany-based dataglobal GmbH and its founder and substantial shareholder Wolfgang Munz.

Sydney, Texas and London-based Covata is undergoing a series of steps to complete the takeover which it expects will propel it into the global content services marketplace.

What does Covata own?

The company has two current assets, the Eclipse data security and compliance solution for file servers and key information systems such as Microsoft SharePoint and Office365, and SafeShare.

Covata is proposing to sell its SafeShare intellectual property — housed in subsidiary Cocoon Data Holdings Pty Limited — and subsidiary licensee Covata Australia Pty Limited to Gibraltar Holdings Pty Limited nominee Cybr5 Pty Ltd for $5 million.

A $150,000 deposit has already been received with the remaining $4.85 million to be paid on completion of the sale if shareholders agree at an upcoming meeting on Friday next week.

The sale would effectively change the main undertaking of the company ahead of the Dataglobal merger, putting Eclipse at front and centre.

Dataglobal’s business would then become part of the company’s main undertaking after the proposed merger, along with any intellectual property to do with its data security console or any other assets housed outside Cocoon.

The Covata-turned-Dataglobal entity would also retain its licence to use SafeShare intellectual property in Dataglobal technology.

Inflection points

Upcoming shareholder vote that could introduce $4.85 million of additional funds to the balance sheet

Filing of March quarter reporting expected this week

Regulatory milestones for Dataglobal reverse takeover

Successful reverse takeover by Dataglobal

Repositioning and related commercialisation milestones

Significant transactions and company development

Chairman William McCluggage notes Eclipse and Console progress this financial year

“In quarter 1 of financial year 2019, new product features were launched, including extending the reach of our Eclipse data security product from SharePoint on-premises to the Cloud via SharePoint Online and OneDrive and implementing ByzGen blockchain technology into Covata’s existing data security platform to deliver data and access control immutability and real-time auditability,” Covata chairman William McCluggage wrote in its December half-year report published in February.

“Additionally, Covata has developed a unique Data Security Console that provides CEOs, business owners and IT administrators with a single pane of glass to discover and understand where sensitive data is stored and whether it is appropriately secured. Trials are slated to start shortly with partner customers.

“Following initial engagement in early 2018, the company was approved to enter a ‘start-up’ deployment phase of Eclipse for SharePoint with a European-based Global 500 customer in Q1 FY2019. Negotiations with procurement and business units continued through the remainder of the period and the deployment was moved into ‘staging’ in January 2019.

“The next phases are expected to be a move into full production and a final purchase approval process.”

Covata will hold a general meeting at 10am on Friday, May 10, 2019 at Nexia Australia, 1 Market Street, Sydney to vote on a change to its main undertaking and proposed divestment to Cybr5 Pty Ltd.

 

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Mon, 29 Apr 2019 18:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219320/covata-looks-to-eclipse-with-dataglobal-219320.html
<![CDATA[News - Covata appoints lead managers for proposed equity raising to fund transformational acquisition ]]> https://www.proactiveinvestors.com.au/companies/news/218371/covata-appoints-lead-managers-for-proposed-equity-raising-to-fund-transformational-acquisition-218371.html Covata Ltd (ASX:CVT) is moving forward with its transformational acquisition of Germany-based content services, digital workplace and archiving software provider dataglobal GmbH.

The conditions precedent to the acquisition includes completion of due diligence, various approvals and an equity raising of around $20 million.

Covata has appointed Shaw and Partners Limited and Aitken Murray Capital Partners Pty Ltd as joint lead managers in relation to the proposed equity raising.

dataglobal GmbH is based in Heilbronn, Germany and has been in business for 20 years led by its founder Wolfgang Munz, who also directly or indirectly holds all company shares.

The dataglobal business has more than 550 customers in 40 countries with negligible customer turnover.

Its clients cover the automotive, aerospace, chemical, financial, energy, and manufacturing sectors and include Rhenus Logistics, NDR, Mars, Universal, T-Systems, the Federal Network Agency, and the Deutsche Börse.

Consideration €13 million in cash and shares

Covata will acquire 100% of dataglobal for €13 million with consideration settled 65% in cash and 35% in Covata shares.

The consideration shares are to be voluntarily escrowed for a period of up to 18 months from the issue date.

Covata’s board is of the view that this acquisition will deliver on the company’s strategy to expand its focus into data discovery, classification, protection and control (encryption) and archiving.

On completion of the acquisition, it is intended that Covata will be rebranded as dataglobal Limited.

It will operate at scale, with a robust range of products across Europe and with strong future growth prospects in the US and Asia.

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Thu, 11 Apr 2019 12:31:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218371/covata-appoints-lead-managers-for-proposed-equity-raising-to-fund-transformational-acquisition-218371.html
<![CDATA[Media files - Covata simplifies operating model with focus on data security solutions ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12720/covata-simplifies-operating-model-with-focus-on-data-security-solutions-12720.html Mon, 25 Mar 2019 22:57:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12720/covata-simplifies-operating-model-with-focus-on-data-security-solutions-12720.html <![CDATA[News - Covata updates on both SafeShare sale and dataglobal purchase ]]> https://www.proactiveinvestors.com.au/companies/news/216895/covata-updates-on-both-safeshare-sale-and-dataglobal-purchase-216895.html Covata Ltd (ASX:CVT) has received $150,000 deposit for the $5 million sale via option exercise of Cocoon Data Holdings Pty Limited.

Cocoon holds the SafeShare intellectual property (IP) and also 100% of Covata Australia Pty Limited (CVA).

At this stage, the sale, which was announced on 30 January 2019, will likely be completed before 1 May 2019.

Excluded from the sale are:

• all assets in and shares of CipherPoint Software, Inc. and all customers of its Eclipse product;
• the rights to the dataglobal GmbH classification IP,
• all IP to Covata’s data security console; and
• all other IP and/or associated technical support and architecture materials which are held outside of Cocoon or CVA.

dataglobal making progress, update by end of March

Additionally, Covata has advised that it continues to make progress on the major transaction with dataglobal GmbH.

dataglobal is a German-based content services, digital workplace and archiving software provider.

READ: Covata pursuing major acquisition of dataglobal GmbH

Covata shares will remain in suspension until it is able to disclose further information regarding dataglobal including audited financial statements.

At this stage, management anticipates being able to provide this information to the market by the end of March 2019.

READ: Covata shows positive progress with cash receipts up 97% for first half of financial year

Earlier this month, Covata revealed that its cash receipts were up 97% for the six months ending December 31, 2018, from the prior comparable period of 2017.

Cash receipts for the period were recorded at $618,000.

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Thu, 21 Mar 2019 13:05:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216895/covata-updates-on-both-safeshare-sale-and-dataglobal-purchase-216895.html
<![CDATA[News - Covata shows positive progress with cash receipts up 97% for first half of financial year ]]> https://www.proactiveinvestors.com.au/companies/news/215580/covata-shows-positive-progress-with-cash-receipts-up-97-for-first-half-of-financial-year-215580.html Covata Ltd (ASX:CVT) has shown positive signs of progress with cash receipts up 97% for the six months ending December 31, 2018, from the prior comparable period of 2017.

Cash receipts for the period were recorded at $618,000.

In a busy period, new features launched included extending the reach of its Eclipse data security product from SharePoint and implementing ByzGen blockchain technology into Covata’s existing data security platform.

This was done to deliver data and access control immutability, as well as real-time audibility.

READ: Covata completes convertible note issue and share purchase plan amid dataglobal acquisition

Covata managing director and chief executive officer Ted Pretty said: “The underlying Covata business continues to show positive signs of progress.

“Management is pleased with the growth in revenue and cash receipts in both the Australian and international markets, driven by increased awareness of data security requirements and GDPR.

“The company is now focused on building scale and deepening penetration into the European market, which may include the major transformational acquisition of dataglobal GmbH.”

READ: Covata pursuing major acquisition of dataglobal GmbH

The company delivered half-year revenue of $582,000 down 12.43% on $665,000 in the prior period.

If AASB 15 had been adopted during the half year ending December 31, 2017, the revenue reported for that period would have been $512,000, up 14% as reflected on a normalised basis in the table:

 

READ: Covata extends share purchase plan, trading update scheduled

The second half of the year will see some refinement of these developments and continued focus on strategic priorities:

Building out the data security console - The core solution will be completed, and further extensions will be developed in conjunction with our key customers to provide further insight to business owners and risks managers developed; and   Broadening protection and refining user experience through integrations – This will include discovery and protection for Exchange Email and a wider range of cloud applications and repositories with development priorities being driven by feedback from customers on where they have limited visibility and control over sensitive data.  ]]>
Thu, 28 Feb 2019 23:04:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215580/covata-shows-positive-progress-with-cash-receipts-up-97-for-first-half-of-financial-year-215580.html
<![CDATA[News - Covata completes convertible note issue and share purchase plan amid dataglobal acquisition ]]> https://www.proactiveinvestors.com.au/companies/news/214776/covata-completes-convertible-note-issue-and-share-purchase-plan-amid-dataglobal-acquisition-214776.html Covata Ltd (ASX:CVT) has received commitments for subscriptions totalling $1.4 million of convertible notes to sophisticated investors.

The notes are convertible to ordinary shares at 1.8 cents per share and Covata expects to issue the notes in the coming days.

 

The company also completed a share purchase plan (SPP) on Friday, February 8, receiving 42 applications amounting to $156,000 or 8,666,647 fully paid shares at a 1.8-cent share price.

New shares resulting from the SPP were allotted on February 15, with holding statements to be dispatched this week.

READ: Covata pursuing major acquisition of dataglobal GmbH

Covata managing director & CEO Ted Pretty said: “The raise from convertible notes and SPP will provide funding to the company as it embarks on the transformational acquisition of dataglobal GmbH.

“I would like to extend my sincere thanks to those existing shareholders who continue to support our strategy.”

READ: Covata extends share purchase plan, trading update scheduled

Covata is pursuing a major acquisition of German-based content services, digital workplace and archiving software provider dataglobal GmbH.

The company has entered into a binding but conditional agreement to acquire dataglobal.

Conditions include completion of due diligence, various approvals and completion of a capital raising of around $20 million.

READ: Covata to raise funds from shareholders to support Europe, US growth

On completion of the acquisition, it is intended that Covata will be rebranded as dataglobal Limited.

The proposed company will be positioned as a leading content services player providing discovery, classification, security, protection and archiving services.

It will operate at scale, with a robust range of products across Europe and with strong future growth prospects in the US and Asia.

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Mon, 18 Feb 2019 01:39:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214776/covata-completes-convertible-note-issue-and-share-purchase-plan-amid-dataglobal-acquisition-214776.html
<![CDATA[News - Covata pursuing major acquisition of dataglobal GmbH ]]> https://www.proactiveinvestors.com.au/companies/news/213561/covata-pursuing-major-acquisition-of-dataglobal-gmbh-213561.html Covata Ltd (ASX:CVT) is pursuing a major transformational acquisition of German-based content services, digital workplace and archiving software provider dataglobal GmbH.

The company has entered into a binding but conditional agreement to acquire dataglobal.

Conditions include completion of due diligence, various approvals and completion of a capital raising of around $20 million.

Approvals required include re-complying with Chapters 1 and 2 of the ASX Listing Rules and shares will be suspended from trading until this occurs as expected.

Covata’s board is of the view that this acquisition delivers on the company’s strategy to expand its focus into data discovery, classification, protection and control (encryption) and archiving.

Plans to rebrand as dataglobal Limited

On completion of the acquisition, it is intended that Covata will be rebranded as dataglobal Limited.

The proposed company will be positioned as a leading content services player providing discovery, classification, security, protection and archiving services.

It will operate at scale, with a robust range of products across Europe and with strong future growth prospects in the US and Asia.

Over 550 customers in 40 countries

dataglobal GmbH is based in Heilbronn, Germany and has been in business for 20 years led by its founder Wolfgang Munz, who also directly or indirectly holds all company shares.

The dataglobal business has more than 550 customers in 40 countries with negligible customer turnover.

Its clients cover the automotive, aerospace, chemical, financial, energy, and manufacturing sectors and include Rhenus Logistics, NDR, Mars, Universal, T-Systems, the Federal Network Agency, and the Deutsche Börse.

dataglobal’s software portfolio is the future-proof solution for the automated, company-wide classification of data such as its comprehensive archiving.

Revenues are generated from licence sales, maintenance and services, and professional services.

These revenue streams are sourced either through direct sales from employee sales staff or through partners that are trained in dataglobal’s product set.

Consideration €13 million in cash and shares

Covata will acquire 100% of dataglobal for €13 million with consideration settled 65% in cash and 35% in Covata shares.

The consideration shares are to be voluntarily escrowed for a period of up to 18 months from the issue date.

Covata has also secured funding via secured convertible notes to support acquisition and working capital costs during the acquisition period.

The company's chief financial officer Steven Bliim has also replaced Lindsay Tanner as a board member.

Wolfgang Munz would become new CEO and join board

Covata’s managing director and CEO Ted Pretty said: “I am thrilled that Wolfgang Munz, the founder and CEO of dataglobal, has agreed to merge his business into ours as part of our joint strategy to grow a leader in the Content Services market using both our platforms and products.

“I am also delighted to receive the support of many longstanding shareholders for our strategy by subscribing to the Convertible Notes to allow us to progress with the proposed acquisition of dataglobal.”

dataglobal CEO Mr Wolfgang Munz said: “I am delighted that there is now a real possibility that dg and Covata can come together to tackle the significant opportunity in Europe and other markets for our products and platforms.

“This opportunity is driven by digital transformation and the regulatory environment of GDPR (EU
general data protection regulations) and privacy laws.”

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Wed, 30 Jan 2019 12:04:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213561/covata-pursuing-major-acquisition-of-dataglobal-gmbh-213561.html
<![CDATA[News - Covata extends share purchase plan, trading update scheduled ]]> https://www.proactiveinvestors.com.au/companies/news/212363/covata-extends-share-purchase-plan-trading-update-scheduled-212363.html Covata Ltd (ASX:CVT) has extended the closing date of its share purchase plan (SPP) underway to 5.00pm AEDT Friday 8 February 2019.

The SPP provides the opportunity for eligible shareholders to subscribe for up to $15,000 worth of shares each without incurring brokerage or other transaction costs.

Funds raised will be used to support Covata’s focus on Europe, ongoing digital marketing and lead generation campaigns for its SafeShare for International Trafficking in Arms Regulation (ITAR) product in the US and Europe.

Trading update to be revealed

Covata also noted that It intends to lode its quarterly report on or before January 31, 2019 and will provide a trading update based on its unaudited half-year results at the same time. 

Recently, Covata’s managing director & CEO Ted Pretty updated Proactive Investors on its product development, partnership with Germany-based dataglobal GmbH, and upcoming activities.

For the past six to seven months Covata has been doing its first major implementation with a large German customer that has over 300,000 users internationally.

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Fri, 11 Jan 2019 11:25:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212363/covata-extends-share-purchase-plan-trading-update-scheduled-212363.html
<![CDATA[Media files - Covata's progress with first major European customer bodes well for future sales ]]> https://www.proactiveinvestors.com.au/companies/stocktube/11671/covata-s-progress-with-first-major-european-customer-bodes-well-for-future-sales-11671.html Thu, 20 Dec 2018 12:18:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/11671/covata-s-progress-with-first-major-european-customer-bodes-well-for-future-sales-11671.html <![CDATA[News - Covata extends share purchase plan closing date to Friday, January 11, 2019 ]]> https://www.proactiveinvestors.com.au/companies/news/211108/covata-extends-share-purchase-plan-closing-date-to-friday-january-11-2019-211108.html Covata Ltd (ASX:CVT) has extended the closing date to 5pm AEST on Friday, January 11, 2019, for a share purchase plan (SPP) at an issue price of 1.8 cents each.

With some shareholders only recently receiving the SPP offer document and application, the company decided to extend the date to next month.

This extension will ensure that all eligible shareholders have ample time over the December/January period to submit their applications and are able to participate.

READ: Covata to raise funds from shareholders to support Europe, US growth

The SPP provides the opportunity for eligible shareholders to subscribe for up to $15,000 worth of shares each without incurring brokerage or other transaction costs.

Funds raised will be used to support Covata’s focus on Europe, ongoing digital marketing and lead generation campaigns for its SafeShare for International Trafficking in Arms Regulation (ITAR) product in the US and Europe.

Discount to 30-day VWAP

Shareholders wishing to apply for shares in the SPP are encouraged to do so as soon as possible by following the directions contained in the SPP booklet which has been mailed to them.

The issue price of 1.8 cents represents a 10% discount to the 30-day volume weighted average price (VWAP) up to and including November 29, 2018.

Top up placement date extended

For consistency and convenience, the date by which requests to participate in the top up placement must be lodged with Covata has been extended to no later than 5pm AEST on Friday, January 11, 2019.

READ: Covata expands data security product offerings, director joins new advisory board

Covata’s SafeShare is in use by more than 27 Australian government agencies and enterprises in sensitive industries such as defence, both in Australia and internationally.

The SafeShare Trust technology makes key aspects of stored files immutable and enables blockchain to be the point of trust for access control to the data, ensuring it is securely shared and not tampered with.

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Thu, 13 Dec 2018 14:49:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211108/covata-extends-share-purchase-plan-closing-date-to-friday-january-11-2019-211108.html
<![CDATA[News - Covata to raise funds from shareholders to support Europe, US growth ]]> https://www.proactiveinvestors.com.au/companies/news/210263/covata-to-raise-funds-from-shareholders-to-support-europe-us-growth-210263.html Covata Ltd (ASX:CVT) is offering eligible shareholders the opportunity to apply for new shares in the company under a share purchase plan (SPP) at an issue price of 1.8 cents each.

Funds raised under the SPP will be used to further support Covata’s focus on Europe, ongoing digital marketing and lead generation campaigns for its SafeShare for International Trafficking in Arms Regulation (ITAR) product in the US and Europe.

READ: Covata expands data security product offerings, director joins new advisory board

Covata chief executive officer Ted Pretty said: “Covata is in the commercialisation phase of its new products and intends to make further investments in marketing, lead generation and sales conversion.

“We are inviting shareholders to increase their holdings in Covata and to provide us the ability to fund these activities.

“The decision to undertake an SPP is to ensure that all existing shareholders can participate”.

Covata’s SafeShare is in use by more than 27 Australian government agencies and enterprises in sensitive industries such as defence, both in Australia and internationally.

The SafeShare Trust technology makes key aspects of stored files immutable and enables blockchain to be the point of trust for access control to the data, ensuring it is securely shared and not tampered with.

SPP details

The SPP provides the opportunity for eligible shareholders to subscribe for up to $15,000 worth of shares each without incurring brokerage or other transaction costs.

The issue price of 1.8 cents per share represents a 10% discount to the 30-day VWAP (volume weighted average price) up to and including November 29, 2018.

Indicative timetable of the SPP

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Fri, 30 Nov 2018 12:24:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210263/covata-to-raise-funds-from-shareholders-to-support-europe-us-growth-210263.html
<![CDATA[News - Covata expands data security product offerings, director joins new advisory board ]]> https://www.proactiveinvestors.com.au/companies/news/209984/covata-expands-data-security-product-offerings-director-joins-new-advisory-board-209984.html Covata Ltd (ASX:CVT) has expanded marketing and distribution for several of its software solutions on the back of increasing sales revenue and prudent cost management.

Focus remains on sales conversions from marketing and pre-sales activities while monthly recurring user-based revenue from Covata’s Australian SafeShare reseller continues to grow.

The company has received $991,000 in a research and development (R&D) tax incentive arising from its financial year 2018 R&D application, improving its operating cash balance leading into the next half.

Covata also reports that its non-executive director David Irvine, the former director-general of the Australian Security Intelligence Organisation (ASIO), has resigned from the board.

Irvine will stay on in an advisory role as the inaugural chairman of Covata’s security advisory board.

 

Speaking on the role change, Covata chairman Bill McCluggage said Irvine had been a valuable member of Covata’s board for the past two years.

McCluggage said: “David has graciously agreed to be the inaugural chair of our advisory board which will provide objective non-binding advice, insights or recommendations.

“In this context, we will be able to continue to leverage David’s extensive cyber industry knowledge.”

READ: Covata shares surge after launching blockchain solution for data protection

Product development is ongoing with Covata completing blockchain integration into its secure collaboration product SafeShare with technology partner ByzGen Limited (UK) and launching 'SafeShare Trust'.

SafeShare is in use by more than 27 Australian Government agencies and enterprises in sensitive industries such as defence, both in Australia and internationally.

The SafeShare Trust technology will make key aspects of stored files immutable and enable the blockchain to be the point of trust for access control to the data, ensuring it is securely shared and not tampered with.

READ: Covata acquires data classification technology to accelerate its platform

Covata continues to promote its SafeShare for International Trafficking in Arms Regulation (ITAR) solution through lead generation campaigns.

Average total contract value for SafeShare for ITAR increased to US$25,000 from US$10,000 and sales cycles averaged three months or less.

The company has also released product upgrades to enhance SafeShare’s Microsoft-related features.

READ: Covata teams with Deutsche Telekom subsidiary for South Africa launch

Covata is also focused on the ongoing rollout of its Eclipse product as part of European general data protection regulation (GDPR) compliance programs, conducting development testing for a European customer environment as well as integrations into internal procurement portals.

The company has deepened its relationship with dataglobal GmbH, a German-based content services, data classification and archiving vendor which has started marketing and distribution of Eclipse.

Eclipse supports European customers to implement sound information government and security requirements, particularly as part of their GDPR obligations.

Initial distribution will focus on German-speaking countries in Europe, namely Germany, Switzerland and Austria, where dataglobal has more than 550 existing archiving customers.

 

Covata has also identified several opportunities to resell dataglobal’s archiving suite into the Australian government and enterprise sectors, in response to both active tenders and open opportunities.

The company will send two pre-sales team members to Heilbronn, Germany, in the second week of January for detailed training with dataglobal.

Through its relationship with dataglobal, Covata is pursuing the Gartner-defined content services market which is estimated to be worth $6.4 billion and growing at a 15.7% compound annual growth rate.

The companies together have the critical capabilities required for this market including secure file sharing, enterprise information and content management and archiving.

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Mon, 26 Nov 2018 21:56:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209984/covata-expands-data-security-product-offerings-director-joins-new-advisory-board-209984.html
<![CDATA[Media files - Covata expands to South Africa with broader data security offering ]]> https://www.proactiveinvestors.com.au/companies/stocktube/11034/covata-expands-to-south-africa-with-broader-data-security-offering-11034.html Tue, 30 Oct 2018 07:53:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/11034/covata-expands-to-south-africa-with-broader-data-security-offering-11034.html <![CDATA[News - Covata teams with Deutsche Telekom subsidiary for South Africa launch ]]> https://www.proactiveinvestors.com.au/companies/news/207900/covata-teams-with-deutsche-telekom-subsidiary-for-south-africa-launch-207900.html Covata Ltd (ASX:CVT) has signed a reseller deal with T-Systems South Africa (SA), a subsidiary of Deutsche Telekom (ETR:DTE).

The reseller agreement follows the success of an initial licence agreement between Covata and T-Systems SA to use SafeShare in July this year.

Covata SafeShare is a file sharing and collaboration solution that protects business information from breaches and enables governance and regulatory compliance requirements.

 

The new agreement will seek to replicate Covata’s success in Australia with its existing partner Macquarie Telecom (ASX:MAQ).

Covata’s unique product set will grant the South African telecom services firm the ability to provide its customers with more control over their sensitive information.

T-Systems SA maintains an extensive presence in South Africa’s leading public and private sector enterprises and this agreement will provide the opportunity to attract new customers to their own TelekomCLOUD and Microsoft’s Azure Cloud.

Covata will be able to scale swiftly in the region by targeting this existing customer base and will benefit from T-Systems SA providing in-country services and support.

READ: Covata shares surge after launching blockchain solution for data protection

Covata’s chief commercial officer Derek Brown said: “Covata is extremely pleased to announce this new partnership.

“Our unique product offering will provide T-Systems South Africa with a competitive advantage as an ICT services provider and enable their clients to take back control of their data.

“The T-Systems SA team have been using our products for a while now and have seen the need and benefits of making these available to its customer base by providing an industry leading capability in the South African region.

“We are collectively working on a go-to-market campaign and look forward to a mutually beneficial partnership as we scale out.”

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Fri, 26 Oct 2018 13:45:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207900/covata-teams-with-deutsche-telekom-subsidiary-for-south-africa-launch-207900.html
<![CDATA[News - Covata shares surge after launching blockchain solution for data protection ]]> https://www.proactiveinvestors.com.au/companies/news/207240/covata-shares-surge-after-launching-blockchain-solution-for-data-protection-207240.html Covata Ltd (ASX:CVT) has added blockchain capability to its secure collaboration product SafeShare, which is currently used by more than 27 government agencies.

The company has partnered with UK based ByzGen Limited to leverage ByzGen’s next-generation blockchain fabric called Skipchain.

This technology will make the data history immutable and enable the blockchain to be the point of trust for access control, ensuring the data is not tampered with.

 

Covata’s new solution has use cases such as securing analytical reports and source documents for investigations and litigation, as well as government use cases relating to security vetting and credentials.

An early adopter version is available immediately for trial.

Covata Enterprise Security Console

Covata has also developed a unique Enterprise Security Console that provides CEOs, business owners and IT administrators with a single pane of glass to discover and understand where sensitive data is stored and whether it is appropriately secured.

This knowledge allows the user to classify, protect and control that data.

The new product incorporates the Covata Security Index that rates security readiness. Trials will start shortly with partner customers.

Key market differentiators for Covata

Covata Enterprise Security Console is intended to satisfy use cases where an organisation wishes to assess the degree to which it is ready to meet its internal data security policies and also compliance, for example under European GDPR requirements.

Separately, Covata has also extended the controls available in its Eclipse product to cover protection of email and attachments in Microsoft Exchange & Exchange365.

Covata chief commercial officer Derek Brown said: “Covata is pleased to announce these exciting developments, which provide us with key differentiators in the market and will open doors to new customers and partners.”

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Wed, 17 Oct 2018 13:51:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207240/covata-shares-surge-after-launching-blockchain-solution-for-data-protection-207240.html
<![CDATA[Media files - Covata’s data security platform expands globally amid fast-growing demand ]]> https://www.proactiveinvestors.com.au/companies/stocktube/10816/covatas-data-security-platform-expands-globally-amid-fast-growing-demand-10816.html Fri, 12 Oct 2018 10:31:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/10816/covatas-data-security-platform-expands-globally-amid-fast-growing-demand-10816.html <![CDATA[News - Covata acquires data classification technology to accelerate its platform ]]> https://www.proactiveinvestors.com.au/companies/news/193516/covata-acquires-data-classification-technology-to-accelerate-its-platform-193516.html Covata (ASX:CVT) has acquired the underlying data classification technology from German information management vendor Dataglobal for €1 million.

The two companies will also share sales leads and collaborate on channel efforts.

READ: Covata set for revenue growth following contract wins

Covata recently demonstrated its broad industry coverage and geographic reach in being awarded three contracts across the US, Europe and the United Kingdom.

The combined contract value was in the order of $250,000, making these transaction significant given they represent more than 50% of fiscal 2017 sales which totalled $424,000.

Accelerating the growth of Covata’s data security platform

It is worth noting that Dataglobal is a provider of enterprise information management and archiving solutions for over 550 major corporations across 40 countries.

The new deal with Dataglobal is expected to accelerate the speed and reduce the cost of development of Covata’s data security platform.

Dataglobal’s offerings link with all forms of data, whether stored on premises, hosted privately or in public cloud environments, such as Microsoft Azure and Amazon Web Services (AWS).

Investment is expected to be recouped quickly

Covata will pay Dataglobal €1 million for the intellectual property acquisition, with payments spread and paid over FY18 and FY19, although the initial integration is expected to only take three-to-four months.

The company will seek to quickly recoup this investment from avoided internal development costs, incremental Covata product sales and revenues from reselling Dataglobal’s products.

 

Morning! Covata's Sydney team gathering for the daily morning meeting and modelling our new caps pic.twitter.com/iOmf1499KR

— Covata (@Covata) January 30, 2018 ]]>
Wed, 21 Mar 2018 16:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193516/covata-acquires-data-classification-technology-to-accelerate-its-platform-193516.html
<![CDATA[News - Covata set for revenue growth following contract wins ]]> https://www.proactiveinvestors.com.au/companies/news/189844/covata-set-for-revenue-growth-following-contract-wins-189844.html Covata Ltd (ASX:CVT), a global provider of IT security software and services, has demonstrated its broad industry coverage and geographic reach in being awarded three contracts across the US, Europe and the United Kingdom.

The combined contract value was in the order of $250,000, making these transaction significant given they represent more than 50% of fiscal 2017 sales which totalled $424,000.

Industry and global diversification augurs well for the future

Breaking down the contracts it is evident that Covata is establishing itself in multiple markets and industries.

A circa $100,000 contract with Arthur J Gallagher in relation to the supply of its Eclipse platform provides it with exposure to the global insurance industry.

In Germany, the company negotiated another deal in relation to its Eclipse product, on this occasion demonstrating its applications across power generation, automation and medical diagnosis.

Open Banking Ltd has adopted the company’s SafeShare product to secure the monthly reporting by eight major banks in the United Kingdom.

Covata was awarded the contract in a competitive tender which included a major competitor in the United Kingdom. 

In management’s view this has provided a potential beachhead into the financial services market in that country.

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Thu, 11 Jan 2018 11:26:00 +1100 https://www.proactiveinvestors.com.au/companies/news/189844/covata-set-for-revenue-growth-following-contract-wins-189844.html
<![CDATA[News - Covata signs licensing deal with U.S. sporting association ]]> https://www.proactiveinvestors.com.au/companies/news/185421/covata-signs-licensing-deal-with-us-sporting-association-185421.html Covata Ltd (ASX:CVT) has signed a licensing agreement for its ‘CipherPoint Eclipse’ solution with a national franchised sporting association in the U.S.

CipherPoint Eclipse allows organisations to locate personal data, encrypt that information, centrally manage permissions to protect against unauthorised access, and log all access requests.

Significantly, this is the first client win in the sports entertainment sector for Covata.

The sale includes an upfront perpetual licence worth US$46,000. After the end of the first year, US$10,000 is payable annually for ongoing maintenance.

This deal is an early win following Covata’s recent acquisition of US-based CipherPoint Software, Inc in August.

The sporting association will use the service to protect the privacy of stored personal data, and other regulated information stored within its repositories.

It must do so to comply with mandatory data privacy regulations, and the European Union’s general data protection regulation (GDPR) which comes into effect in May 2018.

Using CipherPoint Eclipse, the sporting association will be able to identify and locate sensitive and regulated data in SharePoint, with the opportunity to extend this to Office 365 in the future.

This deal demonstrates the broad variety of industries requiring data-centric solutions to protect their sensitive information and Covata’s growing sales momentum in the U.S. market.

The company’s share price increased circa 76% during the past three months, closing at $0.058 on Wednesday.

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Thu, 12 Oct 2017 08:47:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185421/covata-signs-licensing-deal-with-us-sporting-association-185421.html
<![CDATA[News - Covata signs new information security agreement with Macquarie Telecom ]]> https://www.proactiveinvestors.com.au/companies/news/183353/covata-signs-new-information-security-agreement-with-macquarie-telecom-183353.html Covata Ltd (ASX:CVT) has entered into a new agreement with Macquarie Telecom Group (ASX:MAQ) to continue to resell Covata’s SafeShare secure collaboration solution to government users.

The company’s shares were last trading circa 14% higher intra-day, at $0.074.

Covata’s Safe Share solution protects information at a data-level and allows the efficient sharing of data across internal and external stakeholders, devices, networks and geographic regions.

Macquarie Telecom currently offers Safe Share either as a dedicated or shared hosted service under its SIGBOX brand to 23 government departments.

Built exclusively for the government, SIGBOX enables users to share, store and collaborate sensitive data between agencies and approved third parties, and is secured up to “Protected” classification.

The new agreement between Covata and Macquarie is for a three year term, which commenced on 1 September 2017.

Covata is expected to gain additional revenues from increased user fees coupled with the potential for future growth in the user base and a development contribution from Macquarie.

Incidentally, Covata has also signed an agreement with a UK government agency for a 30-day trial commencing in September.

Information for this trial will be used by both that agency and also Covata to develop relevant government use cases for securing sensitive policy files.

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Mon, 04 Sep 2017 14:53:00 +1000 https://www.proactiveinvestors.com.au/companies/news/183353/covata-signs-new-information-security-agreement-with-macquarie-telecom-183353.html
<![CDATA[News - Covata acquiring U.S. data security company to enhance its platform ]]> https://www.proactiveinvestors.com.au/companies/news/182557/covata-acquiring-us-data-security-company-to-enhance-its-platform-182557.html Covata (ASX:CVT) has undertaken a major initiative by entering into an agreement to acquire U.S. data security company CipherPoint, to enhance Covata’s existing data security platform (DSP).

CipherPoint’s data security suite ‘CipherPoint Eclipse’ allows organisations to locate sensitive data, encrypt that information and log all access requests to secure sensitive data.

The potential benefits of this transaction include extensive data discovery tools, protection of SharePoint files and Microsoft integrations that will form part of Covata’s DSP.

The acquisition will also result in an additional pool of customers, including the U.S. army, Arthur J. Gallagher & Co., DARPA, a space agency based in the U.S. and a Singaporean government agency.

Covata also intends to enhance its data security offering by building and deploying an integrated data security platform or data-centric audit and protection platform.

The expanded offering will include features like sensitive data discovery, access and policy control, data loss prevention and user behaviour analytics.

The new platform is likely to be deployed in the Microsoft Azure public cloud, in private and hybrid clouds, and on-premises.

By 2020, data-centric audit and protection products are likely to replace disparate data security tools in 40% of large enterprises, up from less than 5% today.

Covata’s pedigree as a data security company with a well-developed intellectual property is expected to help it advance from a secure collaboration product company to becoming a DSP leader.

The company’s share price more than doubled during the last one month and closed at $0.068 on Wednesday.

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Thu, 17 Aug 2017 09:06:00 +1000 https://www.proactiveinvestors.com.au/companies/news/182557/covata-acquiring-us-data-security-company-to-enhance-its-platform-182557.html
<![CDATA[News - Covata shares rise on new cloud deployment on Microsoft platform ]]> https://www.proactiveinvestors.com.au/companies/news/182301/covata-shares-rise-on-new-cloud-deployment-on-microsoft-platform-182301.html Covata Ltd (ASX:CVT) shares were trading 21% higher intra-day after deploying its flagship solution, Safe Share on Microsoft’s Azure Cloud platform.

Safe Share protects information at a data-level and allows the efficient sharing of data across internal and external stakeholders, devices, networks and geographic regions.

The alignment with Microsoft is a compelling proposition for Covata and its customers as 80% of the Fortune 500 companies are on the Microsoft Cloud.

Microsoft is set to surpass 100 mln Office 365 users in 2017, and more than 250,000 organisations are now using SharePoint.

The Australian Signals Directorate (ASD) recently certified the Microsoft Azure platform and Microsoft Office 365 services for inclusion on the ASD Certified Cloud Services List (CCSL).

Importantly, Covata’s products and services will also be available on this platform enabling government agencies to process and store information holding Australian government sensitivity markers.

Covata’s secure collaboration products will also continue to be available to government users through Macquarie Telecom as a dedicated or shared hosted service under its SIGBOX brand.

SIGBOX enables users to share, store and collaborate data between agencies and approved third parties.

Built exclusively for government agencies, SIGBOX Secure dropbox can share files instantly and is secured up to “protected” classification.

Covata’s share price has increased circa 76% during the past three months, last trading at A$0.051.

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Fri, 11 Aug 2017 13:28:00 +1000 https://www.proactiveinvestors.com.au/companies/news/182301/covata-shares-rise-on-new-cloud-deployment-on-microsoft-platform-182301.html
<![CDATA[News - Covata Ltd in $13.2M cash raiser from Fidelity, TPG ]]> https://www.proactiveinvestors.com.au/companies/news/134819/covata-ltd-in-132m-cash-raiser-from-fidelity-tpg-68918.html Covata Ltd (ASX:CVT) has secured $13.2 million in a strategic equity placement from prominent fund managers and investors, including Fidelity International and TPG Telecom Ltd (ASX:TPM).

The placement of 57,728,748 ordinary Covata shares is at a price of $0.23 each.

TPG Telecom and Fidelity International have now increased their holdings in Covata from 13.49% to 14.49% and 7.44% to 9.91% respectively.

Covata provides a platform for data-centric security that enables businesses and government agencies to integrate data-centric security into applications, products, and services.

In 2015, the company landed a 10-year licencing agreement with Cisco (NASDAQ:CSCO) for the Covata platform and related products, with a focus on delivering Covata technology to Cisco clients.

Over the last two quarters, Covata has also made headway within the UK Government sector.

As part of the UK progress, Covata is set to enter into a reseller agreement with the Foreign & Commonwealth Office Services (FCO) by June 2016.

The FCO is charged with protecting British interests around the world, employing 14,000 people in nearly 270 diplomatic offices.

The new funding for Covata is on top of a $7.7 million cash balance held on 31 March 2016.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 31 May 2016 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/134819/covata-ltd-in-132m-cash-raiser-from-fidelity-tpg-68918.html
<![CDATA[News - Covata Ltd to outline capital raising ]]> https://www.proactiveinvestors.com.au/companies/news/134818/covata-ltd-to-outline-capital-raising-68856.html Cloud-focused Covata Ltd (ASX:CVT) is heading to market with a capital raising, and the ASX has granted the company a trading halt to complete.

The halt will remain in place until the opening of trade on Monday 30th May 2016, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 26 May 2016 19:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/134818/covata-ltd-to-outline-capital-raising-68856.html
<![CDATA[News - Covata Ltd's data encryption solutions gain traction in UK ]]> https://www.proactiveinvestors.com.au/companies/news/134817/covata-ltds-data-encryption-solutions-gain-traction-in-uk-67775.html Covata Ltd (ASX:CVT), a data encryption security solutions company, has been named as the provider of  encryption software in a tender submitted by a large multi-national corporation (tenderer) to a UK government agency.

Covata provides an extensible platform for data-centric security that enables businesses, government agencies, vendor partners, and service providers to integrate data-centric security into applications, products, and services.

The tender pertains to a software infrastructure project involving health care and other sensitive information.

As part of Covata’s participation in the tender, the company has discussed indicative pricing terms with the tenderer.

The finalisation of Covata’s engagement as the software provider remains subject to the tenderer and Covata entering into a formal reseller agreement.

Covata will make further announcements as to the exact nature, extent and terms of its involvement in the project during the coming weeks.

On 18 March 2016, Covata was added to the All Ordinaries Index (XAO) representing the 500 largest companies by market capitalisation listed on the ASX. This can be a positive step for a company as index listed companies can enjoy increased investment by index fund managers.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Thu, 31 Mar 2016 11:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/134817/covata-ltds-data-encryption-solutions-gain-traction-in-uk-67775.html
<![CDATA[News - Covata Limited to reveal strategic investment ]]> https://www.proactiveinvestors.com.au/companies/news/134816/covata-limited-to-reveal-strategic-investment-65710.html Covata Limited (ASX:CVT) is preparing to outline details of a strategic investment into the company, with the ASX granting the company a trading halt to finalise.

Recently the company completed the testing and G-Cloud framework procurement process to be accepted as a secure file sharing application for the UK Public Sector.

The halt will remain in place until the opening of trade on Monday 23rd November 2015, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 20 Nov 2015 08:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/134816/covata-limited-to-reveal-strategic-investment-65710.html
<![CDATA[News - Covata Limited in halt ahead of material transaction ]]> https://www.proactiveinvestors.com.au/companies/news/134815/covata-limited-in-halt-ahead-of-material-transaction-61434.html Covata Limited (ASX:CVT) has been granted an ASX trading halt in relation to a material transaction granting a global licence to a major industry participant and the conversion of performance shares.

The halt will last until the earlier of the announcement being made or the start of trade on Friday, 27th March 2015.

Covata has a new, patented approach to IT security.   

Its 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.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 25 Mar 2015 15:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/134815/covata-limited-in-halt-ahead-of-material-transaction-61434.html
<![CDATA[News - Covata looks to tap data security market ]]> https://www.proactiveinvestors.com.au/companies/news/134814/covata-looks-to-tap-data-security-market-59117.html 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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Fri, 21 Nov 2014 16:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/134814/covata-looks-to-tap-data-security-market-59117.html
<![CDATA[News - Covata lists on ASX, to secure data ]]> https://www.proactiveinvestors.com.au/companies/news/134813/covata-lists-on-asx-to-secure-data-58806.html Covata (ASX:CVT) has begun trading on the ASX after raising $15 million at an offer price per share of A$0.20 per share.

At this price it would provide a $74 million market cap for the data security company.  The company listed after completing a reverse takeover of uranium explorer Prime Minerals.

The company enjoyed strong support from new institutional and high net worth investors which is tapping into the global growth from costs of securing data assets from hackers.

The company uses identification and time sensitive encryption keys as a part of its platform.

 

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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Mon, 10 Nov 2014 17:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/134813/covata-lists-on-asx-to-secure-data-58806.html