Sign up Australia
Proactive Investors - Run By Investors For Investors

Covata set for revenue growth following contract wins

The IT security products are being used in the insurance, utilities and finance sectors.
Picture of currency from different countries
Company wards off local tenderer for provision of financial services security products in UK

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.

View full CVT profile View Profile

Covata Ltd Timeline

Related Articles

picture of trading screens
July 12 2018
With an optimistic outlook on future earnings, the company expects to recommend its first dividend in the second half of the current financial year.
Flow chart of the Hazer Process
March 21 2018
The Hazer Process could disrupt the $100 billion hydrogen production market.
electric vehicle charging
July 04 2018
AMP wants to add 25 sites in Greater London and extend its reach into the North-West around Liverpool and Manchester

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use