Sign up Australia
Proactive Investors - Run By Investors For Investors

Connected IO bags order from U.S. cyber security player

The purchase order is expected to lead to a further $6.9 million worth of orders over a three year period.
a symbol for cyber security
Cisco predicts there will be 50 billion connected devices by 2020

Connected IO (ASX:CIO) has revealed that the trials of its custom category 1 routers have been successful and signed off by a U.S. based cyber security company.

The company has received an upfront payment of $235,000 and the parties are now proceeding to complete a formal contract.

Connected IO’s largest contract to date

The unnamed cyber security company offers cloud based “payment card industry data security standard” (“PCI DSS”) solutions to large franchise merchants in the U.S. and internationally.

Significantly, the cyber security company is expected to purchase $6.9 million worth of units over a three year period, making it Connected IO’s largest contract to date.

Connected IO has its operations in Silicon Valley, U.S. and is a wireless technology manufacturer operating in the multi-trillion-dollar IoT (Internet of Things) sector.

Last year, the company successfully raised $3 million via a share placement to be used as working capital to meet its increasing purchase orders.

READ: Connected IO bags $3M to get through its growing order book

The company also crossed a major milestone last year by delivering its ER1000 routers to more than 3,000 Burger King stores across the U.S.

Cisco predicts there will be 50 billion connected devices by 2020.

Connected IO’s share price has increased circa 12% over the past one month, last trading at $0.029.

View full CIO profile View Profile

Connected IO Ltd Timeline

Related Articles

Data servers
July 31 2018
The company is expected to list on the main board of the LSE in September
ROBO Global US CEO Travis Briggs
August 15 2018
Investors can buy directly into the popular ROBO ETF based on the benchmark index comprised of 87 top robotics, automation and AI companies.
Vault online software in the cloud image
August 08 2018
The company has achieved strong sales on the back of its risk and safety management software systems.

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