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Covata resumes ASX trading with vote on name change coming up this month

The refocused company has achieved a profit of $2.38 million for the 6-month period ending September 30.

Cipherpoint Ltd - Covata resumes ASX trading with vote on name change coming up this month
Shareholders urged to support name change to Cipherpoint Limited

Covata Ltd (ASX:CVT) has resumed trading after the ASX lifted the suspension of its securities with the company lodging its Appendix 4D and reviewed half year accounts for the period ended September 30, 2019.

This comes after the company adopted a more focused strategy to provide data security solutions and other content services to protect enterprises’ most sensitive data assets.

General meeting this month

It will also coincide with a proposed change in company name to Cipherpoint Limited (ASX:CPT).

Shareholders have been urged by the company to support the new name at a general meeting at Nexia Sydney, Level 16, 1 Market Street on Tuesday, December 17 at 9am (AEDST).

The board has proposed the change of name on the basis that the new name is more readily associated with the company’s current and intended business operations and therefore provides a more marketable name and brand for the company moving forward.

Focus on Cipherpoint Eclipse

Specifically, the name reflects that the company’s business operations will centre upon the Cipherpoint Eclipse security product set.

Covata completed the disposal of the SafeShare business in July 2019 for $5 million.

This has helped the company achieve a profit of $2.38 million for the 6-month period ending September 30.

With the sale of SafeShare, the focus is now on the remaining products which will be sold under the Cipherpoint brand and will be boosted via the resale of dataglobal’s content services products.

As part of Covata’s rebranding, products have been renamed and all associated collateral updated.

Data security and privacy

CipherPoint Eclipse, Covata’s data security and privacy compliance solution for Microsoft SharePoint, is unique in its ability to control access to data, keeping privileged IT administrators, and outside attackers that target IT-level access, from being able to view sensitive information.

The Eclipse product was further improved this year, with Covata extending the solution to be able to provide greater security for documents stored in Microsoft OneDrive and SharePoint Online.

Consistent with the name change, Covata has already launched its new website www.cipherpoint.com.

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