Cipherpoint Ltd (ASX:CPT) has gained a new major European customer with the Bank of Finland to licence its cp.Protect product, following extensive trials and testing.
cp.Protect has been deployed by the European bank to enable secure segregation of highly sensitive business data within the organisation’s unstructured data repositories.
Cipherpoint's cp.Protect enhances controls over privileged users (such as IT admins) who would otherwise have access to such data without the cost and overhead associated with establishing a separate data store.
It will also reduce the cost of the customer’s GDPR compliance obligations.
Contract value of €70,000
The contract has a value of €70,000 (A$116,000) over two years which can be extended thereafter.
Payment is conditional on the completion of certain integration works, which are anticipated to be finalised by early July.
A “significant milestone”
Speaking about the recent customer acquisition, CPT's chief operating officer Steven Bliim said: “We’re very excited by this recent customer win.
"It represents a significant milestone since establishing our office in Heilbronn, Germany in November 2019.
"The strategy underpinning our recent shift to Europe has been to demonstrate to enterprises that by deploying our technology, they can continue to make the most of their on-prem collaboration platforms.
“This also sets an excellent foundation to shift their most sensitive business data to the cloud (if they choose to do so), while retaining full control over the encryption keys securing that information.”
Cipherpoint also recently extended the closing date of its share purchase plan (SPP) to Friday, June 26.
The extension will provide Cipherpoint with the opportunity to progress the various sales and corporate opportunities described in its most recent quarterly activities report.
Cipherpoint will endeavour to provide shareholders with updates in respect of those opportunities prior to the revised closing date.
The SPP extension will also allow shareholders to review the annual accounts for the year ending March 31.
Company securities are more than 16% higher at 3.5 cents.