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Cipherpoint building solid pipeline of opportunities for cp.Discover and cp.Protect solutions

The company, which helps businesses and governments to identify, protect and control access to sensitive information, has received a purchase order for $10,000 for the use of cp.Discover.

Cipherpoint Ltd - Cipherpoint continues to build solid pipeline of opportunities for its cp.Discover and cp.Protect solutions
The closing date of the $2.321 million rights issue is at 5pm AEST tomorrow

Cipherpoint Ltd (ASX:CPT) continues to build a solid pipeline of opportunities for its cp.Discover and cp.Protect data security solutions.

The company, which helps businesses and governments to identify, protect and control access to sensitive information, has received a purchase order for $10,000 for the use of cp.Discover.

The channel partner is undertaking a paid proof-of-concept (POC) for the Australian National University (ANU).

Subject to the outcome of the POC, it anticipates further software licences and services will be provided.

New European test

Cipherpoint, in conjunction with a third-party IT services company, intends to set up cp.Protect software in a new European test environment under a trial licence to demonstrate the product to European enterprises.

Cipherpoint already enjoys a channel relationship with this company through a licence to a Singapore government agency to use cp.Protect.

This licence was recently renewed.

A second sensitive Singapore agency has also been evaluating its product.

Five Eyes Alliance

In addition, Cipherpoint has also developed a use case for the application of its cp.Protect product to defence organisations within the Five Eyes Alliance following a recent approach to both control, manage and change user access to SharePoint environments based on security clearance levels and to protect data from unauthorised access or view by users, including privileged users.

Five Eyes is an intelligence alliance comprising Australia, Canada, New Zealand, the UK and the US.

Whilst these discussions with one such organisation are preliminary, they have identified the company’s solution as potentially being able to meet their functional requirements.

These environments are ideally suited to cp.Protect.

The US Defense Advanced Research Projects Agency (DARPA) is already a customer of Cipherpoint.

Rights issue closes tomorrow

The company adds that the board members have taken up 100% of their entitlements under the $2.321 million non-renounceable pro-rata rights issue offer of 1 new share for every 2 shares.

Closing date of the rights issue is at 5pm AEST on Tuesday, September 22, 2020.

Quick facts: Cipherpoint Ltd

Price: 0.048 AUD

ASX:CPT
Market: ASX
Market Cap: $6.72 m
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