Cipherpoint Ltd (ASX:CPT) has enjoyed a productive June quarter, with good revenue momentum and pipeline growth through the provision of technical services and the delivery of security software solutions.
During the quarter to date the company has secured and signed:
- Two software licences for cp.Protect and our partner Nucleus Cyber’s nc.Protect software totalling $42,000;
- Six purchase orders for services (for five new customers and one existing customer) covering penetration testing, network and application monitoring and code security reviews totalling $103,000; and
- Two renewals effective May 11, 2021, and June 1, 2021, respectively under a master service agreement with an existing customer for both security analysis and associated services with an estimated value (based on minimum requirements specified by the customer) over 12 months totalling $607,000.
Shares in the company have been as much as 10% higher today to $0.033 per share.
The company’s sales pipeline is strong and continues to grow each quarter, reflecting the increasing demand for cyber security and data protection solutions and services.
Based on the current outlook (subject to market conditions and contract timing), CPT’s target is to reach $3 million in annualised revenue run rate by the end of September 2021.
The company has previously announced relationships with NTT DATA Deutschland GmbH (Germany), dataglobal GmbH, Nucleus Cyber Inc (US) and mostly recently XM Cyber (Israel) and intends to continue this approach of leveraging third-party relationships as part of its growth strategy.