archTIS Limited (ASX: AR9) is an Australian cybersecurity company which specializes in protecting sensitive information. On 28 May 2019, archTIS announced that its information security platform Kojensi Gov had been added to the Digital Transformation Agency’s (DTA) Cloud Services Panel (CSP) as an endorsed cloud product.
Kojensi Gov possesses features that are an amalgamation of enterprise content management capabilities, collaboration tools as well as workflows. Apart from this, the platform also meets government-compliant data classification, information management standards along with the security requirements. This platform is capable of sharing and collaborating information in a method which is secure and critical for productivity and service efficiency. Besides, it is specifically designed to comply with the data handling, storage, as well as information security legislation and regulations of the public sector.
On 9 April 2019, the company announced the launch of Kojensi Gov for commercial sale. The company had already identified a broad range of commercial opportunities and was expecting a strong interest demand for Kojensi Gov.
The CSP is the largest cloud services procurement panel for the government in Australia, and it helps in simplifying procurement for new and emerging technologies by the following:
- State and Territory governments.
- Commonwealth government.
- Local councils.
On 28 April 2019, the company announced that its platform Kojensi Gov had been able to pass the detailed evaluation by the DTA to be included on the panel. The assessment included the proposed service’s compliance, fit-for-purpose for government, price, and security to offer an endorsement of ‘value for money’ cloud services.
The CSP helps in the simplification and accelerates the process of procurement for agencies as well as institutions by standardizing the terms and conditions and providing a pre-determined value-for-money assessment. Thus, these agencies can avoid traditional lengthy and complex procurement processes. The addition of Kojensi Gov to the panel would further provide validation of the product.
During Q3 FY2019 which ended on 31 March 2019, the international Registered Assessors Program assessment at the PROTECTED level got completed, validating the potential of Kojensi Gov to protect the classified data based on strict government requirement. The company expects that its projected Research and development expenditure would materially decrease in the next quarter.
The company used net cash of A$0.887 million in its operating activities. The primary drivers of cash outflow were in the form of research and development, product manufacturing and operating costs, staff costs as well as product manufacturing and operating costs.
The company made payment to acquire property, plant and equipment. Thus, the net cash outflow through the investing activities was A$0.015 million.
By the end of the third quarter on 31 March 2019, the net cash and cash equivalent with the company was A$4.511 million. The estimated cash outflow for the Q4 FY2019 is A$1.200 million.
In the previous three months, the shares of AR9 have generated a return of 10%. The shares of AR9 last traded at A$0.099 (as on 28 May 2019). AR9 holds a market capitalization of A$13.54 million and approximately 123.1 million outstanding shares.
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