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An Australian cloud security technology company, FirstWave Cloud Technology Limited (ASX:FCT) is offering Security as a Service solutions since 2004. The companyâs adaptive and accessible cloud-based cyber-security solutions ensure safety, and they are easy, affordable and fast to implement. The company has developed and deployed API technologies and machine learning to over 300 small, medium, enterprise and government customers.
The company informed today that Cisco Systems Inc. has confirmed the addition of Tier One Service Provider in APAC under the global Cisco OEM Agreement signed between FirstWave and Cisco in July 2018. This is a significant milestone achieved in FirstWaveâs relationship with Cisco with the addition of the first customer within the first 12 months of the landmark OEM Agreement.
Under the OEM agreement, the end customer gets access to a unique cloud service orchestration platform through FirstWaveâs patented multi-tenanting technology. This win will significantly contribute to the APAC target of achieving annual revenue of 20 million dollars over the next three years. It is a result of joint efforts made between Cisco and FirstWaveâs go-to-market teams.
The win validates the quality of FirstWaveâs market leading cyber-security technology platform, the strength of the relationship with Cisco and the decision to invest in the global Cisco OEM Agreement for the long term.
The Chief Operating Officer of FirstWave, Neil Pollock notified that the company is currently conducting proof of value demonstrations with a number of other service providers across the globe. According to him, this win endorses the companyâs decision to invest in the relationship with Cisco globally.
FirstWave announced its quarterly report for the quarter ending 31st March 2019 on 30th April 2019. The company highlighted the following operational milestones achieved during Quarter 3 FY19:
- FirstWave accelerated the global sales activity during the quarter with, as part of the license agreement with Cisco:
- Move to full operational readiness for its North American platform.
- Deployment of new premium email security service as a step towards platform development.
- Participation in global sales events for business development including Mobile World Congress, Barcelona and Cisco Live, Melbourne.
- Signed NTT Data UK as new systems integrator (SI) partner.
- Post signing reseller agreement with SHELT, FirstWave completed two Proof of Values (POV).
- Telstra product services agreement was re-signed during the quarter.
- To support EMEA expansion, FirstWave launched next-generation public cloud platform on AWS in London.
- Capital raising worth $6.5m was completed in March.
During March quarter 2019, the companyâs revenue increased by 9 per cent to $2.093 million in comparison to the prior corresponding period. The Security as a service (SaaS) revenue and annualised recurring revenue improved 11 per cent in Q3 2019. The company had a cash balance of $857k at the end of Q3 FY19.
The companyâs stock closed higher today on the Australian Securities Exchange at AUD 0.315 (on 23rd May 2019) with a rise of 10.53 per cent in comparison to the last closing price. The stock opened today at AUD 0.30 and touched a dayâs high of AUD 0.32 during the intraday session. The stock has performed exceptionally well this year, generating a YTD return of 78.12 per cent.
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