Technology and cloud service provider, FirstWave Cloud Technology Limited (ASX: FCT) notified that it had signed a reseller partnership with SHELT Global Ltd, a leading cyber-security managed service provider in the Middle East and Africa, with first customer Proof of Value (POV) commencing in February 2019.
SHELT is a European headquartered, cyber-security company offering online and cloud-based security services to global clients. With a comprehensive suite of solutions and an excellent on-the-ground network across Europe, the Middle East and Africa, SHELT is a preferred choice to cybersecurity-as-a-service providers in those regions.
FirstWave has begun POV trials with one of Africa’s major Data Centre and Cloud companies. First revenue from this partnership is anticipated in Q4 FY19. The present predictions estimate year one revenue for the Middle East and Africa at between US$1 million and US$3 million.
By its EMEA-based sales and support team, FirstWave is fully committed to ensure that SHELT stands successful in executing cloud-security customer growth in the Middle East and Africa.
FirstWave CEO, David Kirton, said that the company welcomes SHELT as its Middle East Africa reseller. The partnership would now open the key Middle East and African cyber-security market worth US$2 billion to its cloud-security products hosted on AWS and added another region to bolster its ‘expand’ strategy internationally. Additionally, it welcomes the first customer POV under the agreement.
SHELT CEO, Youssef Abillama, commented that the company was very excited with the new partnership with FirstWave. Cybersecurity is a US$3.5 billion issue for enterprises in Africa where 96% of cyber-security incidents go unreported or unsolved. The FirstWave Platform was very well received by its customers and Telecom partners, and the company was delighted by the positive feedback and innovative concept behind it.
On 31 January 2019, FCT published the quarterly cash flow for the quarter ended 31 December 2018. The business had obtained the following operational milestones during Quarter 2 FY19:
- As part of the license agreement with Cisco Systems, Inc. to deploy FirstWave’s market-leading technology globally, FirstWave had undergone an accelerated accreditation process and achieved Cisco certifications.
- Under the Cisco agreement, the company had completed a successful POV with a large North American Service Provider.
- The launch of Telstra’s B2B product “Connected Workplace” was in full operational readiness, it was an initiative that bundled all enterprise services including cloud security.
- signed Celcom as a new service provider and completed successful first customer POV.
- The company successfully completed POV with a top 10 global systems integrator in Europe.
In Q3 FY19 the focus of the company would be to continue the growth of the business, in both the domestic and international arena. The key areas of focus would be as follows:
- In Collaboration with Cisco, FCT would move to full operational readiness for its North American platform.
- With the launch of Telstra’s CWP initiative, the business would work with Telstra to maximize the sales opportunity.
- The company would launch a platform on Amazon Web Services in London.
- FCT would fulfil the high demand for POV deployments in Europe, Africa and Asia, with the first customer in Europe and would sign the first customer under reseller agreement with Celcom.
During the quarter, the revenue of FCT increased by 17% to $2.203m, vs $1.881m PCP. The estimated cash outflow for Q3 FY19 Cash outflows is expected to be $4.9m with $0.4m of investing expenditure.
The stock of the company is currently trading at A$0.250 (as at 3:11 pm AEST, 13 February 2019), up by 2.041% or 0.005 points with a market capitalization of approximately 61.28 million.
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