FirstWave Announced The Re-Signing Of Product And Services Agreement With Telstra Corporation

FirstWave Cloud Technology

FirstWave Cloud Technology Limited (ASX: FCT) notified that it had re-signed its Long-established Product and Services Agreement (PSA) with Telstra Corporation Ltd (ASX: TLS). The PSA was inked first in the year 2009. The current re-signing continues the vital, and extended association with Telstra for the FCT.

FCT guard businesses and government organisations of different sizes from risk. It offers quick and economical access to the most advanced, complete and adaptive cloud-based cyber-security solutions. The company has developed and deployed machine learning and API technologies that automate and quicken and make use of cloud-security delivery to over three hundred small, medium, enterprise and government clients. 

About the new PSA

The freshly signed PSA would continue for two years, from the date of signing with a one-year extension.  The yearly revenues to FirstWave from the agreement had risen over the agreement term to circa A$8 million. The new deal enables additional flexibility, to make the effective use of working capital. The agreement also allows FCT, to keep offering market-leading cloud-based Security as Service offerings to Telstra.

The agreement came after the recent notifications by the company, about the development/expansion by FCT to the Middle East, Africa, the UK, Europe, USA, Canada, India and APAC via the inclusion of global system integrator, NTT Data UK and a regional cybersecurity reseller, SHELT Global Limited.

NTT DATA comes under the top 10 global businesses and provider of IT services since it has an income of more than US$17 billion. In the UK region, NTT DATA UK had been the chief provider of business, and technology consulting services and solutions. The client base comprises of all significant telco service providers, insurance, manufacturing etc.

NTT DATA UK is an innovator brand that functions with technology partners to fetch the most innovative resolutions to its customers. The first Proof of Value tests is in progress in the UK, and Europe with first revenue anticipated in Q4 FY2019. The FCT’s predictions were anticipated three- year revenue for the UK, and Europe that hovered around A$8million-A$10million annualised recurring.

Half Year Results

On 28 February 2019, the company released its half-yearly report ended 31 December 2018. The revenue for the half-year 2018 stood at $4,225,066 which showed a growth of 4.1% from the previous corresponding period (PCP). The total revenue from contracts with customers on 31 December 2018 stood at $4,225,066. The loss from ordinary activities after tax attributable to the owners of FCT stood at $5,858,547.

Stock performance

The stock of the company traded flat at A$0.320 (as on 28 February 2019), without any further changes. The FCT has a market capitalization of circa A$80.4 million with 250.13 million shares outstanding.  Its 52-week high was noted $A0.400, and its 52-week low was noted at A$ A0.140. The stock’s day-high has been recorded at A$0.320, while the day’s low at A$0.300.

The stock has gathered quite a lot of traction this year, generating impressive YTD return of 100% as on 28 February 2019. In the past three months, the share price has witnessed a massive jump of 93.04%.


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