The cybersecurity market continues to deliver commercial traction for ASX-listed firms with today’s news that Australian cloud security technology company, FirstWave Cloud Technology (ASX: FCT) has signed a software original equipment manufacturer (OEM) development and license agreement with Cisco Systems.
Cisco is one of the world’s largest and preeminent IT companies that develops, manufactures and sells networking hardware, telecommunications equipment and offers other miscellaneous IT services, with the US computing giant worth around US$200 billion by market capitalisation.
The agreement offers Cisco global customers FirstWave’s unique cloud service orchestration platform for differentiated email, next-generation firewall and web security.
FirstWave’s proprietary platform technology is a “turnkey” solution for Cisco to deliver new enterprise-grade cloud security services to its customers.
According to FirstWave, pre-sales activity has already commenced with the Cisco deal expected to provide the springboard for FirstWave to accelerate its global growth significantly.
FirstWave has provided Security-as-a-Service (SaaS) solutions since 2004, with a specific focus on cloud cybersecurity.
Its unique proprietary cloud-platform orchestration is available for service providers and enterprises – agnostic of region or company size, with the company claiming that “all companies should have access to enterprise-quality cyber-security.”
In April this year, FirstWave launched its ‘FirstCloud Mail Security’ solution with Ingram Micro as its first Australian software distributor.
Ingram Micro is one of the world’s largest technology distributors and delivers a full spectrum of global technology and supply chain services in over 160 countries to over 200,000 partners and IT service providers.
According to FirstWave, email remains the “number one cybersecurity threat vector” for the 2 million small and medium businesses in Australia. The severe lack of adequate security across many of those businesses effectively means that the market opportunity to provide robust cloud security remains “substantial”.
“We appreciate Cisco recognising the competitive advantages of our combined solutions, and we look forward to accelerating our global expansion and coupling innovation with safe and secure business for customers. The agreement reinforces to the market that FirstWave’s locally deployed cloud-based cybersecurity technology platform has global application,” said David Kirton, CEO of FirstWave.
“We believe it will accelerate the ‘expand phase’ of our five-year strategic plan,” he added.
The news helped FirstWave shares to reach a high of $0.30 per share in early morning trade before paring back gains and trading at $0.265 per share by noon – up around 2% for the day.