Australian cloud security technology company FirstWave Cloud Technology (ASX: FCT) has secured a foothold in the Middle East and African cyber security markets after signing a reseller partnership with SHELT Global.
European-headquartered SHELT is a cyber-security company offering online and cloud-based security services to clients through a cybersecurity-as-a-service partnership model.
FirstWave highlighted that SHELT was a preferred choice to cybersecurity-as-a-service providers across Europe and the Middle East boasting “an excellent on-the-ground network” in both regions.
Under the agreement, FirstWave has already started first customer proof of value (POV) trials with one of Africa’s major data centre and cloud companies.
With strong interest for FirstWave’s solutions already being generated among SHELT’s clients, the company expects first revenue from the partnership to add to its coffers in the fourth quarter of 2019.
FirstWave is forecasting year one revenue from the Middle East and African markets to tip in at between US$1 million and US$3 million.
FirstWave chief executive officer David Kirton said SHELT was a highly respected supplier of cyber-security solutions to service providers and enterprises.
“This partnership now opens the key Middle East and African cyber-security market worth US$2 billion to our cloud-security products hosted on AWS and adds another region to bolster our ‘expand’ strategy internationally,” he said.
“Additionally, we welcome the first customer POV under this agreement.”
According to SHELT chief executive officer Youssef Abillama, cybersecurity is a US$3.5 billion issue for enterprises in Africa with 96% of cyber-security incidents going unreported or unsolved.
“The FirstWave technology will provide our customers with world leading cloud-security solutions to help resolve this issue,” he said.
“The FirstWave Platform is very well received by our customers and telecom partners and we are delighted by the positive feedback and innovative concept behind it.”
Sydney-based FirstWave has provided Security-as-a-Service (SaaS) solutions since 2004 and is currently focused on growing its business domestically and internationally via its “enable, expand and scale” strategy.
Last year, the company signed a software original equipment manufacturer (OEM) development and licence agreement with Cisco Systems, one of the world’s largest IT companies.
The agreement offers Cisco global customers FirstWave’s unique cloud service orchestration platform for differentiated email, next-generation firewall and web security.
Under the Cisco licence agreement, first customers in North America and Asia are expected to come on board in the third quarter of the 2019 financial year.
FirstWave shares jumped 2.04% to $0.25 in morning trade.
Source : smallcaps.com.au