Cybersecurity company archTIS (ASX: AR9) has confirmed its first entry into the lucrative Defence industry with the securing of Northrop Gruman as a major customer of their platform designed for the secure sharing of classified information.
The commercial contract will see Northrop Gruman purchase 50 licenses for archTis’ Kojensi platform which will be used to collaborate on tenders between teams around the world for Government and Defence contracts.
“This is an exciting announcement for archTIS as it is our first win in the Defence Industry sector,” said archTIS CEO, Daniel Lai.
“With global Defence sector spending at a 10 year high there is an international need to share sensitive and classified information securely and efficiently across the global Defence supply chain.
“Defence suppliers are known targets for foreign state actors and organised crime cyber-attacks. Our Kojensi platform is a simple answer to address this problem. We are pleased with the win, and excited by the response and engagement we are getting in this sector.”
While Northrop Gruman will initially deploy the licenses to their Australian and United States offices, the Company has more than 90,000 employees globally, of which approximately 500 are based in Australia.
The 50 licenses will deliver archTIS with $35,000 in annual recurring revenues but advance archTIS’ recent business development wins with the Company have recently also entered the education sector with licenses purchased by Curtin University. Earlier in the year, the Company also secured the Commonwealth Ombudsman’s office as a customer with 50 licenses purchased.
To facilitate strategies to further commercialise their Kojensi platform, archTIS recently completed Placement and Share Purchase Plan capital raises to secure $2.24m in funds at an Offer Price of $0.055.
The Content and Collaboration Market was valued at US$4.8 billion in 2017 and expected to grow to US$7 billion by 2023.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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