Cybersecurity company FirstWave Cloud Technology (ASX: FCT) is set to have their technology used across the world’s second largest telecommunications market having entered a landmark agreement with Indian telco Vodafone Idea which was recently re-branded as Vi.
The 3-year agreement will see Vi roll out FirstWave’s cybersecurity solutions to its business customers in a country where there are more than 50 million registered businesses.
“After extensive value proofs and rigorous technology due diligence, I am pleased Vi have come on board to bring our world leading SaaS firewall technology to India and to be offering our entire suite of enterprise grade cybersecurity-as-a-service to their business customers across the country,” said FirstWave CEO, Neil Pollock.
Under the agreement, Vi will be the first telco to offer FirstWave’s firewall-as-a-service product which will enable business customers to protect themselves from cybercrime attacks such as ransomware, spear phishing and data theft.
Prior to formalising the agreement with FirstWave, Vi underwent trials on small and medium-sized businesses where the firewall tech was successfully applied to remote worker devices which is expected to become a more popular working arrangement in the post-COVID world.
“We are excited about this engagement with FirstWave. This partnership enables us to deliver cloud-based robust security to enterprise customers through this unique multi-tenanted platform,” said Anil Phillip, Vi Executive VP of Products, Solutions and Partnerships.
The Tier 1 partnership with Vi will be crucial to FirstWave’s growth and commercial success where COVID has brought upon large commercial opportunities for cybersecurity companies due to the increased time spent by people online while in isolation.
For FY20, FirstWave reported revenues of $8.2 million but a net loss of $13.7m, which the Company attributed to non-cash share-based payment expenses and execution of stock Options. They are however well funded having raised approximately $20m over the past 12 months to fund sales momentum after increasing their corporate customers from 26 to 40 over the financial year.
FCT shares responded well to news of the Vi agreement, reaching a high of $0.20 in morning trade, a rise of 38% on their previous $0.145 close.
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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