Cybersecurity firm Senetas (ASX: SEN) is making waves in the Middle East, having secured a $2 million order through global distributor Thales, for their Ultra-High speed 100Gbps Ethernet encryptors.
The CN9000 series encryptors will be deployed to secure the data in transit of a Middle Eastern government agency, enabling protection of their data network without compromising performance.
“This order is particularly pleasing as it underscores the strength and reputation of our global partner Thales in the Middle East,” said Senetas CEO, Andrew Wilson.
“Most significantly for Senetas, an order of this size is a realisation of the considerable opportunity we have seen building in that market over the past 12 months, and now that pipeline is starting to deliver.”
“With our increased presence in this market, and the potential for new opportunities via the pending European certification and custom algorithm encryptors for Eastern Europe, we continue
to see exciting opportunities to further expand the market for Senetas products and expect good growth from these regions over the medium term.
“This order also underscores the fact that Australian sovereign cyber security products are respected not only in Australia but world wide for their defence grade security profile and engineering.”
A home-grown cybersecurity firm, Senetas encryption solutions are used in more than 40 countries around the world and can be applied to general data but are also applicable to cryptocurrency.
Through FY20, Senetas delivered $22.6m in revenues and a $3.5m net loss, but this factored in acquisition expenses used to acquire a 60% interest in Voltaro – a ransomware security business in the United States.
As a focus over the coming year, Senetas has declared a focus to upgrade its technology in readiness for advancements in quantum computing. This future proofing of Senetas’ products is a proactive strategy in preparation for the forecasted evolution from today’s ‘conventional’ mathematics-based encryption algorithms to future quantum mechanics-based algorithms.
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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