CIPHERPOINT ANNOUNCES STRATEGIC RESELLER AND MANAGED SERVICES SECURITY PROVIDER AGREEMENT WITH ISRAEL BASED XM CYBER

Cipherpoint Limited (ASX:CPT), Sydney, Australia 17 March 2021 - Cipherpoint is pleased to announce that it has signed a Reseller and Managed Services Security Provider Agreement with Israel based XM Cyber. The Agreement will enable CPT to offer XM Cyber solutions, which are intended to be offered through its proposed subsidiary Brace168.(Note: only signed off on this acquisition 16/3/21 see below)

XM Cyber’s ability to automate and systemise attack simulation provides a unique and cost-effective approach to identify and mitigate security risks before they are exploited. Attack simulation is now a critical part of Enterprise cyber defences and is rapidly growing to be a billion dollar market within the much larger cyber security market.

The system-based capability is ideally suited for integration with the managed services of Brace168. CPT intends that Brace168 will offer XM Cyber capability as an enhanced service on its cyber security platform across the financial property, manufacturing, infrastructure, technology and health sectors (including both ASX50 and ASX200 companies).

Brace was established in 2017 and offers managed detection and response services to medium and large-scale businesses and enterprises, based in North Sydney. The functionality of the managed detection and response platform of XM Cyber is intended to be deployed widely by Cipherpoint through the Brace168 business. It represents an opportunity for Brace to market to new clients or extend current offerings to existing clients to generate incremental managed service revenue.

XM Cyber is the global leader in Attack-Centric Exposure Prioritization that closes gaps in cloud and physical network security. Customers can rapidly identify and respond to cyber risks affecting their business-sensitive systems because the platform continuously calculates every potential attack path. Detailed remediation options are prioritized based on the potential impact, including exploitable vulnerabilities and credentials, misconfigurations, and user activities.

XM Cyber was founded by top executives from the Israeli cyber intelligence community and has offices in the US, UK, and Israel. In July 2020 XM Cyber closed a $17 Million Series B Funding Round with Macquarie Capital, Nasdaq Ventures, Our Innovation Fund, and Swarth Group. XM Cyber has been recognised by numerous industry awards including Named a Top 100 Cybersecurity Startup for 2020.

Uri Levy, XM Cyber SVP Worldwide Sales and Field Operation said ‘This partnership with Cipherpoint is an exciting development for XM Cyber to extend its platform through a managed service offering initially in the Australian market then beyond. Both parties have already identified some clear opportunities they will actively pursue. We welcome the CPT/Brace168 to the XM Cyber partner network.”

16/3/21

CIPHERPOINT ANNOUNCES SATISFACTORY COMPLETION OF BRACE168 DUE DILIGENCE, SIGNING OF THE SALE PURCHASE AGREEMENT AND PROVIDES BUSINESS UPDATE

.....The Board believes that the acquisition of Brace168 will create new momentum for CPT and, in respect of the proposed acquisition, provides the following update:

• 1 The Brace168 team has advised it is on track to achieve strong year on year growth in recurring revenues. Key top ASX50 and ASX200 listed customers have agreed to renewals with upside from an expansion of services revenue. Additional team members are being recruited for business development and customer success. The Brace168 sales pipeline continues to build.
•  CPT has commenced the process of establishing an additional managed security service operation in Europe by leveraging its existing presence in Germany and capitialising on the strong desire for localised service providers in this market. It intendsto host its services within the scalable data center space of Stackit a member of the Schwarz Gruppe - one of Europe’s largest family owned companies. Following completion of the acquisition, CPT intends to expand the reach of Brace168 services. Further details of the proposed expansion will be released post completion of the Brace168 transaction.
• 3 Brace168 continues to augment its core managed services by expanding its partner program through relationships with Checkpoint, Skybox Security and Micro Focus and reseller relationships with Cisco, Juniper, and Meraki, to name a few. CPT hopes to be able to make further announcements regarding this expansion in the short term.
•  The core existing CPT software business sales pipeline for both the cp.Protect and cp.Discover products continues to show potential notwithstanding the continuing lockdowns in Europe and longer sales cycles. CPT continues to progress discussions with key potential channel partners and will provide updates in due course.

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Disc: On my watchlist since latchdrgon's post 4 months ago