Join our daily newsletter At The Bell to receive exclusive market insights
- Cipherpoint (CPT) has signed a contract with the Bank of Finland to licence its cp.Protect product
- cp.Protect will secure and protect the bank’s highly sensitive business information
- The contract is worth €70,000 (roughly A$116,000) and will run for two years, which can be extended thereafter
- Chief Operating Officer Steven Bliim says this contract represents a “significant milestone” since establishing its office in Germany last year
- On market close, Cipherpoint is up 16.7 per cent and is selling shares for 3.5 cents each
Cipherpoint (CPT) has signed a contract with the Bank of Finland to licence its cp.Protect product.
cp.Protect is a technology that secures and protects highly sensitive business information. This major European bank will use the product to enhances the controls to privileged users, such as IT.
The contract is worth €70,000 (roughly A$116,000) and will run for two years, which can be extended thereafter. Payment for the product is expected to be finalised by early July.
Chief Operating Officer Steven Bliim says this contract represents a “significant milestone” since establishing its office in Germany last year.
“The strategy underpinning our recent shift to Europe has been to demonstrate to enterprises that by deploying our technology, they can continue to make the most of their on-prem collaboration platforms,” he said.
“This also sets an excellent foundation to shift their most sensitive business data to the cloud (if they choose to do so), while retaining full control over the encryption keys securing that information,” he added.
On market close, Cipherpoint is up 16.7 per cent and is selling shares for 3.5 cents each.
