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Cipherpoint's New cp.Protect Product Release to Unlock Opportunities for Subscription Base Expansion

The latest product release is expected to extend the number of supported applications required by its key customers and introduce new feature improvements.

SYDNEY - May 18, 2021 - (Newswire.com)

Cipherpoint is expecting that the latest release of its cp.Protect product will unlock opportunities to expand its subscription base in the near term from existing customers. The latest version, which has been under development over the last six months, extends the number of supported applications by the platform and will also introduce new feature improvements to make the transparent protection of sensitive enterprise documents more seamless than ever. The Company remains focused on delivering its unique data discovery, classification and protection solutions to new customers and markets in the Asia-Pacific and Europe.

Key customer renewals

During the course of the March quarter, the company secured renewals from key customers including:

  • Arthur J Gallagher & Co $53,000;
  • Ballad Health $30,000;
  • Defence Science and Technology Agency $24,000; and
  • Singapore Power $35,000.

Brace168 Pty acquisition

Cipherpoint entered into a binding term sheet to acquire 100% of cybersecurity services platform Brace168 Pty Ltd, which was subsequently settled on April 1, 2021. The Company's group results will encompass the revenues and cash flows of Brace168 for the quarter ending June 30, 2021.

March quarter highlights

The March quarter saw the company continue to build pipeline opportunities with its partner NTT DATA Deutschland for the DACH region. Following a ramp-up in digital marketing and engagement for cp.Discover, the company's sensitive data discovery and classification product, the Company has secured a new U.S. customer. Whilst COVID-19 related shut-downs across Europe have continued to affect the business, management remains committed to converting pipeline leads to sales at the earliest possible opportunity.

Financial highlights

The financial highlights for the quarter were:

  • Operating cash costs for the March 2021 quarter were $737,000, down from $802,000 for the December 2020 quarter while net operating cash outflows were $632,000 for the March quarter, also down from the $802,000 outflows for the December 2020 quarter;
  • Following a successful placement and rights issue closing in the quarter, the company raised $2.5 million in new capital from existing and new investors;  and
  • The company held $3.96 million in cash as of end-March 2021.



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Original Source: Cipherpoint's New cp.Protect Product Release to Unlock Opportunities for Subscription Base Expansion
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