Cipherpoint focused on delivering unique protection solutions to new customers and markets

Cipherpoint Ltd (ASX:CPT) remains focused on delivering its unique discovery, classification and protection solutions to new customers and markets. The team continues to execute on building major IT integrator channel relationships as its primary go-to-market channel to leverage sales presence and customer bases as well as accelerate internal cloud platform development efforts. In partnering with local organisations through CPT’s German-based office, the company is within easy access to European government and enterprise opportunities that require the use of regional and local vendors with sovereign capability. The company held $2.17 million in cash at the end of the December quarter. New partnerships and campaigns launch During the December quarter, Cipherpoint expanded its sales channels through the announcement of new partnerships with NTT DATA Deutschland for the DACH region as well as with Data Assure HK for Hong Kong and Macau. These partnerships are set to open new sales channels and business opportunities to the company in each of these regions. CPT’s product and marketing teams launched a new digital marketing campaign for cp.Discover, the company’s sensitive data discovery and classification product. The new digital marketing campaign highlights the product’s necessity in enterprise digital transformation and cloud migration projects. This launch coincides with the release of the product’s new user interface and dashboard reporting and has already garnered interest from potential customers searching for a powerful solution to locate and categorise sensitive information across their enterprises. COVID-19 impacts Additionally, COVID-19 and associated shut-downs across Europe and Australia have continued to affect the business in its capacity to deploy products into sensitive customer environments. This has slowed the ability for customers to conduct requisite acceptance testing, particularly for its cp.Protect product. Consequently, the sales team has been focusing on sales opportunities that are easily deployable, for example, those associated with cp.Discover. Cyber-security services platform In January, the company entered into a binding term sheet to acquire 100% of the issued capital in cybersecurity services platform Brace168 Pty Ltd for cash and shares in the company.  It is anticipated the transaction will complete early this month or shortly thereafter.  CPT plans to raise further capital of not less than $2 million under a placement and rights issue to fund the acquisition and expand its existing business, among others.  CPT chairman Ted Pretty said at the time: “The Cipherpoint team is excited that the founders of Brace168 will be joining us on the journey to offer best of breed solutions to the business and enterprise market both locally and internationally. “Our focus has been to acquire a business with a strong and complementary platform, and which has an attractive organic growth trajectory. “Acquiring Brace168 gives CPT the ability to compete aggressively in the market. “In my opinion, it enables CPT to scale with an integrated offering and will be a more attractive investment option than other cyber consulting rollups underway in the market.”