Senetas taps into rising global cybersecurity market with record deal

Special Report: In an increasingly digital world, where data breaches and cyber threats have significant real-world impact, governments worldwide are ramping up their cybersecurity efforts.

This heightened focus is driven by ongoing geopolitical tensions, cyber espionage and a persistent set of supply chain disruptions that have kept cybersecurity in the limelight for governments around the world.

Senetas (ASX:SEN), a sovereign Australian cybersecurity company, is set to take advantage of this through its unique network, cryptographic and platform agility. The company is one of the few asx-listed technology companies that has consistently driven export sales overseas, and recently secured its largest-ever order for high-speed ethernet encryptors through its global distributor, Thales.

This record-breaking order, comprising more than 100 of Senetas’ encryptors to a Middle Eastern government agency, is set to bolster Senetas’s revenue by $2.5 to $3.0 million in FY2024, reflecting the growing international government and commercial demand for robust network defences.

Andrew Wilson, CEO of Senetas, highlighted the deal as the culmination of over two years of concerted efforts by the Senetas and Thales teams: “This transaction is a significant boost to our revenue, but more importantly it reinforces the critical role of end-to-end encryption technology in securing national and global critical infrastructure. It’s a field where we have a global reputation for excellence, and we see this current global cybersecurity environment as one of the most promising in years” Wilson stated.

More than a silver bullet

However, encryption alone isn’t the silver bullet. From ransomware to sophisticated cyber espionage, the threats governments and businesses face are evolving, pushing a rethink of cybersecurity frameworks. Senetas’ subsidiary Votiro is a tacit recognition of this fact: its newly launched Zero Trust Data Detection and Response (DDR) platform is at the forefront of preventing attacks.

The company says that DDR platform has carved a niche in the market by offering real-time protection and privacy compliance, allowing data to flow securely even in the most high-risk environments. With an annual recurring revenue (ARR) growth reaching $10.2 million as of April 2024, Votiro is poised for continued success, reflecting strong market acceptance and a robust sales pipeline valued at $32 million.

As the cybersecurity landscape continues to evolve, the interest in advanced technologies to protect data and prevent attacks like those provided by Senetas and Votiro grows. Those with a proven track record of working with international organisations stand to benefit the most.

With a focus on developing robust technologies that are ready to meet a wide variety of potential attacks, and its long-established reputation for excellence internationally, Senetas says that it is set to capitalise on a global market that is, at long last, taking cybersecurity seriously.

This article was developed in collaboration with Senetas, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.