Tech: Cybersecurity firm Tesserent books solid growth in Q1 revenue, shares get a boost
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Cybersecurity firm Tesserent (ASX:TNT) says revenue in the September quarter is set to come in well ahead of schedule.
The company says total contract value in Q1 is now expected to hit $5.1m. That marks an increase of 88 per cent from the previous forecast of $2.7m, which was only made on July 25.
Tesserent pointed to the impact of “key contract wins recently secured” as the catalyst for the upgrade. Future contract revenue forecasts were also lifted to $10m, from $8.4m.
Shares in the company got a small boost to 4.8c, down slightly from the 12-month high of 7c reached in March this year.
Tesserent says the recent gains are a by-product of a revised sales strategy which the company implemented this year.
Its security-as-a-service offering is well-positioned in the market as more firms take a proactive approach to protecting the online IP.
That’s led to increased demand for its core Cyber360 product as clients prioritise cybersecurity services including “secure networking, threat-hunting and next generation firewalls”, Tesserent said.
“With our cybersecurity offering now live our addressable landscape in the cybersecurity landscape is much greater, with an extended range of products enabling the core business to continue its growth,” managing director Julain Challingsworth said.
Health tech company MyFiziq (ASX:MYQ) announced it’s received the fourth $500,000 tranche in connection with a securitised debt facility from Asia Cornerstone Asset Management (ACAM). MYQ has now received $4.2m of the total $5.2m amount. In return, it will issue ACAM 8,666,667 fully paid ordinary shares priced at 60c. Shares in MyFiziq were up 2 per cent in morning trade at 25c.
And tech minnow Ookami (ASX: OOK) — currently suspended by the ASX — said proposed changes to a pending takeover offer in order to meet ASX standards had been made to no avail. The company said as part of its share sale agreement with Lateral Capital Ventures, that Lateral would divest its “non-material” investment in a cryptocurrency exchange.
The company said it’s been advised by the ASX that were it to apply for reinstatement — even in the wake of proposed changes — that application was likely to be rejected. The company said it would therefore remain suspended until it successfully completed a re-compliance form or terminated the proposed transaction.