Senetas announces its largest ever order for its high speed network encryptors.

In a recent announcement to the ASX, Senetas (ASX:SEN) confirmed that it has secured the single largest order it has ever received for its high speed network encryptors, through its global distributor, Thales. In excess of 100 CypherNET encryptors comprising 1Gbps and 10Gbps devices will be deployed to secure the data in transit of a Middle Eastern government agency. The order is expected to add between $2.5-$3.0 million to Senetas’s FY2024 revenue, and between $2.0-$2.3 million to Senetas’s FY2024 profit before tax. The order also includes maintenance services that will make an ongoing contribution to Senetas’s revenue in the medium term.

Senetas CEO, Andrew Wilson, said: “This transaction is the culmination of more than 2 years’ work by the Senetas and Thales sales and engineering teams and I would like to congratulate them for bringing it to realisation. It represents a significant boost to Senetas’s revenue in FY2024 and the cash flow expected in the first quarter of FY2025. Senetas’s ongoing sales pipeline remains very robust with good momentum expected through the remainder of FY2024 and into FY2025.”

The announcement was part of a joint statement to the Australian Securities Exchange that also included an update on the performance of Votiro:

“Votiro has continued good growth in annual recurring revenue (ARR) through the early months of 2024 with ARR reaching US$10.2 million by the end of April 2024, with the US$1.7 million of ARR growth delivered by new contracts awarded to Votiro in the 2 months since February 2024. We expect a continuation of strong growth in Votiro’s ARR, supported by the positive early market reaction to Votiro’s recent launch of the industry’s first Zero Trust Data Detection and Response (DDR) platform, an acceleration of its technology and business partner programs, and further establishing relationships with critical distributors and resellers.”

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