ASX ANNOUNCEMENT:

SENETAS WINS NEW INTERNATIONAL CUSTOM ENCRYPTION CONTRACT

Senetas Corporation Limited (ASX: SEN) has been awarded its first contract to develop a custom encryption solution. This bespoke development project, introduced by Gemalto NV (via its wholly-owned subsidiary SafeNet Inc) is customer funded and uniquely features the inclusion of custom encryption algorithms.

By including custom algorithms, this new encryptor will be able to meet the specific and exacting requirements of the market’s need for high-speed encryption solutions. Development on the new solution, based on the market leading CN series from Senetas, is set to begin immediately. Senetas will retain 100% of the intellectual property associated with the project and, when complete, the new solution will generate significant new opportunities within the international encryption marketplace.

Senetas encryptors are the only multi-certified products of their type (NATO, FIPS, CAPS and Common Criteria) and deliver maximum data protection without compromising network performance. The development of this custom encryption solution is the first of it kind and recognizes Senetas as the market leaders in high speed data encryption.

Upon announcement of the custom algorithm project, Senetas CEO Andrew Wilson said: “Significantly, this world-class project is a substantial recognition of Senetas’s unique excellence in electronics engineering and high-speed data encryption security. Our customer searched the world for these market-leading skills and found Senetas.” Mr Wilson continued, “While many markets require encryption products built to their own governments’ security standards, (which is where Senetas has been very successful) there are now customers that require a ‘bespoke’ security solution incorporating custom algorithms in the best performance high-speed encryption hardware available.”

Mr Wilson added “Our customer faces the same serious network transmitted data security issues as all our customers around the world; but this customer wanted all the market-leading performance and security benefits of Senetas Layer 2 encryptors as well as its chosen custom encryption algorithm. While the current project will open up a new market for Senetas’ world class technology, the further potential for increasing international demand for bespoke encryption products is substantial”

Senetas: Security Without Compromise

You can view a copy of the original ASX announcement here