BATM surges on cybersecurity contract
By Michele Maatouk
Date: Tuesday 02 Jul 2024
(Sharecast News) - BATM surged on Tuesday after signing a strategic partnership and cooperation agreement with "a significant global technology, engineering and defence group" to deliver its advanced cybersecurity solution to commercial markets.
The unnamed partner generated revenue of over $10bn in 2023 and serves customers in more than 100 countries, with operations spanning Asia, Europe, the Middle East and the US, it said.
As part of the agreement, BATM will customise its advanced encryption platform to meet the requirements of the partner, who will fund the development work.
The customised platform will be distributed globally by the partner, with exclusivity in certain territories, to a variety of commercial markets and for critical national infrastructure.
BATM said the agreement, and the corresponding launch of a cyber solution for the commercial markets, represents a "significant" increase in its addressable market.
Over the next two years, BATM will receive a minimum of $2.1m from the partner for the product customisation phase and the provision of an initial quantity of units, which will be delivered in three phases over the two years.
Chief executive Moti Nagar said: "To be partnering with such a large, well-established and global organisation to deliver our cutting-edge encryption platform to the commercial markets is transformational for BATM Cyber and is a fantastic endorsement of our solution.
"The introduction of a cybersecurity offering for non-governmental customers has long been an important objective for BATM, and this collaboration significantly boosts our commercial market entry by providing worldwide distribution networks and a partner with the resources to engage in considerable sales and marketing activities."
At 0935 BST, the shares were up 12% at 18.55p.
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