Networking and cyber security company BATM has announced a US$3.3 million contract extension with an unnamed European Government. This is the second extension this year with the previous extension announcement just two weeks ago. This is the fourth extension to a project that began as a Proof of Concept in October 2017.
This latest contract will see BATM provide additional hardware and software cyber security products. The previous contract on Feb 4, was to provide cyber security services. It shows that there is significant demand from national governments for private sector expertise in cyber security.
According to Dr Zvi Marom, Chief Executive Officer of BATM: “To have received this additional order from this customer so quickly after being awarded our previous contract reflects the significant opportunity that this market presents. Cyber security threats are a key concern for governments across the world and we can provide the right products and services to protect their substantial networks.
“The interest in our cyber solutions is increasing and, thanks to the strength of our offer, we expect to receive further orders and are very excited about the future prospects for this business.”
Enterprise Times: What does this mean
Winning two contracts from the same customer within a month is always a big deal for a company. The fact that the two contracts are worth over 20% of lasts years earning for that division should give BATM a significant boost for this year. This is the sort of news that the market likes from small listed companies.
The wider question is can BATM extend its reach into other European governments. It doesn’t say who this is with but with several European countries struggle to deal with cyber attacks, there is a lot of potential business out there.