Safe-T Group Reports Preliminary Revenue Growth for the Fourth Quarter of 2019
January 13 2020 - 2:30AM
Safe-T® Group Ltd. (NASDAQ, TASE: SFET), a provider of Secure
Access solutions for on-premise and hybrid cloud environments,
today announced an estimated revenue range for the fourth quarter
of 2019 and the entire year of 2019.
The Company accomplished a year of many business
achievements as well as financial improvements such as sharp
revenue growth, while still achieving a material reduction of
expenses. Also, the Company raised a total of $14.5 million, which
supported its operations and enabled the Company’s acquisition of
NetNut Ltd. Following the smooth acquisition and integration of
NetNut, the Company continues enhancing the presence of NetNut’s
solutions to an ever-growing market, which has resulted in
increased sales over the recent months.
Earlier in 2019, Safe-T deepened its strategic
focus on the Software Defined Perimeter (SDP) market, an extremely
attractive segment with high growth potential. The Company develops
innovative SDP solutions to face growing demand in the business,
governmental and financial sectors.
Furthermore, the Company gained prestigious
recognition in Gartner’s April 2019 Market Guide for Zero Trust
Network Access, which identified Safe-T as a Representative Vendor
for a stand-alone Zero Trust Network Access (ZTNA) offering.
Shachar Daniel, Safe-T’s Chief Executive
Officer, said: “We are excited to present the improved results from
our activities this year. We will continue our efforts to execute
our business and financial strategy in 2020 and hope to witness the
same upward trends. In addition to the market’s acceptance of our
innovation and unique products, our strong IP keeps us in an
advantageous position.”
Preliminary Financial Results for Q4 2019 and the Entire
Year:
On a preliminary and unaudited basis, Safe-T
expects to report fourth quarter 2019 revenue in the range
of $1.1 million to $1.2 million, an increase in the range of
138% to 160%, respectively, compared to $0.46 million in the fourth
quarter of 2018. Safe-T concluded 2019 with estimated revenues in
the range of $3.27 million to $3.37 million, an increase in the
range of 123% to 130%, respectively, compared to $1.466 million in
2018.
Safe-T expects to release its full 2019 results by March 31,
2020.
About Safe-T® Safe-T Group Ltd. (Nasdaq,
TASE: SFET) is a provider of Zero Trust Access solutions which
mitigate attacks on enterprises’ business-critical services and
sensitive data, while ensuring uninterrupted business
continuity.
Safe-T’s cloud and on-premises solutions ensure
that an organization’s access use cases, whether into the
organization or from the organization out to the internet, are
secured according to the “validate first, access later” philosophy
of Zero Trust. This means that no one is trusted by default from
inside or outside the network, and verification is required from
everyone trying to gain access to resources on the network or in
the cloud.
Safe-T’s wide range of access solutions reduce
organizations’ attack surface and improve their ability to defend
against modern cyberthreats. As an additional layer of security,
our integrated business-grade global proxy solution cloud service
enables smooth and efficient traffic flow, interruption-free
service, unlimited concurrent connections, instant scaling and
simple integration with our services.
With Safe-T’s patented reverse-access technology
and proprietary routing technology, organizations of all size and
type can secure their data, services and networks against internal
and external threats.
At Safe-T, we empower enterprises to safely migrate to the cloud
and enable digital transformation.
SDP solution on AWS Marketplace is available here
For more information about Safe-T, visit www.safe-t.com
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995 and other
Federal securities laws. Words such as “expects,”
“anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates”
and similar expressions or variations of such words are intended to
identify forward-looking statements. For example, Safe-T is using
forward-looking statements in this press release when it discusses
preliminary unaudited estimates of revenues for the fourth quarter
and entire year of 2019, future growth, enhancing the presence of
NetNut’s solutions to an ever-growing market, and efforts to
execute business and financial strategy in 2020. Because such
statements deal with future events and are based on Safe-T’s
current expectations, they are subject to various risks and
uncertainties, are not guarantees of results and should not be
considered as an indication of future activity or future
performance. Actual results, performance or achievements of Safe-T
could differ materially from those described in or implied by the
statements in this press release. The forward-looking statements
contained or implied in this press release are subject to other
risks and uncertainties, including those discussed under the
heading “Risk Factors” in Safe-T’s annual report on Form 20-F filed
with the Securities and Exchange Commission (“SEC”) on March 26,
2019, and in any subsequent filings with the SEC. Except as
otherwise required by law, Safe-T undertakes no obligation to
publicly release any revisions to these forward-looking statements
to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events. References and
links to websites have been provided as a convenience, and the
information contained on such websites is not incorporated by
reference into this press release.
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