SYDNEY, July 26, 2021 (Newswire.com) - Cipherpoint has achieved 'impressive' June revenues of $378,000 with its Brace168 cybersecurity platform booking $336,000 - the second-highest month ever recorded. The company acquired Brace168 back in April due to its strong organic growth trajectory and ability to compete aggressively in the market.
Founded in 2017 by Greg Bunt, Brace168 builds innovative IT and cybersecurity solutions that work seamlessly across businesses and enterprises or government agencies. Its customers are across the financial property, manufacturing, technology, and health sectors (including both ASX50 and ASX200 companies).
June quarter highlights
In its latest market update to shareholders, the company highlighted that Brace secured $200,000 in additional purchase orders that were scheduled to be booked and delivered by June 30. Due to the rolling lockdowns across the Sydney Metropolitan area, delivery and acceptance have been deferred by customers.
Group revenue for the quarter also totalled $800,000. Cipherpoint's Chairman noted the June quarter result and recent contract wins demonstrate its pipeline strength and confirms that the company is likely to achieve even better returns by investing in organic growth. The business continues to focus its attention on bringing on additional qualified resources to meet demand.
Upgrades and lockdown response
The impact of any extended lockdown cannot be estimated at this time, but management said it remained grateful and very fortunate that its entire team was working well and able to support managed security services customers remotely.
Prior to the recent NSW COVID construction lockdown, the company had taken the opportunity to begin the expansion and upgrade its Security Operations Centre (SOC) in North Sydney. This upgrade, when completed, will enable the SOC to operate more efficiently and expand the scope of services for existing customers.