Cipherpoint Releases Quarterly Business Update
SYDNEY, April 23, 2020 (Newswire.com) - Cipherpoint today released its quarterly cash results and business update.
The Company announced total cash receipts for the quarter of $108K, bringing the total cash receipts from customers for the financial year to $1.3M. Despite the ongoing pandemic, operations are continuing with staff in Germany, the U.S. and Sydney working remotely with regular conference calls. Existing customers have permitted any support and account meetings to be undertaken on the same basis. Consequently, some sales opportunities will be deferred in line with enterprises across the globe continuing to tighten operational expenditure and budgets.
The Company’s near-term focus will be on the continued support and service of existing customers, product trials, retention of staff in line with available resources. Expenses are tracking below forecast and the management is using the current period to focus on new platform development. However, lead generation activities continue to build a solid potential pipeline not only for its core cp.Protect product but also for cp.Discover for data discovery and classification.
The Company has recently won an order for the use of cp.Discover through the partner in Singapore. The Company’s largest customer in Germany also continues to support it, and the Company is confident of further orders in due course.
About Cipherpoint
Cipherpoint is a leading provider of software solutions that enable continuous identification, classification and secure management of unstructured data across enterprise and the cloud and consolidates control into one place for companies to securely manage their data to be compliant, reduce risk, reduce costs and improve productivity.
Cipherpoint empowers businesses to discover, protect and control sensitive information across multiple platforms and repositories with industry-best security for Microsoft SharePoint & Office 365 and Secure Enterprise File Sharing & Collaboration.
Our customers and partners span the public sector and defense, aerospace, technology, automotive, manufacturing, finance, media and sports industries.
Source: Cipherpoint Limited (ASX:CPT)