Cipherpoint Takes Further Steps in Growth Strategy Including First Purchase Order From US Partner

SYDNEY, August 18, 2020 (Newswire.com) - Cipherpoint (ASX:CPT) has received its first purchase order from US partner MA Polce, an information technology solutions and managed services provider based in New York.

MA Polce will deploy the company's cp.Protect product as an embedded technology offering into their hosted Managed IT services environment.

The company has also entered into two co-development agreements with Sydney-based Haventec and Melbourne and Brisbane-based Biarri.

These developments come as the company seeks new growth opportunities by creating new channels to market, undertaking rapid development of its new products and solutions and considering potential acquisitions.

Chairman Ted Pretty said: "Our relationships with these exciting companies allow us to evolve our business model, access best of breed technical skills to develop our next generation of solutions whilst our core team focuses on our day to day priorities. In addition, we continue to assess opportunities for complementary acquisitions as a means to delivering growth."

Haventec has developed a suite of patented technologies (APIs) for securing digital identities and for protecting sensitive data from theft or misuse.​ Cipherpoint will utilise Haventec's expertise to identify and then develop a solution to intensify the security around the encryption keys used to protect sensitive data.

This is to deepen Cipherpoint's cp.Protect suite of solutions by addressing the performance and functional limitations arising from the bring your own key (BYOK) and hold your own key (HYOK) solutions currently in the market.

The second agreement is with Melbourne and Brisbane based Biarri.​ Biarri is a leader in building custom optimisation solutions with powerful mathematical and predictive modelling.​ Cipherpoint has enlisted Biarri's team of mathematicians to evaluate the next-generation data discovery and classification algorithms that can improve Cipherpoint's cp.Discover suite of solutions. The focus will be on addressing existing limitations on the ability to read and classify files that do not contain text.

This will cover improving existing OCR tools plus using AI-based image recognition to feed the classification process.​

Source: Cipherpoint