With the $2m in funds raised recently, Covata is planning to strengthen its sales and technical resources in Europe, invest in product development and provide general working capital. Management expects the imminent launch of data classification functionality and the Eclipse cloud-based offering should help drive conversion of the sales pipeline.
Covata has raised A$1.5m from a share placement and is also targeting a raise of up to A$1.8m from an ongoing entitlement offer. The company intends to use the proceeds to strengthen its sales and technical resources in Europe, for product development and for general working capital. The recently acquired dataglobal data classification technology should be available to use in Covata solutions from Q119.
Covata has raised A$2m from institutional and retail investors, bolstering its cash position. The company is making progress with the development of its data security platform, and plans to launch a beta version by the end of the current quarter. New customer contracts have been signed for SafeShare and CipherPoint and the company has a growing sales pipeline.
SYDNEY--(BUSINESS WIRE)-- A new IDC Perspective Report, entitled Is Data the New Endpoint?, proposes that organisations need to change how they think and view data itself as an endpoint, in order to improve how it can be secured. The report sponsored by Covata, states that: “Data is an asset that is increasing in value, created and stored in an ever-growing variety of devices. It is also increasing in volume, its value only realised by sharing – and only with those who are authorised to view it. And yet hackers are see...
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