SAN JOSE, Calif., May 12, 2021 (GLOBE NEWSWIRE) --
Released proprietary patent-pending software for visibility into encrypted network traffic
Nine-month revenue $1,734,024, 1372% growth in revenue over the prior comparable period
Over 3X growth in sales funnel entering fiscal 2022
A scalable business model with a path to profitability
Large addressable market with growing disruption and need
San Jose, Calif., May 12, 2021 -- Nubeva Technologies Ltd. ("Nubeva '' or the "Company") (TSX-V: NBVA, OTC: NBVAF), a developer of decryption software that broadens network traffic security and visibility, provides corporate updates from the Chief Executive Officer, Randy Chou.
“Over the past 18 months, Nubeva has achieved foundational milestones that, together with industry developments, put us in an excellent position for growth and profitability”, said Chou. “In this time, we have launched our award-winning TLS Decryption product line, Nubeva SKI (Session Key Intercept). Our Company’s dedicated focus on this product suite has established solid traction as an OEM sale to cybersecurity and application monitoring solution providers.” In summary of the sale progression:
In June 2020, Nubeva closed our first OEM license contract, a 7-figure, multi-year agreement with one of the world’s top 10 cybersecurity companies.
Since that time, we’ve closed numerous contracts, partnerships, and integrations, some announced, including Riverbed, Empirix, and Megazone Cloud, and several others not disclosed due to contract terms.
Additionally, we expanded our support for comprehensive monitoring across AWS (Amazon Web Services), as well as Azure (Microsoft Cloud), GCP (Google Cloud Platform), and private environments.
Our customers are reporting high satisfaction with our technology, its implementation, and Nubeva’s support services.
Our pipeline has significantly grown in both deal quantity and size, over 3x in the last 12 months.
In the last quarter, ending April 30, 2021, we have seen an unsolicited uptick in referral and organic inbound interest. We have had multiple Fortune500-class organizations come to us to explore and understand our technology. Activity is accelerating from early prospect engagement to technical evaluations and deep proof of concepts.
“We believe our product and our market is being increasingly validated,” Chou continued. “From our customers, prospects, and advisors, we continue to confirm that there is a significant, growing, and essential market opportunity that we are well-positioned to pursue.” Specifically:
Over 85% of traffic is now encrypted using TLS (formerly SSL). Malware hiding in this encrypted traffic has doubled since 2020. As the scale and frequency of cyber-attacks continue to swell, the need for decrypted network inspection is more important than ever before for cybersecurity and application assurance reasons.
Network/Cloud evolution, 5G, and IOT are accelerating disruptions and adding massive volumes of traffic, which come with significant scaling and monitoring challenges. Legacy solutions have substantial and growing capability gaps, as well as performance and cost inhibitors.
Solution providers and enterprises are searching for an alternative to answer the market evolution. Nubeva SKI is a relevant, compelling, and viable new solution with the potential to become the defacto standard for decryption.
“Looking forward to fiscal 2022 and beyond, we believe market conditions have come together for Nubeva going forward. From global events to rising cyber-crime, to reliance on network-delivered software, to changes in encryption standards, computing, and architecture, and the never-ending drive for simplicity and cost-reduction, it appears that Nubeva has the right product, for the right time, in the right market.”
Nubeva’s ultimate potential is to have Nubeva technology on millions and millions of application servers, clouds, desktops, IoT devices, data centers, private and public clouds, and inside 5G infrastructure to enable the next generation mission-critical cybersecurity and application assurance.
In the coming year, we will continue to iterate and mature our selling model. We believe the combination of market forces and competitive momentum generated from each win will push us through typical disruptor challenges of status-quo thinking, product planning cycles, product strategy, and budgets.
We have developed an extremely scalable business model with projected margins in the 90% range, which puts positive net cash flow squarely in our line of sight. As we grow, quarter-to-quarter revenue consistency will improve and become more predictable.
As our product is more broadly adopted in the industry, we are optimistic that more of our customers will allow us to announce our contracts, which is a significant hurdle for OEM relationships to begin with, especially in cybersecurity.
“The purpose of this corporate update is to communicate that we believe our business is very strong. Our market has a vast need, and we believe we are at the precipice of a market breakthrough. Our product is a strong candidate to become the industry’s next-generation solution.” concludes Chou. “I would like to extend my sincere gratitude to Nubeva’s talented employees, strategic partners, and patient and new investors, who have supported Nubeva. We are excited to see what F2022 brings!”
About Nubeva Technologies Ltd.
Nubeva Technologies Ltd. Nubeva develops and licenses proprietary software for the decryption of network traffic. Nubeva’s next-generation SKI (Session Key Intercept) technology represents a better, faster, easier, and lower-cost alternative to legacy decryption. Our solution provides a complete option for manufacturers, integrators, and managed services providers of cybersecurity and application assurance solutions. Today, nearly all network traffic uses TLS (formerly SSL) for security and privacy. Yet, enterprises still must see the data-in-motion to detect and respond to cybersecurity threats and application performance issues. With constant evolution in TLS protocols and the advancements in application, network, and computing architectures, gaps continue to grow in the legacy decryption methods. Nubeva’s SKI technology represents the next-generation solution for the industry moving forward. Visit nubeva.com for more information.
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business plans and the outlook of the cybersecurity industry. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments, and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release, and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations, or statements made by third-parties in respect of the Company, its subsidiaries, their securities, or their respective financial or operating results (as applicable).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For additional information, please contact:
Nubeva Technologies Ltd.
Juliet Jones, Chief Financial Officer 1(844)538-4638
CONTACT: Juliet Jones Nubeva Technologies Inc 1-(844) 538-4638 email@example.com