GlobeX Data Ltd (CSE:SWIS) (OTCQB:SWISF) shares were on the move on Wednesday after the data security company announced its first distribution agreement in Australia.
The Toronto and New York-based firm said it has signed an agreement for its Sekur communications product with an IT managed security provider to start sales in the Sydney area.
The agreement is part of GlobeX’s wider strategy to expand in Australia and New Zealand, the company said.
READ: GlobeX Data says on track to launch its Swiss-hosted Sekur secure communications solution to US mass market
Shares of GlobeX rose 10.4% in early Wednesday trading to reach C$0.48 in Canada and also rose 9.7% over the counter to hit US$0.38.
The referral agreement marks the official start of sales efforts in Australia through Managed Service Providers in the country, the group said. GlobeX added that it plans to sign other large distributors specializing in the financial sector after earlier cyberattacks on the country’s governmental and private sector systems exposed weakness in its security procedures.
“We are very pleased to start building valuable relationships with IT service providers and distributors in Australia,” GlobeX CEO Alain Ghiai told investors in a statement.
“Our office has been open in Sydney since September, and we are finally coming out of the COVID-19 lockdowns and seeing increased activity in Sydney and Melbourne. We have had several virtual meetings with executives from various industries and this referral agreement is one of many more that we will announce in the coming months, as we make Australia a key geographic revenue-generating region for GlobeX.”
Ghiai said the firm expects to generate revenues in Australia in the coming months and keep growing the business before expanding to New Zealand by 2022.
Sekur’s suite of communications products offer an independent, private and secure means of communications through secure messaging, voice record transfer, voice and video conferencing, and email through GlobeX’s proprietary technology and its Swiss-based servers.
Ghiai noted: “With security and privacy becoming a major concern in Australia, and the new WhatsApp rules to share all users’ data with Facebook, we have seen an increase in demand and inquiries for our secure and private communications solutions in particular, and we plan to help all businesses in Australia to keep their data and communications safe from data miners and hackers.”
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