Gorilla Technology shares took off after the company on Thursday evening announced it has signed a three-year $270 million contract with the Government of Egypt to deploy a Smart Government Security Convergence Solution.
London-based Gorilla is a provider of artificial intelligence (AI)-based edge video analytics, IoT technologies, and cybersecurity solutions.
The company said the contract puts it on the path toward profitability by the end of 2024.
“This is the largest project we have ever won and, inclusive of our recent win in Taiwan, we have now secured $300 million worth of projects this quarter,” commented Gorilla CEO Jay Chandan.
Gorilla’s Smart Government Security Convergence Solution includes access control and identity management, cybersecurity measures, and a command and control centre, and enables interagency collaboration to allow governments to protect their critical infrastructure by facilitating proactive threat detection, timely incident response, and effective resource allocation.
“By integrating cutting-edge technologies such as AI, IoT and data analytics, we are poised to revolutionize the way governments safeguard their critical assets,” said Gorilla chief innovation officer Dr Rajesh Natarajan in a statement.
Gorilla's Nasdaq-listed shares had added 91.1% at US$3.98 on Friday morning.
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