Replacing a prior arrangement from June 2017, the new agreement gives BV Tech the right to sell the company’s cybersecurity products in Italy – in industries such as defence, space, national security or critical infrastructures sectors. The deal will run to the end of 2023.
In return, Defenx will receive €1mln, across three instalments before the end of the first half of 2019, it will also be due royalties equal to 50% of revenues in excess of €5mln.
BV Tech has also committed to buying at least €1.2mln of products over a two year period.
It was noted that certain prior restrictions under the previous deal have now been removed.
Defenx at the same time enters into a services agreement with BV Tech, with aggregate fees capped at €1.2mln.
In London, Defenx shares rose by 2.3p or 51% to trade at 6.8p.