Safe-T Group Ltd (NASDAQ:SFET) (TASE:SFET), a provider of secure access solutions and intelligent data collection, reported its fourth-quarter and full-year results on Monday, including 2020 revenue that jumped by nearly 50% year-over-year.
The company posted revenue of $4.8 million for 2020, an increase of 49% from $3.2 million in 2019. Revenue for the three-month period ended December 31, 2020, was $1.3 million, an increase of 16% from $1.1 million in the same period a year earlier. Safe-T attributed the jump primarily to its 2019 acquisition of business proxy network solutions provider NetNut as well as an increase in IP proxy sales.
The company’s IFRS net loss for the year was $5 million, or $0.01 per share, compared to $11.2 million, or $0.42 per share, in 2019. Gross profit totalled nearly $2.4 million, compared to $1.4 million in 2019. The company's cash and cash equivalents balance at the end of the quarter was more than $11 million.
READ: Safe-T Group subsidiary launches new IP Proxy platform
“2020 proved to be a milestone year as we achieved our aggressive internal roadmap and witnessed a worldwide paradigm shift for zero trust and remote access,” Safe-T Group CEO Shachar Daniel said in a statement.
“At the outset of the year, we identified several key objectives to scale our business: further develop our technologies of IP proxy products and Zero Trust Network Access (ZTNA), grow our distribution and partnership network worldwide for our technology portfolio, and identify accretive acquisitions. As we move into 2021, we are proud to have exceeded these goals, and have set an even more ambitious agenda for the year ahead – targeting a wider range of customers for our IP proxy solution and moving with our ZTNA partners to the next phase, which is the end customers’ stage.”
The global $10 billion-plus cybersecurity market saw rapid and profound change in 2020, Daniel noted, including multiple cyberattacks to major corporations and government agencies, which were compounded by the massive shift to remote work accelerated by the global pandemic.
“Within this context, we have striven to expand our market opportunity with innovative IP proxy products, by developing a set of capabilities that will allow us to lead the market,” the CEO added. “We released ZoneZero version 5.0 [in March 2021], which pioneers new capabilities alongside improvements and enhancement of existing capabilities. Our new residential proxies network for the sneaker resale market is an industry breakthrough, as it solves many of the historical challenges with residential networks.”
In December 2020, the company acquired Chi Cooked, which specializes in cloud-based global IP proxy services.
“Looking ahead into 2021, we are widening the scope of our goals by continuing to improve and refine our products with feedback from the Zero Trust market and our partners,” Daniel said. “We are leveraging our sales team to expand sales through our current partnerships and growing into new markets. And with the successful integration of Chi Cooked, we will continue to build our pipeline of potential M&A targets that could strengthen our capabilities and offerings.”
Safe-T also said it recently launched a new free consumer VPN application that will be available on all operating systems. Additionally, it has jumped into the defense security market and launched a Proxy-In-a-Box solution targeted at law enforcement and homeland security organizations.
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