Safe-T Group Ltd (NASDAQ:SFET), a provider of secure access solutions and intelligent data collection, has reported that its first-quarter revenue increased by double-digits year-over-year.
For the three months ended March 31, 2021, the company generated $1,347,000 in revenue, versus $1,088,000 in the year-ago quarter, a 28% increase.
Safe-T attributed the revenue jump mainly to the first-time consolidation of Chi Cooked LLC’s revenues, which resulted in an increase of the proxy services revenues, and higher sales of its Zero Trust solutions. The company acquired Chi Cooked in late 2020.
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“Chi Cooked presented an excellent quarter with revenue growth and profitability,” said Safe-T CEO Shachar Daniel in a statement. “The successful acquisition of Chi Cooked, which joins the successful acquisition of NetNut in 2019, provides us with a high level of confidence in the success of our next potential acquisitions, on which we have been working hard over the past few months.”
In addition during the quarter, the company raised more than $13 million in capital through warrants and a registered direct offering.
“The company ended the quarter with its highest cash balance since its inception, a fact that has allowed us to continue to invest in recruiting quality human resources that will support the company's continued accelerated growth in the near future,” Daniel noted.
He added: “Looking towards to the second quarter, we estimate a continued organic increase in our performance. I am confident that our strategy in addition to the acquisition and merger strategy will lead the company to continued successes in the distant and near future and to the continuation of the positive trend."
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