Safe-T Group (NASDAQ:SFET) Ltd, a provider of secure access solutions and intelligent data collection, has reported that its second-quarter revenue reached a record high, increasing by two-thirds year-over-year.
For the three months ended June 30, 2021, the company generated $1.78 million in revenue, versus $1.08 million in the same quarter a year earlier, a 66% increase.
Safe-T attributed the revenue jump to increased demand for its privacy platform and growing partnerships for its ZoneZero solution. Another highlight of the quarter was the recently-announced acquisition of CyberKick, the company added.
READ: Safe-T reveals acquisition of SaaS security and privacy solutions provider CyberKick
“The successful integration of CyberKick during the third quarter, which joins our previous acquisitions, further validates our strategy to acquire innovative technologies and enrol talented entrepreneurs,” CEO Shachar Daniel said in a statement.
“Based on the great preliminary results we achieved during the first half of the third quarter of 2021, I believe that we will continue to achieve exponential growth in the future,” he added.
SafeT noted that CyberKick, a consumer-focused cybersecurity company, generated revenue on an unaudited basis of approximately $4.2 million in 2020. NetNut, the privacy platform acquired in 2019, is expected to generate between $1.5 million to $2 million of revenue per quarter by the end of 2021, from pre-acquisition revenue of around $0.5 million per quarter.
Other highlights included the addition of its ZoneZero solution to the National Aeronautics and Space Administration (NASA) Solution for Enterprise-Wide Procurement contract vehicle; a partnership with ELCA Informatique SA, the largest independent IT and cybersecurity consulting firm in Switzerland, to resell ZoneZero products and solutions across Switzerland; and a collaboration with Thales on Zero Trust Access Solutions to address work-from-home (WFH) secure access vulnerabilities.
“We remain confident that our strategy, combined with the hypergrowth of the global billion-dollar privacy and security markets, will sustain our further expansion and provide long term value to our shareholders,” Daniel concluded.
Safe-T reported cash and cash equivalents and short-term investment balances of $19.3 million at the end of the quarter.
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