In today’s early hours trading, shares of Safe-T Group Ltd (SFET), a provider of secure access solutions and intelligent data collection, declined -3.02% to $1.45. Safe-T stock closed the previous trading session at $1.49. Prices ranged between $1.46 and $1.56 for SFET stock.
There was a turnover of 3.22 million shares in SFET stock, which exceeded its daily average of 1.87 million shares over the past 100 days. In the last five days, SFET shares have gained 4.93%, while they gained 6.43% in the last month. SFET stock price has trended downward even after announcing an acquisition.
SFET has acquired what?
Safe-T specializes in providing access control solutions and intelligent data collection systems. SFET’s cloud and on-premises solutions safeguard enterprises’ most sensitive and business-critical data and prevent attacks. SFET’s zero trust philosophy is applied to all organization access use cases, from the organization into the internet, and from the internet out to the organization. From the inside or outside of the network, no one is trusted by default, which means that authentication is required for everyone accessing network resources or cloud resources.
Safe-T announced today that it has acquired CyberKick Ltd. (CyberKick).
- SFET anticipates closing the transaction by the end of next week, subject to certain customary closing conditions.
- A closing is also contingent upon obtaining all required approvals and delivering all documents.
- SFET will fund the cash consideration from internal cash resources.
- With its SaaS (Software-as-a-Service), CyberKick provides users with security and privacy tools that help them to be more resilient online and less vulnerable to threats.
- In addition to protecting users from a plethora of cyber threats, CyberKick’s SaaS also gives them the ability to manage access to their accounts and sensitive information.
- Through the acquisition, SFET will expand its cybersecurity platform portfolio for private users and complement its secure access service for organizations.
- The acquired business generated revenues of approximately $4.2 million in 2020, according to unaudited results provided to SFET.
- With the acquisition of CyberKick, SFET will have access to CyberKick’s talented entrepreneurs.
- Achieving this milestone will help SFET have a stronger presence in the cybersecurity market, providing unique, competitive cyber security solutions.
- It will contribute to SFET’s revenue stream and enrich its innovative technology offerings.
SFET’s Growth strategy:
Safe-T (SFET) will have additional ways to reach customers with the well-established online infrastructure and expertise of CyberKick. The new acquisition will be a foundational part of SFET’s strategy to become a leader in the privacy and security market, expanding its presence and reaching new segments of potential clients and customers around the world.
