Cybeats Reports on Rapid Commercial Growth with Recent Contract Announcements
TORONTO, Jan. 6, 2023 /PRNewswire/ - Cybeats Technologies Corp. ("Cybeats'' or the "Company") (CSE: CYBT) is pleased to provide an update on the commercial success of its SBOM Studio platform, with several recent contract announcements with large multinationals from various industries. These agreements, including the company's largest commercial agreement to date, demonstrate the growing demand for SBOM Studio. Additionally, the company is actively engaged with several Fortune 500 companies piloting SBOM Studio.
Integral Ad Science1 (Nasdaq: IAS), a global leader in digital media quality and advertising technology, has signed a two-year license to Cybeats SBOM Studio on December 4, 2022. Ensuring that ads are viewable by real people, their mission is to be the global benchmark for trust and transparency in digital media quality for the world's leading brands, publishers, and platforms.
"We have seen firsthand the benefits of using SBOM Studio at our organization. Not only does it provide valuable insights for informed decision making at the executive level, but it has also significantly improved the efficiency of remedying software vulnerabilities across our entire company. The ROI of implementing SBOM practices with the help of Cybeats' SBOM Studio has been impressive, and the tool has greatly reduced the effort required to safeguard our valuable software assets. We highly recommend SBOM Studio to other organizations looking to strengthen their cybersecurity posture," said Robert Janecek, CIO, Integral Ad Science.
"Cybeats has now signed several large global leaders across a broad spectrum of industry verticals, providing important market validation of our SBOM Studio solution and invaluable implementation experience across a variety of sectors," said Yoav Raiter, CEO, Cybeats Technologies Corp. "The industry is quickly recognizing our market-leading technology, and combined with our real-world experience, is translating into a growing pipeline of large opportunities to carry us through 2023 and beyond."
Cybeats recently signed and announce a a three year contract with a global leader in energy management and automation solutions2. The multi-year SBOM Studio engagement will see Cybeats' leading solution deployed with the global infrastructure leader to reduce the cost of securing its products by streamlining the discovery and resolution of software vulnerabilities across the organization.
"We are excited to have received endorsements from such renowned customers and hope to use this momentum to build confidence in our future prospects across a variety of market verticals," said Bob Lyle, CRO of Cybeats. "SBOM Studio offers strong unit economics and the potential for rapid scaling through large deal sizes, as demonstrated by recent agreements with some of the largest companies in the world across diverse industries."
Cybeats recently announced a licence and services agreement with a Fortune 500 industrial technology company, which manufactures products and provides services to clients worldwide. The pilot with this client started in late 2022, which involved evaluating multiple solutions, and ultimately ended with Cybeats' SBOM Studio winning the contract.3
Some of the notable ongoing SBOM Studio pilots with Fortune 500 companies from various industries include:
- Smart building technologies, software and services company
- Medical technology and devices company
- Top five largest diversified video game and entertainment company
Cybeats was able to list publicly on the CSE in November 2022 and was soon thereafter added to the CSE25™Index on the Canadian Securities Exchange. As a requirement for inclusion in the CSE 25 Index, a company must fall within the top quartile of eligible securities listed on the CSE by market capitalization.
SBOM Studio is a solution to the pressing issue of cybersecurity vulnerabilities across the global software supply chain. With the increasing frequency of high-profile cyber attacks and new regulations around the world, it is more important than ever for organizations to prioritize the protection of themselves and their customers. SBOM Studio provides a comprehensive solution to this problem, enabling companies to increase efficiency, reduce costs, and improve compliance while improving visibility and security of the software supply chain.
Cybeats' SBOM Studio enables organizations to efficiently manage, distribute, and view their software bill of materials (SBOMs) in a single interface. By doing so, they can easily identify and address cybersecurity vulnerabilities, reduce the cost of protection, and improve compliance. SBOM Studio is specifically designed to support software producers and consumers who use open source and 3rd party software components and who are transitioning to more transparent software development practices. The tool is compatible with various SBOM generation tools and can validate and correct imported SBOMs to improve their accuracy.
Come meet Cybeats at CES 20234 at booth 6653! The 'most influential tech event in the world' is in Las Vegas from January 5 - 8, 2023. To register, please visit: https://registration.experientevent.com/ShowCES231
Join us at the CISO Forum Canada in Toronto, Ontario from January 30 to 31, as Cybeats leads a panel discussion on Software Supply Chain Security with cybersecurity leaders from CN Rail, Craft Ventures and SAP: https://www.siberx.org/event/ciso-forum-canada-2023/
Join us at the Fira Gran Via, Barcelona from 27 February – 2 March, 2023 at MWC Barcelona5, the world's most influential exhibition for the device connectivity and security industry: https://www.mwcbarcelona.com/
Come meet us at S4x23 in Miami February 13-16! Discover new ideas and come up with innovative ways to use these new ideas to deploy secure and resilient industrial control systems6: https://s4xevents.com/
Cybeats is a cybersecurity company providing SBOM management and software supply chain intelligence technology, helping organizations to manage risk, meet compliance requirements, and secure their software from procurement to development and operation. Our platform gives customers comprehensive visibility and transparency into their software supply chain, enabling them to improve operational efficiency and increase revenue. Cybeats. Software Made Certain. Website: https://cybeats.com
SUBSCRIBE: For more information, or to subscribe to the Company's mail list, visit: https://www.cybeats.com/investors
] https://integralads.com/
2 https://www.cybeats.com/news/cybeats-signs-its-largest-commercial-agreement-to-date-through-new-multi-year-contract-with-leading-global-provider-of-energy-management-and-automation-solutions
3 https://www.cybeats.com/news/cybeats-announces-new-commercial-agreement-with-fortune-500-industrial-technology-company
4 https://www.ces.tech/
5 https://www.mwcbarcelona.com/
6 https://s4xevents.com/
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for the technology described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Company filings are available at sedar.com.
SOURCE Cybeats Technologies Corp.
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