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Covata set for revenue growth following contract wins

The IT security products are being used in the insurance, utilities and finance sectors.
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Company wards off local tenderer for provision of financial services security products in UK

Covata Ltd (ASX:CVT), a global provider of IT security software and services, has demonstrated its broad industry coverage and geographic reach in being awarded three contracts across the US, Europe and the United Kingdom.

The combined contract value was in the order of $250,000, making these transaction significant given they represent more than 50% of fiscal 2017 sales which totalled $424,000.

Industry and global diversification augurs well for the future

Breaking down the contracts it is evident that Covata is establishing itself in multiple markets and industries.

A circa $100,000 contract with Arthur J Gallagher in relation to the supply of its Eclipse platform provides it with exposure to the global insurance industry.

In Germany, the company negotiated another deal in relation to its Eclipse product, on this occasion demonstrating its applications across power generation, automation and medical diagnosis.

Open Banking Ltd has adopted the company’s SafeShare product to secure the monthly reporting by eight major banks in the United Kingdom.

Covata was awarded the contract in a competitive tender which included a major competitor in the United Kingdom. 

In management’s view this has provided a potential beachhead into the financial services market in that country.

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