Cipherpoint Limited’s (ASX:CPT) executive chairman Ted Pretty has stated in a letter to shareholders that an in-market and stable existing product suite are underway with the design and development of the new cp.Cloud platform to be launched in mid-2020.
The letter, which was released to shareholders on December 20, also mentioned that Cipherpoint will begin 2020 with the business well-placed to benefit from the regulatory landscape driving structural growth in Europe.
The executive chairman said 10 full-time staff and 3 development contractors have been engaged with a small central office in Sydney as well as a presence in Heilbronn, Germany for Europe and Austin, Texas for the United States.
Pretty said, “ Our value proposition to customers is: 'We help you protect your most sensitive data to enable you to comply with privacy law.
“' We also give you the encryption keys, so you have direct control, unlike many other multinational software vendors'.
“This value proposition is resonating and encouragingly, our pipeline of sales opportunities is building.
“Our strategy means we are highly leveraged to growth with a stable fixed cost base.”
Pretty also acknowledged the company name change and thanked shareholders for their support.
He said, “This change represents a break with the past and demonstrates our new focus on the business of Cipherpoint, which provides solutions that help enterprise and governments to identify, protect and control access to sensitive information within SharePoint environments.”