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Safe-T Group Ltd. (NASDAQ: SFET) announced preliminary revenue estimates for Q2 and the first half of 2020. The company expects revenue between $2.15 million and $2.2 million for the six-month period, reflecting a 162% to 168% increase year-over-year. Q2 revenue is projected between $1.05 million and $1.1 million, marking a 166% to 179% increase from Q2 2019. Additionally, Safe-T raised over $12 million in equity offerings, enhancing its cash position for future growth. Full results will be available by August 31, 2020.
On June 29, 2020, Safe-T Group Ltd. (NASDAQ: SFET) announced the launch of its Zero-Trust Secure File Access (SFA) Solution, implemented as a Server Message Block (SMB) Proxy for Windows File Sharing. This solution was selected by a leading intelligence unit after a successful tender process, resulting in a purchase order worth approximately $225,000. The SFA solution simplifies secure access to corporate files without exposing sensitive data, supports secure HTTP/S communication, and is designed to mitigate unauthorized access and ransomware threats.
Safe-T Group Ltd. (NASDAQ: SFET) has launched the Perimeter Access Orchestration Fabric (PAOF), enhancing its Zero Trust Network Access (ZTNA) solutions. This innovative framework addresses diverse remote access scenarios, integrating seamlessly with existing VPNs and multiple authentication methods. Key features include secure application access and user behavior anomaly detection, enabling organizations to fortify their cybersecurity posture without overhauling current infrastructures. The initiative aims to reduce operational risks associated with adopting zero trust models.
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Safe-T Group Ltd. (NASDAQ: SFET) announced the launch of its wholly owned subsidiary NetNut Ltd.'s new Data Center proxy network. This network, built on partnerships with leading U.S. carriers, provides customers with a fast and reliable proxy solution, enhancing business scalability. The introduction of the Data Center proxy aims to complement NetNut's existing Residential Proxy product, aligning with its strategy to be a comprehensive provider in the proxy market. Future expansions and new product releases are planned.
Safe-T Group Ltd. (NASDAQ, TASE: SFET) announced its subsidiary NetNut Ltd. has entered the consumer VPN market by signing agreements with three leading companies. This move aims to utilize NetNut's global network to enhance speed, stability, and security for VPN users. NetNut's infrastructure addresses remote connectivity challenges exacerbated by COVID-19, making it attractive for cybersecurity firms. CEO Barak Avitbul foresees significant revenue potential from this sector by Q4 2020.
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