ASX Spotlight Series in Hong Kong: Covata Limited (ASX:CVT) Vice President of Growth & Investment Relations, Nichola Parker
Covata Limited (ASX:CVT) is a data-centric security company and we’ve got a patented platform that combines encryption, identity and policy to create a holistic approach to data security. So that platform is able to be embedded in a whole range of technology applications and it’s where our ten-year partnership with Cisco stems from, to augment the security of IOT or cloud services for instance.
And we also have a product, Safe Share; Safe Share is a secure version of file sharing. So increasingly, businesses have mobile workforces and government departments and agencies have the need to send very sensitive data around the world. And we have a solution that enables them to do that with confidence.
Covata listed on the ASX in November 2014 and we set out a very clear go-to-market strategy. We were going to take Safe Share into telcos to their enterprise customers and also take Safe Share into government around the world. We were also going to sign an OEM contract. Over the last year and a half, we’ve executed across all three areas of our go-to-market channel.
We’ve signed stellar partnerships with the likes of T-Systems Deutsche Telekom, Colt Technology Services, the UK Government on their Government G-Cloud, and also Cisco. The focus at the moment is to deliver and to turn these partnerships into revenue generating relationships for the company.
The size of the market is huge. Every enterprise is increasingly focused on how they secure their data. Businesses and governments around the world have invested heavily in network and perimeter security. Unfortunately, the number of hacks that we’ve seen in recent years shows that approach is just not working. The CEOs and C-level executives have now mandated that enterprises look for a solution to protect the data itself. That’s Covata’s market and it’s a really exciting market to be in.
Covata first and foremost is a security company. So whilst we have a product, which is kin to Box or Dropbox, it has the patented Covata platform baked into the core. It has security as its DNA, and that really differentiates us from others in the market. We are starting to see a lot of start-ups coming into the space, because I would say that there’s not a bigger area of investment than data security at the moment.
However, the patents and certifications that these businesses need to be able to go into negotiations with major brands at both government and enterprise with confidence take years to develop and millions of dollars of investment. Covata has spent the last year and a half laying down the foundation with our partnerships. But that’s off the back of four-plus years and over $30 million worth of investment into the technology. This is what I think truly separates Covata from others in the space, and what I think will allow us to really excel in years to come.