GCIRiverFort Global and Pires’ investee firm Smarttech247 secures €6 million order
Smarttech247, an investment company of (RGO ) and (PIRI ) has secured a €6 million order from a global manufacturing firm.
Earlier this month, cyber security organisation Smarttech247 was awarded a multi-year contract by an unnamed Fortune Global-1000 advanced manufacturing company.
Under this contract, Smarttech247 said it has now won a follow-on purchase order to the value of €6m to provide plant level operational technology ("OT") cyber security services.
The Company explained that OT is hardware and software that detects or causes a change through the direct monitoring and/or control of physical devices, processes and events in an enterprise. OT is common in Industrial Control Systems (ICS) such as a SCADA System.
As part of the newly awarded contract, Smarttech247 will manage, advise and implement security measures and controls that aim to improve the prevention, detection, mitigation, and response capabilities for OT systems, as well as aligning with regulatory requirements.
With over 100 technology partners, including Tanium and Crowdstrike, and 50 clients based in Europe and the US, Smarttech247 is a global artificial intelligence based cyber security cloud business that protects enterprises as they migrate to cloud-based IT operations.
RiverFort invested €1.4m into Smarttech247 in May 2021. At the time of its investment, Philip Haydn-Slater, Non-executive Chairman, stated, “This is a compelling investment opportunity for RGO as it provides an opportunity to invest in a very attractive and high growth technology sector through an established company with a proven track record.”
Shares in RiverFort Global Opportunities have increased by nearly 80% in value since the beginning of 2021. The stock was trading 1.49% lower this morning following the news.
Meanwhile, Pires holds an interest in Smarttech247 through its circa 20% interest in SVV, a venture capital fund which is focused on investing in the software technology sector with a specific focus on Artificial Intelligence, the Internet of Things and Immersive Technologies.
Shares in Pires Investments have increased by over 40% in value since the start of 2021. The stock was trading 1.84% higher at 8.3p this morning following the news of the contract win.
Smarttech247 is positioned within the growing cybersecurity market which is currently worth in excess of $150bn. Fortune Business Insights currently values the market at $153 billion, which is growing at 12% pa and therefore projected to be worth $366bn by 2028.
Peter Redmond, Chairman of Pires Investments commented, “Smarttech247 provides unmatched OT security expertise that helps its customers to align with regulatory requirements and against the growing volume of cyber threats to ICS/SCADA systems.”
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