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FCT - FIRSTWAVE CLOUD TECHNOLOGY LIMITED


nipper
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Firstwave Cloud Technology Limited (FCT) is an ASX-listed, Australian-headquartered global cyber security company, which has been delivering Cybersecurity-as-a-service solutions to the market since 2004. FirstWave has offices in Sydney, Melbourne and Singapore with on-the-ground sales and support in Australia, UK, Europe, the Middle East, Africa, India and South East Asia.

 

 

 

IPO on the ASX in 2016, and traded as high as 55c. But the last 5 years, it has been downhill, a series of announcements putshing it higher but then dropping to lower lows...

.... signed a software OEM development and license agreement with Cisco Systems, Inc. to offer Cisco's global customers First Wave's unique cloud service orchestration platform for differentiated email, next generation firewall and web security.

 

The company said that their proprietary platform technology is a "turnkey" solution for global service providers to deliver new enterprise-grade cloud security services to their customers.

 

No mention of the kind of revenue the company would expect to see generated as a result of the agreement,

. that provided a kick in 2018, but took till May the next year before signing the first client (SHELT Global)

 

the usual director appointments and resignations. C..O revolving doors.

the usual capital raises : $7.5M in March 2019, $7M in Sept 2019, more than $15M in May 2020

Where are we now? Market cap $75M, Announcements a plenty, but all rather dull, disappointing and dilutative.

(DNH)

 

 

 

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  • 1 month later...

and then, of course, this is hnging over FCT, with an agreement between them and Cisco with 2 years to go:

  • ... OEM Agreement signed in July 2018 for initial term of five years with option to renew
  • ... Discussions underway to evolve the relationship to enable FCT to engage directly with Cisco customers, partners and account teams
  • ... Both parties frustrated by revenue growth rate to date
  • ... FCT responsible for engineering and development, Cisco responsible for business development, sales, marketing and revenue turn on
  • ... If discussions conclude in line with current indications, FirstWave expects an improvement on the current situation
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  • 4 months later...
  • 1 month later...

FirstWave, the Australian global cybersecurity technology company, advises that it will launch CyberCision, the most transformational technology upgrade in its history, at 10.30am (AEDT) on Wednesday 27 October.

 

For the virtual launch event, FirstWave Executive Chairman John Grant will be joined by Chief Technology Officer Simon Ryan, Chief Product Officer Roger Carvosso and independent technology advisor Kevin Bloch, with presentations from leading global cybersecurity analysts Frost & Sullivan and some of FirstWave’s global Partners. The launch of CyberCision, the next evolution of FirstWave’s Cloud Content Security Platform (CCSP), is a watershed moment for FirstWave, its Partners and shareholders.

 

By significantly enhancing the functionality and ease of adoption of the FirstWave cybersecurity platform, CyberCision will enable FirstWave Partners, which include some of the world’s largest telcos, ISPs and service providers, to provide best in class cybersecurity technologies to protect their vulnerable SMB customers from cyber attack, while rapidly growing their cybersecurity services revenues at scale.

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FCT announced this launch of CyberCision yesterday, as a Non Market Sensitive announcement.

 

.....

Was 7.3c then; there was little market reaction until nearly 2pm today, when the buyers moved in ... closed at 9.2c

 

 

..........

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FCT traded for just a few seconds this morning, with buying at 9.4c before going into a trading halt.

I am not sure they have managed the upcoming news that well

Quote

CyberCision, the most transformational technology upgrade in its history, at 10.30am (AEDT) on Wednesday 27 October.

 

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something suss about prior trading

Quote

the Company received two unrelated requests concerning the terms of FirstWave’s resale of Simplifyd Systems’ web security service, WebProtectDNS. Specifically, the terms require payment from FirstWave’s partners in advance of them receiving revenue from end users.

both companies, in Kenya, requested a pause in invoicing, one until it solves technical problems their end, and the other unwilling to remit to FCT until they get paid by end users.

Quote

After careful consideration of its options, the Company agreed to pause the contracts, accept the revised terms in principle and finalise the details with the customers. 

down 15% to 8.0c.

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selling continued. Day traders jumped (losses) . and others bailing. Dumped at open, mainly traded through the day at 7.2 to 7.3c but dumped at close, at 7.0c. ... 20% drop since the revision

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  • 1 month later...

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