Cybeats Technologies Provides Update
Cybeats Technologies (CSE: CYBT) (OTCQB: CYBCF) reported significant commercial growth in its SBOM Management solutions. Key highlights include: over $7 million in total contract commitments since May 2022 with 80%+ gross margins, 72% of existing customers increased their spending in 2024, and a 90% conversion rate from pilot to long-term relationships. The company secured a $1.65 million non-brokered private placement to enhance sales, marketing, and product development.
Market research indicates 64% of global organizations faced financial losses from supply chain vulnerabilities in 2024, up from 49% in 2022. With 79% of companies either requesting or planning to request SBOMs from vendors, Cybeats is positioned to capitalize on increasing regulatory requirements in EU and North America.
Cybeats Technologies (CSE: CYBT) (OTCQB: CYBCF) ha riportato una significativa crescita commerciale nelle sue soluzioni di gestione degli SBOM. I punti salienti includono: oltre 7 milioni di dollari di impegni contrattuali totali da maggio 2022 con margini bruti superiori all'80%, il 72% dei clienti esistenti ha aumentato le proprie spese nel 2024, e una percentuale di conversione del 90% da relazioni pilota a relazioni a lungo termine. L'azienda ha ottenuto un placement privato non intermediante di 1,65 milioni di dollari per migliorare vendite, marketing e sviluppo del prodotto.
La ricerca di mercato indica che il 64% delle organizzazioni globali ha subito perdite finanziarie a causa di vulnerabilità nella catena di approvvigionamento nel 2024, rispetto al 49% del 2022. Con il 79% delle aziende che richiedono o pianificano di richiedere SBOM dai fornitori, Cybeats è ben posizionata per capitalizzare l'aumento dei requisiti normativi nell'UE e in Nord America.
Cybeats Technologies (CSE: CYBT) (OTCQB: CYBCF) informó un crecimiento comercial significativo en sus soluciones de gestión de SBOM. Los puntos clave incluyen: más de 7 millones de dólares en compromisos contractuales totales desde mayo de 2022 con márgenes brutos superiores al 80%, el 72% de los clientes existentes aumentaron su gasto en 2024, y una tasa de conversión del 90% de relaciones piloto a relaciones a largo plazo. La empresa asegura un colocación privada no intermediada de 1,65 millones de dólares para potenciar ventas, marketing y desarrollo de productos.
La investigación de mercado indica que el 64% de las organizaciones globales enfrentaron pérdidas financieras debido a vulnerabilidades en la cadena de suministro en 2024, un aumento desde el 49% en 2022. Con el 79% de las empresas requiriendo o planeando solicitar SBOMs a los proveedores, Cybeats está posicionada para aprovechar el aumento de los requisitos regulatorios en la UE y América del Norte.
Cybeats Technologies (CSE: CYBT) (OTCQB: CYBCF)는 SBOM 관리 솔루션에서 상당한 상업적 성장을 보고했습니다. 주요 요점은 다음과 같습니다: 2022년 5월 이후 총 계약 약정이 700만 달러 이상이며, 80% 이상의 총 마진을 기록하고, 기존 고객의 72%가 2024년에 지출을 증가시켰으며, 파일럿에서 장기 관계로의 전환율이 90%입니다. 이 회사는 판매, 마케팅 및 제품 개발을 강화하기 위해 165만 달러의 비중개 사모펀드를 확보했습니다.
시장 조사에 따르면 2024년에는 64%의 글로벌 조직이 공급망의 취약성으로 인해 재정적 손실을 겪었으며, 이는 2022년의 49%에서 증가한 수치입니다. 79%의 기업이 공급업체에게 SBOM을 요청하거나 요청할 계획을 세우고 있어서 Cybeats는 EU와 북미의 규제 요구 증가를 활용할 수 있는 위치에 있습니다.
Cybeats Technologies (CSE: CYBT) (OTCQB: CYBCF) a annoncé une croissance commerciale significative dans ses solutions de gestion des SBOM. Les points forts incluent: plus de 7 millions de dollars de contrats engagés au total depuis mai 2022 avec des marges brutes supérieures à 80%, 72% des clients existants ont augmenté leurs dépenses en 2024, et un taux de conversion de 90% des projets pilotes vers des relations à long terme. L'entreprise a sécurisé un placement privé non intermédiaire de 1,65 million de dollars pour améliorer les ventes, le marketing et le développement de produits.
Les recherches de marché indiquent que 64% des organisations mondiales ont subi des pertes financières en raison de vulnérabilités de la chaîne d'approvisionnement en 2024, contre 49% en 2022. Avec 79% des entreprises demandant ou prévoyant de demander des SBOM aux fournisseurs, Cybeats est bien positionnée pour tirer parti de l'augmentation des exigences réglementaires dans l'UE et en Amérique du Nord.
Cybeats Technologies (CSE: CYBT) (OTCQB: CYBCF) berichtete von einem merklichen kommerziellen Wachstum seiner SBOM-Managementlösungen. Die wichtigsten Punkte sind: über 7 Millionen Dollar an Gesamtkontraktverpflichtungen seit Mai 2022 mit über 80% Bruttomargen, 72% der bestehenden Kunden erhöhten ihre Ausgaben im Jahr 2024, und eine Konversionsrate von 90% von Pilotprojekten zu langfristigen Beziehungen. Das Unternehmen sicherte sich eine 1,65 Millionen Dollar nicht vermittelte Privatplatzierung, um den Verkauf, das Marketing und die Produktentwicklung zu verbessern.
Marktforschung zeigt, dass 64% der globalen Organisationen 2024 finanzielle Verluste aufgrund von Anfälligkeiten in der Lieferkette erlitten haben, im Vergleich zu 49% im Jahr 2022. Mit 79% der Unternehmen, die SBOMs von Anbietern anfordern oder planen, dies zu tun, ist Cybeats gut positioniert, um von den steigenden regulatorischen Anforderungen in der EU und Nordamerika zu profitieren.
- Over $7 million in total contract commitments since May 2022
- High gross margin of 80%+
- 72% of existing customers increased contract spend in 2024
- 90% conversion rate from pilot to long-term customers
- $1.65 million raised in private placement
- Recognition by NSA and DoD as only commercial SBOM management service in their 2023 best practices report
- None.
Toronto, Ontario--(Newsfile Corp. - December 18, 2024) - Cybeats Technologies Corp. (CSE: CYBT) (OTCQB: CYBCF) ("Cybeats" or the "Company"), a leading provider of software supply chain security solutions, today announced significant advancements in commercial growth and corporate initiatives, solidifying its leadership role in the growing SBOM ("Software Bill of Materials") Management market.
Commercial Highlights:
- Over
$7 million in total contract commitments since commercialization (May 2022),80% + gross margin, amidst increasing SBOM regulation across industry 72% of existing Cybeats customers increased their contract spend with the Company in 2024, demonstrating strong value to existing clients, and further validating the business model of Cybeats- Attractive client metrics with
90% conversion from Proof of Value, or a pre-commercial pilot period, to long term customer relationships. - The Company continues to drive growth and add client logos from its core target markets of healthcare and manufacturing companies from the Fortune 500
$1.65 million raised in non-brokered private placement first tranche improves Cybeats' sales and marketing infrastructure, product delivery, and core product advancement
"Our strong contract commitments, client retention, and increased product demand reflects the trust that global organizations place in Cybeats to secure their software supply chains," said Justin Leger, CEO of Cybeats. "Our lean operation mixed with our recurring revenue model should ensure sufficient capital to scale beyond our recent capital raise. And with a strong pipeline and growing customer base, we are well-positioned to deliver long-term value for our clients and investors as we enter 2025."
Growing SBOM Adoption in 2025
In Altitude Cyber's October 2024 Cybersecurity Market Review, they reference Blackberry's research into the software supply chain landscape, with
As cyber threats grow in complexity,
This growing demand for SBOM solutions reflects the need for tools to address visibility gaps and regulatory compliance, further underscored by the increasing reliance on third-party software. Cybeats is strategically positioned to capitalize on this market evolution, offering innovative SBOM management tools that empower organizations to navigate these challenges efficiently and proactively.
"The findings highlight a critical shift in the cybersecurity landscape, with SBOM adoption becoming a cornerstone of supply chain security," said Dino Boukouris, Managing Partner of Altitude Cyber. "Market trends show that organizations are prioritizing transparency and collaboration to combat the growing complexity of supply chain vulnerabilities."
Benefits of SBOM Adoption
SBOM Studio delivers measurable ROI by streamlining software vulnerability management, enhancing supply chain transparency, and supporting regulatory compliance. As a trusted solution for large multinational enterprises, SBOM Studio empowers organizations across industries to navigate the complexities of the software supply chain. The platform enables secure SBOM sharing, fostering transparency and trust with customers, and helping organizations meet regulatory requirements while accelerating the sale of their products in highly regulated markets.
As regulatory frameworks in the European Union and North America increasingly mandate the use of Software Bills of Materials (SBOMs) to enhance software supply chain security, Cybeats anticipates a significant rise in demand for SBOM management solutions among large enterprises. In the EU, the Cyber Resilience Act requires manufacturers to compile comprehensive SBOMs for digital products, aiming to bolster cybersecurity across member states. Similarly, in the United States, Executive Order 14028 mandates that software vendors provide SBOMs to federal agencies, underscoring the importance of transparency in software components. These regulatory developments are expected to drive widespread adoption of SBOM practices, positioning Cybeats to meet the evolving compliance and security needs of organizations globally.
The National Security Agency and the U.S. Department of Defense released its 2023 recommended best cyber practices report, where Cybeats' SBOM Studio product is the only commercial service featured for managing SBOMs. Learn more here about how Cybeats can help you to manage risk and meet evolving cyber regulatory requirements.
About Cybeats Technologies Corp.
Cybeats Technologies Corp. (CSE: CYBT) (OTCQB: CYBCF) is a cybersecurity company providing Software Bill of Material (SBOM) management and software supply chain intelligence technology, helping organizations to manage risk, meet compliance requirements, and secure their software from procurement to development and operation. Our platform gives customers comprehensive visibility and transparency into their software supply chain, enabling them to improve operational efficiency, increase revenue, and align organizations with current and future regulations. Cybeats. Software Made Certain. Website: https://cybeats.com
Contact:
James Van Staveren
Corporate Development
Phone: 1-888-713-SBOM (7266)
Email: ir@cybeats.com
Sean Peasgood, Investor Relations
Phone: (905) 667-6761
Email: Sean@SophicCapital.com
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, this news release contains forward-looking information relating to, among other things, the Company's expectations with respect to the use of proceeds and the use of the available funds following completion of the Offering, and the completion of the Offering. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for the products described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Company filings are available under the Company's SEDAR+ profile at www.sedarplus.ca.
1 Source: 'Securing The Software Supply Chain', Blackberry's 2024 Survey Results, Online sources.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234278
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