Nubeva Announces 7-Figure Per Year Contract with Major Global Managed Security Services Provider (MSSP) Company

Rhea-AI Summary

Nubeva Technologies (TSX-V: NBVA, OTCQB: NBVAF) has secured a minimum 3-year contract with an undisclosed global managed service provider to license its ransomware reversal solution. This partnership is projected to generate a minimum of seven figures annually, enhancing the service provider's customer offerings. The integration is seen as a competitive advantage by both parties. Nubeva's patented technology allows organizations to decrypt files without paying ransoms and aids in incident response. Additionally, the recent implementation of AI technology is expected to enhance contract delivery, leading to cost savings.

Positive

• New 3-year contract with a global managed service provider valued at seven figures per year.
• Partnership enhances the service provider's offerings and generates new business opportunities.
• AI technology implementation expected to improve efficiency and cost savings.
• Nubeva's patented technology allows for decryption of ransomed files without paying.

Negative

• None.

SAN JOSE, Calif., March 02, 2023 (GLOBE NEWSWIRE) -- Nubeva technologies (TSX-V: NBVA, OTCQB: NBVAF)(“Nubeva” or the “Company”),a leading software innovation company in the fight against ransomware, has announced a minimum 3-year contract with a strategic customer. The global managed service provider, whose name has not been disclosed, has signed on to license Nubeva's ransomware reversal solution.

The service provider will sell Nubeva's solution to their customers to enhance their offerings and generate new business. The company views this integration as a competitive advantage and a significant value-add for their customers. The partnership comes with considerable upside potential for Nubeva, with a multi-year contract that has a minimum value of seven figures per year.

"Nubeva is thrilled to partner with this global managed service provider," said Steve Perkins, CMO of Nubeva. "Our ransomware reversal solution provides unparalleled protection against ransomware attacks, and we're excited to see this solution enhance the offerings of our partner and provide significant value to their customers."

Nubeva's executive team credits the recent implementation of chatGPT AI technology with contributing to the company's success in securing the contract. The technology is expected to help Nubeva deliver and support the contract and go-to-market efforts more efficiently, leading to cost savings and greater value for the customer.

Nubeva's patented Ransomware Reversal software is a technology solution that captures ransomware encryption materials at the moment of attack. With encryption keys captured, victim organizations are able to decrypt ransomed files without paying the ransom. Additionally, the software collects vital metadata on the attack, which aids in incident response, and significantly helps triage, investigations, and threat removal.

About Nubeva technologies

Nubeva Technologies provides next-generation decryption solutions for faster, lower-cost recovery from ransomware attacks. Its mission is to reduce downtime costs and damages, so businesses never pay ransoms again.

Nubeva’s ransomware reversal software is available to end-user enterprises, managed security service providers, incident responders, and cybersecurity solution manufacturers. For a private briefing on Nubeva’s ransomware decryption solutions, contact us.

Forward-looking statements

This news release contains “forward-looking information” and “financial outlook” within the meaning of applicable securities laws relating to the company's business plans, the outlook of the cybersecurity industry and the expectation that the company will be cash flow positive for calendar 2023. Although the company believes in light of the experience of its officers and directors, current conditions and expected future developments, and other factors that have been considered appropriate that the expectations reflected in this forward-looking information and financial outlook are reasonable, undue reliance should not be placed on them because the company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements for reasons relating to the development and adoption of the company’s technology, and its input and capital cost requirements, among other factors. The statements in this press release are made as of the date of this release, and the company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The company undertakes no obligation to comment on analyses, expectations, or statements made by third parties regarding the company, its subsidiaries, their securities, or their respective financial or operating results (as applicable).

Neither the TSX venture exchange nor its regulation services provider (as that term is defined in the policies of the TSX venture exchange) accept responsibility for the adequacy or accuracy of this release.

For additional information or to schedule interviews, contact:

Steve Perkins
Chief Marketing Officer, Nubeva
Sperkins@nubeva.com
(714) 261-9948

FAQ

What is the significance of Nubeva's new contract with NBVAF?

Nubeva has secured a minimum 3-year contract valued at seven figures annually with a global managed service provider, enhancing its market presence.

How does Nubeva's ransomware reversal solution work?

Nubeva's technology captures ransomware encryption materials at the moment of attack, enabling organizations to decrypt affected files without paying the ransom.

What role does AI play in Nubeva's recent contract?

The implementation of AI technology is expected to enhance contract delivery and support, leading to greater efficiency and cost savings.

What is the expected financial outlook for Nubeva in 2023?

Nubeva anticipates being cash flow positive for the calendar year 2023.