Argus Research Updates Equity Report Coverage on Tego Cyber Inc.
Tego Cyber Inc. (OTCQB:TGCB) has received an updated Equity Report from Argus Research, highlighting its cybersecurity threat intelligence platform, Tego Guardian. The platform integrates with existing systems like Splunk's SIEM, aiming for a 3.33% penetration of Splunk's subscriber base, potentially generating $37.5 million in gross revenue. The global cybersecurity market is projected to reach $241 billion by 2025, providing a favorable environment for Tego's growth. The company has achieved successful integrations and aims to expand to top SIEM platforms, positioning itself for robust sales growth.
- Tego Guardian targets a 3.33% penetration of Splunk's subscriber base with a potential gross revenue of $37.5 million.
- The global cybersecurity market is projected to grow from $156 billion to $241 billion by 2025, indicating a favorable market environment.
- Tego's pricing strategy at $75,000 is below peers, likely accelerating customer acquisition.
- Recent successful integration with Splunk and plans for additional integrations with top SIEM platforms.
- Only $1,050 in consulting revenue recorded in the latest quarter indicates pre-commercial status.
LAS VEGAS, NV / ACCESSWIRE / March 4, 2022 / Tego Cyber Inc. (OTCQB:TGCB), an emerging developer of proactive cyber threat intelligence applications and solutions, today announced that Argus Research, an independent investment research firm, updated its Equity Report coverage on Tego Cyber Inc.
Click Here to view Full Argus Equity Report
Excerpts & Highlights from the Report as conveyed by Argus Analyst Steve Silver, follow:
BUSINESS DESCRIPTION
Tego Cyber is a cybersecurity threat intelligence company. Its main product, the Tego Threat Intelligence Platform, seamlessly integrates with existing cybersecurity software platforms through the Tego Guardian app. Unlike cybersecurity products that provide data about a potential threat in only a broad manner, Tego Guardian utilizes a proprietary process to compile raw cyber-threat intelligence and then analyze and deliver data that is contextual, timely, informative, and importantly, actionable by the client. Importantly, the value proposition of the platform is its utilization of data science to compare a threat intelligence with client data already being aggregated to correlate and then identify threat exposures.
Cybersecurity threats have been growing over time and are front of mind for many companies. In recent years, there has been a significant increase in the number of cyber incursions, which has led to large data and financial losses for companies. The types of devices that are subject to attack include common workplace PCs and laptops attached wirelessly and remotely to Wi-Fi, VPNs and LANs, tablets, cellphones, and IoT (Internet of Things) devices.
Cyber threats have also been increasing in complexity. What started out as simple "phishing" attacks has evolved into more-complicated and sophisticated events. Ransomware, where malware installed on a device locks that device until a ransom is paid, has also become much more prevalent. According to Cybersecurity Ventures, cybercrime inflicted damages of
The overall cybersecurity market is currently valued at
Tego's initial commercial focus for its Tego Guardian application is its integration with the Splunk SIEM (Security Information and Event Management) platform. Splunk is a technology company based in San Francisco that provides software for monitoring, searching, and analyzing machine-generated data. It is a Nasdaq-100 company with a recent market capitalization near
Tego Cyber's revenue model is based on "SaaS" (Software as a Service), under which its clients receive services for an annual license fee. Tego has set a target penetration of Splunk's subscriber base of
In our view, Tego is well positioned to commercialize its Guardian application on additional cyber platforms. Its growth strategy is to expand integrations with companies that are found on the Gartner Magic Quadrant and Forrester research reports, which represent those companies with the largest industry market share. Tego Cyber has set a goal to make Tego Guardian available for integration with the top 10 SIEM platforms, including Elastic, Devo, AT&T Cybersecurity, IBM QRadar, Exabeam, Google Chronicle, and LogRythym, over the next two years.
We are encouraged by its progress towards this goal, as we expect Tego Guardian to enter beta testing on Elastic Security's SIEM platform, during the current fiscal quarter. Elastic has over 16,000 paying subscribers, including
COMPETITIVE ADVANTAGE
In our view, Tego Cyber's platform has several competitive advantages. First, its ability to provide cybersecurity data enrichment represents a potential value-add over other marketed products. Tego Guardian provides detailed context, the "who, what, where, and when" of potential threats. In contrast, similar applications often identify that an attack has occurred, but do not provide additional context. As such, in these latter cases, it is up to the client's cybersecurity team to correlate threats and establish needed actions.
Tego Guardian automates this process, saving time and money, increasing the ROI of cybersecurity tools an enterprise may already be using. The dashboards on Tego Guardian, which are integrated with existing cybersecurity platforms, allow a cybersecurity team to see quickly what threats have been detected within the environment, the categorization of the threat, and which assets in the environment have been affected by the threat.
Tego Guardian leverages data that customers already possess, and allows enterprises to not only look forward, but retrospectively, to see if there has been exposure to threats. When an IP address, URL, server name, or other individual indicator of compromise (IoC) is added to public and private blacklists, an adversary has likely already moved on. Looking for recurrences of such IoCs going forward has been industry standard practice. However, looking back to search for questionable IoCs to see if a customer had exposure during the time, they were in use by an adversary is crucial to determining past impact and then coordinating remediation. We view Tego Cyber's ability to provide such data as a key differentiator for the Guardian platform.
As mentioned earlier, the company's first commercial version of Tego Guardian was launched in October 2021 on the Splunk SIEM platform. The product went from concept to commercialization in less than two years, including successful pilot and beta testing. The company was able to design an application swiftly to fill a void in the current cybersecurity landscape. In so doing, it added significant value to existing security platforms, while providing an ease of integration and a low price point. We expect the company will be able to build a customer base rapidly.
We think that Tego Cyber has positioned its Guardian platform well for successful commercial penetration, as its
We like Tego's seasoned management team, with many years of experience in software, security, and information systems, as well as important relationships that can help fuel growth. The company recently bolstered its team with the retention of industry expert Amy Looper of Relativity Sells to assist in executing a go-to-market strategy and building long-term client relationships. Tego also added Brett Watkins, founder of GlobalSec Partners LLC, under a consulting agreement. Mr. Watkins, who has over two decades of diverse experience investigating computer intrusions and international terrorism cases with the FBI prior to founding GlobalSec in 2016, will lead expanded business development activities for the Tego Threat Intelligence Platform within select industries.
ANALYST COMMENTARY: EARNINGS
Tego Cyber trades on the OTCQB, under the symbol TGCB. In February 2022, the company announced results for its fiscal 2022 second quarter (ended December 31, 2021). During the quarter, the company recorded a modest
Tego Cyber has forecasted gross revenue of
As of December 31, 2021, Tego Cyber had
As of December 31, 2021, Tego had 25.1 million shares outstanding, with additional warrants for 3.0 million shares that are currently "in the money" and likely to be exercised - which will bring in additional funding capital. We think that Tego's financial position would enable the company to utilize equity-based financing, if needed, on favorable terms.
RECENT DEVELOPMENTS
Over the past year, Tego Cyber has achieved several milestones that enabled the commercial launch of its threat-intelligent platform and Tego Guardian app. In October 2021, the company announced its successful integration on the Splunk platform, which is now available for direct download by Splunk users through Splunk's app store. Tego has started expanding its dedicated sales and marketing team to market Tego Guardian to Fortune 2000 enterprises that use the Splunk SIEM platform.
During the second half of 2021, Tego's channel partner initiative (designed to foster profitable relationships with leading cybersecurity consultants and solution providers) was bolstered by its retention of industry expert Amy Looper of Relativity Sells to assist in executing a go-to-market strategy. Tego also entered into a consulting agreement with Brett Watkins, founder of GlobalSec Partners LLC, who has over two decades of diverse experience investigating computer intrusions and international terrorism cases with the FBI prior to founding GlobalSec.
About Tego Cyber Inc.
Tego Cyber Inc. (the "Company") was created to capitalize on the emerging cyber threat intelligence market. The Company has developed a cyber threat intelligence application that integrates with top end security platforms to gather, analyze, then proactively identify threats to an enterprise network. The Tego Guardian threat intelligence application takes in vetted and curated threat data and after utilizing a proprietary process, the platform compiles, analyzes, and then delivers that data to an enterprise network in a format that is timely, informative, and relevant. The threat data provides additional context including specific details needed to identify and counteract threats so that security teams can spend less time searching for disparate information. The first version of the application will integrate with the widely accepted Splunk SIEM to provide real-time threat intelligence to macro enterprises using the Splunk architecture. The Company plans on developing future versions of the Tego Guardian application for integration with other established SIEM systems and platforms including: Elastic, IBM QRadar, AT&T Cybersecurity, Exabeam, and Google Chronical. For more information, please visit www.tegocyber.com.
Forward-Looking Statements
The statements contained in this press release, those which are not purely historical or which depend upon future events, may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements regarding the Company's expectations, hopes, beliefs, intentions or strategies regarding the future constitute forward-looking statements. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements because of various factors. All forward-looking statements included in this press release are based on information available to the Company on the date hereof and the Company assumes no obligation to update any such forward-looking statement. Prospective investors should also consult the risks factors described from time to time in the Company's Reports on Forms 10-K, 10-Q and 8-K and Annual Reports to Shareholders.
Tego Contact:
Tego Cyber Inc.
8565 S Eastern Avenue, Suite 150
Las Vegas, Nevada 89123
USA
Tel: 855-939-0100 (North America)
Tel: 725-726-7840 (International)
Email: info@tegocyber.com
Web: tegocyber.com
Facebook: facebook.com/tegocyber
LinkedIn: linkedin.com/company/tegocyber
Twitter: twitter.com/tegocyber
Tego Investor Relations:
Crescendo Communications, LLC
Tel: 212-671-1020
Email: TGCB@crescendo-ir.com
About Argus Research Corp. www.argusresearch.com
Headquartered in NYC, Argus Research is an independent equity research firm (est. 1934) - providing fundamental and quantitative research coverage on more than 1,600 companies across all 11 sectors of the S&P 500, as well as macroeconomic and equity market forecasts, thematic research, model portfolios and pre-IPO research. In addition, Argus now provides sponsored research solutions for small & mid-cap companies seeking coverage. Our Institutional Asset Management, Bank Trust, sell-side advisor and self-directed investor clients value Argus's proprietary equity research methodology, analysis and commentary. Argus's Equity Research & earnings estimates are available on major research / earnings estimate aggregator platforms, including Bloomberg, Refinitiv, Factset and S&P Global.
For more information re: Argus Research Services please contact:
Darrell Stone
646-747-5438
dstone@argusresearch.com
Argus Research Co. has received a flat fee from the company discussed in this report as part of a Sponsored Research agreement between Argus and the company. No part of Argus Research's compensation is directly or indirectly related to the content of this assessment or to other opinions expressed in this report. Please refer to the full Argus report and the disclaimer for complete disclosures.
SOURCE: Tego Cyber Inc.
View source version on accesswire.com:
https://www.accesswire.com/691476/Argus-Research-Updates-Equity-Report-Coverage-on-Tego-Cyber-Inc
FAQ
What is the latest update on Tego Cyber Inc. (TGCB)?
How much revenue does Tego Cyber expect to generate through Splunk integration?
What does the Tego Guardian platform do?
How is the cybersecurity market projected to grow?