- The Company moved almost completely to a SaaS and recurring revenue models; Channel strategy proves successful – first orders received from customers in the UAE, Africa and APAC
Safe-T Group Ltd., a provider of secure access solutions for on-premise and hybrid cloud environments, provided an estimated revenue range for the twelve and three month periods ended December 31, 2020.
On a preliminary and unaudited basis, Safe-T Group expects to report revenues for the year ended December 31, 2020 in the range of $4.85 million to $4.95 million, an increase in the range of 48% to 51%, respectively, compared to $3.28 million during 2019. On a preliminary basis, the Company’s fourth quarter 2020 revenue is expected to be in the range between $1.25 million to $1.35 million, compared to $1.11 million in the fourth quarter of 2019. Almost 90% of total revenues were generated either by using a Software as a Service (“SaaS”) model or recurring license subscription or support contracts.
Safe-T Group continued to gain momentum in 2020. While it proved to be a challenging year for many businesses world-wide, some of those challenges revealed great opportunities for the Company, as working methods had to be adjusted to the new reality – working remotely. Safe-T Group’s new products, based on seamless integration and remote implementation, enabled the Company to sell remotely – with no physical presence required.
During the year, the Company launched six innovative products for secure remote access and data collection, all of which received increased interest from customers and partners.
Focusing on its go-to-market and business model strategy, Safe-T Group achieved global coverage with over 50 new distribution partners, as part of its indirect sales strategy. The Company also established new presences in APAC, the UAE, Africa and most parts of Europe, including engagements with respected industry leaders like Fujitsu and Accenture.
Over the last quarter, Safe-T Group trained and qualified its partners for the next stage – sales execution.
Recommended AI News: PagerDuty Appoints Sean Scott as Chief Product Officer
Additionally, the Company gained recognition not only by industry leaders, but also by the world’s leading research and advisory companies, Gartner and Forrester Research.
In 2020, the Company significantly strengthened its cash balance, raising approximately $18.7 million which contributed to its latest acquisition – Chi Cooked, a profitable company that operates in the field of internet data center infrastructure and IP proxy services.
Safe-T believes that the robust infrastructure built during 2020 lays the foundation for ongoing business expansion and will continue to generate significant results going forward for the Company.
Safe-T expects to release the full, audited financial statements by March 31, 2021.
The above information reflects preliminary estimates with respect to certain results of the Company for the twelve- and three-month periods ended December 31, 2020, based on currently available information. The Company is providing ranges, rather than specific amounts, for these preliminary estimates primarily because the financial close process and review are not yet complete and, as a result, the Company’s final results upon completion of its closing process and review may vary from the preliminary estimates.
Recommended AI News: CeramTec Group Acquires Dentalpoint AG to Expand its Ceramic Medtech Leadership