SAN JOSE, Calif., Nov. 7, 2018 /CNW/ -- Nubeva Technologies Ltd. ("Nubeva" or the "Company") (TSX-V: NBVA, OTC: NBVAF), today announced that its newly released Nubeva Prisms SaaS solution for public cloud security enablement is yielding accelerated market adoption.
Nubeva reports that customer engagement has increased to 57 subscribers at the end of October, the Company's end of fiscal Q3, up from 20, 10 and 3 sequentially from prior quarters. Much of the accelerated adoption is credited to the Company's new Prisms SaaS solution that was released in mid-September. Subscribers represent small corporations to larger enterprises at varying stages of deployment into their cloud, representing a truly scalable solution for large market segment. Subscriber revenue potential is based on size of customer cloud environment and can range from several thousand to multi-million-dollar annual contract value if fully deployed.
"We are very excited about the early traction we are seeing from Prisms," said Randy Chou, CEO of Nubeva. "We built this product based on customer and cloud provider input to address some very real and important problems to cloud adoption, specifically, enabling new and existing tool investment for great security and visibility of cloud projects. Prisms is a next generation, cloud-native solution that is functionally advanced, easy, and disruptively affordable. We are optimistic that these early returns are indicators that we have hit the mark with our solution." In October one of the largest institutional investors in the world took a $4M position at $0.775 in the Company, a further endorsement of the Company's prospects for growth.
About Nubeva Prisms
When companies migrate to the public clouds, they lose real-time access into their networks. The impact is that the critical tools they depend upon to monitor security, networks and applications cannot function, and therefore, business have increased exposure to cyberattacks and limited diagnostics to their infrastructures. Nubeva Prisms, released in September 2018, is a breakthrough solution that restores network access and control inside public clouds, allowing customers to utilize their strategic tools and close their security and visibility gaps.
In September Microsoft showcased Nubeva Prisms at its annual Azure Cloud conference, Re-Invent, demonstrating customer use cases and related features from Microsoft that Prisms enhances. Nubeva Prisms is available today for Microsoft Azure and Amazon AWS cloud environments. Prisms scales from small to extremely large environments with industry leading functionality and multiple pricing options supporting pilots, small projects, and very large cloud operations.
About Nubeva Technologies Ltd.
Nubeva Technologies Ltd. develops Software-as-a-Service ("SaaS") software and services that enable enterprises to run best-of-breed cybersecurity in public cloud environments. Nubeva's products provide enhanced visibility and control over network traffic and simplified automation and operation that is essential to run top-tier security technologies and services in the cloud easily and at low costs. With Nubeva, organizations can leverage existing policies, technologies and operations and accelerate their move to the cloud with confidence. San Jose, CA-headquartered Nubeva is committed to the vision of dramatically broader and lower cost availability of the world's best security to confront the rising cyber-crime threat. Visit www.nubeva.com for more information.
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business plans and the outlook of the cybersecurity industry. 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 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. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of 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) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Nubeva Technologies Ltd.
Marcel Valentin, Investor Relations
SOURCE Nubeva Technologies Ltd.