The deal with the government agency followed Safe-T’s designation as a “single vendor” according to the Israeli Mandatory Tender Regulations
Safe-T Group Ltd. (NASDAQ: SFET) (TASE: SFET), a leading provider of software-defined access solutions for the hybrid cloud, today announced that it has signed an agreement with an Israeli government agency for the sale and implementation of Safe-T’s data protection and secure data exchange solution. The agreement is in the amount of approximately $160,000.
Safe-T’s secure data exchange solution met the specific requirements of the agency, namely the need to reduce information security risks and vulnerability to external cyber-attacks while simultaneously maintaining existing defense mechanisms.
The deal, a two-year engagement, was approved after Safe-T was identified as a “single vendor” according to the Israeli Mandatory Tenders Regulations. The agency noted that the engagement with Safe-T, pursuant to the “single vendor” exemption, was approved after concluding that Safe-T “is the only vendor capable of providing the services required by the agency.” In accordance with the “single vendor” status, the order is exempt from the obligation of a tender, resulting in quicker sales cycles and reduced competition.
This deal follows Safe-T’s recognition as a “single vendor” by an Israeli law enforcement agency last year. Attaining “single vendor” recognition from the agency marks an important milestone in the growing recognition of Safe-T’s products and solutions, as well as the unique capabilities they offer to government agencies.
In addition, Safe-T received two orders for its SDE product, each of them in the amount of $66,000and a period of three years. One order is from a new customer, a leading technology company, and the other order from an Israeli insurance company is for renewal and expansion of their current SDE product.