11th Feb 2025 10:55
(Alliance News) - Smarttech247 Group PLC on Tuesday said it has inked a new additional contract, spanning three years and worth USD925,000, with an existing automotive client.
Shares in the Cork, Ireland-based artificial intelligence-enhanced cybersecurity services provider were up 7.7% at 9.15 pence in London on Tuesday morning.
The new contract will see Smarttech247 integrate an endpoint detection & response solution into the client's existing managed detection & response service. The EDR solution is designed to detect, investigate and respond to threats on endpoint devices such as computers and servers.
The contract also reflects Smarttech247's plan to expand annual recurring revenue by focusing on long-term, multi-year contracts, and growing the contract value of existing agreements, the firm added.
"We are thrilled to be expanding our provision of services with another existing client, reinforcing our strong, ongoing relationship and highlighting the continued trust our clients have in our MDR expertise to protect their critical infrastructure," said Chief Executive Officer Raluca Saceanu.
"As organisations worldwide increasingly prioritise advanced threat detection and response, this latest contract showcases our ability to deliver security solutions at scale as our momentum continues to build."
By Emily Parsons, Alliance News reporter
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