Örnsköldsvik, Sweden, June 30, 2020. Clavister, a leader in high-performance cybersecurity solutions, today announces that it has been awarded an embedded security contract with BAE Systems Hägglunds, part of BAE Systems, Europe's largest and the world's third largest defense contractor. BAE Systems Hägglunds produces vehicle systems for military and civil applications. These include world-leading combat vehicles, armoured engineering vehicles and armoured personnel carriers.
The signed contract covers an initial product development project, followed by potential multiple end-customer projects, each containing delivery of Clavister products in substantial volumes, after-market support and professional services.
The product development project starts in the third quarter of 2020 with the creation of a military-graded security product based on Clavister's certified firewall technology. The new product will be embedded into BAE Systems Hägglunds' vehicle systems to ensure these vehicles' adherence to the increasing cybersecurity requirements within both military and civil applications. The initial development project has a value for Clavister of about 5 MSEK.
The first end-customer delivery project, subject to end-customer procurement procedures, is planned to commence during 2021 and to run for 48 to 60 months. The project value for Clavister is estimated to between 50 and 90 MSEK, depending on final product configuration and options.
Each subsequent end-customer project, subject to contract-award to BAE Systems Hägglunds, has the potential of bringing similar-sized business volumes to Clavister in terms of products deployed and revenues generated.
"Clavister is very proud of the versatility, robustness and reliability of its security platforms. We are therefore honored to be selected to deliver cybersecurity products to a customer and an industry that are known to place rigorous requirements on quality and performance. This is a very strong testament to the design and engineering qualities of our technology," states Clavister President and CEO, John Vestberg. "The vehicle industry in general, and the military vehicle industry specifically, is a focal point for increasingly complex cyberthreats-we look forward to a long relationship with BAE Systems Hägglunds which will enhance both our company's offerings," he concludes.
For additional information regarding this press release, please contact:
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Clavister is a leading European cybersecurity vendor with over 20 years of experience. Seated in Sweden, the company has customers-communication service providers, governments, enterprises and managed security service providers (MSSPs)-in more than 150 countries. Clavister provides unique security solutions to protect their digital assets and secure business continuity. The stock, Clavister Holding AB, is listed at Nasdaq First North, Growth Markets. FNCA Sweden AB is the Company's Certified Advisor (+46 8-528 00 399, e-mail: email@example.com).
This information is information that Clavister Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 09:00 CET on June 30, 2020.
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