Safe T Group (NASDAQ: SFET) will take over CyrberKick Ltd in the upcoming week for $3.7 million in cash and $5.6 million worth of stock. The company will use its internal accruals to fund the acquisition.
CyberKick posted revenues of $4.2 million in the previous year. The deal is subject to required approvals and delivery of certain documents. CyberKick offers SaaS (Software as a Service) security and the required tools to help the users protect themselves from cyber threats. It also helps them to protect their sensitive data and control their accounts.
Improves presence in the Individuals cybersecurity market
Following the takeover of CyberKick, Safe T will strengthen its secure access portfolio for firms to protect from unknown and known threats. It also enhances its presence in the cybersecurity market of private users.
Safe T’s CEO, Shachar Daniel, said the addition of CyberKick in its fold would also bring several talented entrepreneurs into its leadership. Therefore, the takeover helps the company to offer unique CyberSecurity Solutions.
Improves overall growth
The company can also improve its footprint in the consumer market with its innovative technology solutions. As a result, it also promotes revenue streams besides supporting overall growth.
Shachar further said the company could integrate the new business and improve the potential of the solutions offered by the company. It already took over Chi Cooked LLC and NetNut Ltd in the past.
The established online infrastructure and talented team of CyberKick will help Safe T penetrate the consumer market with innovative solutions and technologies. It is a milestone in its quest to become a leading player in the privacy and security markets worldwide.
The takeover of CyberKick also allows Safe T to expand its offerings and satisfy the needs of consumers and enter new segments of its clients worldwide. In addition, CyberKick’s talented team will propel it to grab its full potential and improve its revenues.
The internet users expect to reach 6 billion by the next year and over 7.5 billion in 2030. Cybercrimes are increasing multifold in the US. FBI said personally identified data of every citizen in the US is already stolen and available on the dark web. Therefore, it offers a niche market for Safe T to become a key player in cybersecurity.
The demand for cybersecurity expects to reach $120 billion in 2027, growing 20% annually from the current $30 billion.