HERZLIYA, Israel, Dec. 4, 2018 /PRNewswire/ -- 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 $66,000
and 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.
About Safe-T Group Ltd.
Safe-T Group Ltd. (Nasdaq: SFET) (TASE: SFET) is a leading
provider of software-defined access solutions which mitigate
attacks on enterprises' business-critical services and sensitive
data. Safe-T solves the data access challenge by masking data at
the perimeter, keeping information assets safe and limiting access
only to authorized and intended entities in hybrid cloud
environments. Safe-T enhances operational productivity, efficiency,
security, and compliance by protecting organizations from data
exfiltration, leakage, malware, ransomware, and fraud. With
Safe-T's patented, multi-layer software-defined access, financial
services, healthcare, utility companies and governments can secure
their data, services, and networks from internal and external data
threats.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and other Federal
securities laws. Words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates" and similar expressions
or variations of such words are intended to identify
forward-looking statements. For example, Safe-T is using
forward-looking statements in this press release when it discusses
the benefit of its products. Because such statements deal with
future events and are based on Safe-T's current expectations, they
are subject to various risks and uncertainties and actual results,
performance or achievements of Safe-T could differ materially from
those described in or implied by the statements in this press
release. The forward-looking statements contained or implied in
this press release are subject to other risks and uncertainties,
including those discussed under the heading "Risk Factors" in
Safe-T's final prospectus filed pursuant to rule 424(b)(4) filed
with the Securities and Exchange Commission ("SEC") on August 20, and in any subsequent filings with the
SEC. Except as otherwise required by law, Safe-T undertakes no
obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events. References and links to websites have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release.
INVESTOR RELATIONS:
Miri Segal-Scharia, CEO
MS-IR LLC
917-607-8654
msegal@ms-ir.com
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SOURCE Safe-T