Aussie security vendor FirstWave extends, expands Telstra services contract

ASX-listed cybersecurity software company FirstWave Cloud Technology said today it has extended its contract with Telstra, while also expanding on its scope.

The security services contract was extended for an additional two years, plus an option for a further two years.

The contract’s scope has also been expanded to provide Telstra with additional cybersecurity services provided through FirstWave’s CyberCision platform. CyberCision allows service providers and telcos to provision security services more quickly to small and medium-sized business customers.

In addition to the contract, FirstWave and Telstra will team up on marketing and sales for the contracted products through Telstra’s sales teams and channels. The joint effort will be led by FirstWave chief marketing officer Ehsan Jahandarpour.

”We are pleased to deepen our long-standing relationship with Telstra, our largest customer,” FirstWave chief executive Danny Maher said.

“The expanded scope of our extended contract reflects Telstra’s increased focus on its cybersecurity offerings and confidence in FirstWave’s capabilities to provide its customers with best-in-class cybersecurity technology.”

FirstWave said the contract generated around $6.5 million in revenue for the 2021 financial year, with 95 percent of that being recurring revenue. The company is also doubling down on prioritising Telstra as a key account following its recent restructure after acquiring Opmantek.

In the announcement, FirstWave cited a recent comment from Telstra CEO Andrew Penn about “the significant increase” in malicious cyber activity Telstra has seen across its networks, as well as the “deteriorating threat environment” its customers are facing.

“We look forward to protecting more Telstra customers from cyberattack and growing our revenues together with Telstra through the wider implementation of our CyberCision platform,” the company said.

In November 2021, FirstWave acquired managed services provider (MSP) software vendor Opmantek to expand its offerings to include an end-to-end solution for network discovery, management and cybersecurity.