Assac Networks – a company specializing in protecting mobile devices from cyber attacks for government agencies, defense and commercial organizations – has announced a new investment of US$7.5 million by ASPIS Cyber Technologies.
The company will use the funding to enhance its product offering, while also leveraging ASPIS’s strong position in the international market to strengthen its own sales channels, in particular through the investor’s major client ICARO. Assac had previously received a seed-stage investment from Canadian-Israeli VC Awz Ventures.
Assac Networks’ flagship product, ShieldiT, offers a unified, managed anti-hacking and anti-tapping capability for Bring Your Own Device (BYOD) smartphones, and the company was recently awarded a government contract from one of the Gulf Cooperation Council countries.
“We are proud to enter this partnership with ASPIS Cyber Technologies, which opens up extensive opportunities for our company,” says Shimon Zigdon, founder and CEO of Assac Networks. “ICARO, a major consumer of ASPIS cyber services, has over 400 million subscribers worldwide, all of whom will now be able to use our unique comprehensive protection technology for their endpoint cell phones. We are confident the growth will come from the Telco vertical market. We thank ASPIS for their confidence in our solutions, as illustrated by this investment.”
“As a provider of cyber protection services to government-federal, corporate and cellular subscribers, we are delighted to incorporate Assac’s solution into our offering,” says Paul Feller, executive chairman of ASPIS Cyber Technologies. “It will now be available to all our customers, including American company ICARO, whose customers include TIM Mobile, Oi, AT&T, América Móvil , Vodafone and more. With 87% of cyber hacks now happening through employees’ cell phones, it was important for us to invest in a company that has a complete and proven solution. We are confident that this investment will bear fruit for everyone involved.”