Australian-listed digital security company Covata Limited told shareholders on Thursday that it has signed a deal with Cisco that would see the NASDAQ-listed networking company licence both its product and platform technologies on a software-as-a-service basis.
While the value of the contract has not been disclosed, Covata said the 10-year deal comes with a minimum four-year term, while revenue received from Cisco clients using the Covata product and platform technologies will be shared between the two companies.
As per the terms of the agreement, Cisco will license both the Covata product and platform technologies on a Software as a Service (SaaS) basis to its clients, as well as include the Covata platform technologies with Cisco products on a non-exclusive basis.
It was mentioned in a statement that this move would enable Cisco to further drive the future of IT, Cloud and the Internet of Things (IoT) through its Service Exchange Platform (SXP). What SXP does, is enable businesses to consolidate multiple information and data sources into a single managed environment.
Covata founder and CEO, Trent Telford, said the partnership is a progressive step for the company in terms of validating the technology, and its capacity to deliver global deals.
“We are building out a team to focus on supporting Cisco’s strategic path over the coming years and we look forward to working with them on future joint initiatives,” he said.
The statement also indicated that Covata has already deployed the product to Cisco, and that initial customer engagement has already commenced. However, further details of the deal are said to be confidential.