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GlobeX Data signs exclusive distribution agreement with Spain's Micronet to sell cybersecurity solutions to its 385 million customers

Published: 09:30 16 Jun 2020 EDT

GlobeX Data -
Micronet will sell all of GlobeX’s suite of secure communication and data recovery services and any future products

GlobeX Data Ltd (CSE:SWIS) (OTCQB:SWIS) has signed a new distribution agreement with the largest cybersecurity distributor in Central, Latin America and Spain.

The Toronto and New York-based company’s exclusive distribution agreement with Tasloko SL, the holding company of Spain’s Micronet SA, covers nearly 385 million customers.

Micronet will sell all of GlobeX’s suite of secure communication and data recovery services and any future products, which currently include programs like DigitalSafe, PrivaTalk and Custodia.

READ: GlobeX Data expects to launch encrypted PrivaTalk Messenger to public by July

Micronet distributes and sells through its network of 3,000 resellers across Spain, Mexico, and most of South and Central America.

GlobeX said it expects to onboard 30 of Micronet’s top resellers over the next 12 months and plans to reach around 300 resellers over time. It plans to work with Micronet’s top 300 resellers over time.

According to GlobeX, the 30 resellers could generate gross annual revenue of US$1.9 million to $2.5 million depending on the adoption rate of 15% to 20% of corporate users. The company estimates an increase of 50% per year in the following years as more resellers onboard the program.

CEO Alain Ghiai said the company was “very pleased” to work with the largest cybersecurity distributor in the region.

“Micronet understands cybersecurity and this is what makes them unique as compared to any other resellers we have dealt with so far in the region,” Ghiai told shareholders in a statement. “Their team is reactive and extremely professional and we look forward to train their resellers and get sales started in the next 90 days.”

According to research provided by GlobeX, the Latin American cybersecurity market was valued at US$12.9 billion in 2019 and is expected to reach US$26.2 billion by 2025.

Ghiai added: “Central and Latin America are big targets of cyber-attacks and we look forward to offer business users in those regions the best cybersecurity and secure communications solutions to protect themselves from cyber-attacks."

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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