Refocused strategy17 May 2018 19:07
The board is now looking to implement a strategic plan, defenx 2020, which will see the Group build on its existing cloud backup product with a focus on corporate customers. This strategy reflects the changing competitive landscape, growing demand for cloud-based services, feedback from existing and potential customers and the support of the Company's largest shareholder, BV-Tech SpA ("BV-Tech").
Progress continues in bringing the Group's development activities in house with the support of BV-Tech. In parallel, a detailed review is currently underway to fully understand the previously announced performance and back-end integration issues and determine how best to deliver value from the Group's investment in security products.
We are encouraged by the sales pipeline and recent wins including a new contract to deliver enterprise cloud to an existing customer and leader in digital solutions for the professional adviser and SME markets in Italy. Invoicing is expected to start in the second quarter and we hope to grow the sales and operational team once the Group's finances have been stabilised.