Leading Financial Services Institution in Singapore Enters Three-Year Tectia and Tectia Quantum License Agreement with SSH
(StreetInsider) SSH and a leading Financial Services Institution have signed a purchase agreement consisting of a significant multi-year renewal of existing license base as well as an expansion purchase of new Tectia licenses and a right to migrate the license base to Tectia Quantum with pre-agreed terms when it becomes generally available. The total contract value is over 1 M€ out of which roughly 0,35 M€ is new license revenue recognized in Q4/2021.
NOTE: SSH Tectia Client (Tectia) provides an encrypted connection to a remote computer and offers a secure file transfer program to move files from a local computer to a remote server.
SSH estimates that Tectia Quantum will be officially released during the first half of 2022. Tectia Quantum is an upgrade to the Tectia product that introduces a set of Quantum Ready encryption algorithms securing the safety of server management for the long-term future. All traditional cryptography technologies will be at risk of being breached by Quantum Computers in the future, Tectia Quantum’s Quantum Ready encryption will safeguard data in transit also in the Post Quantum era.
“We have many customers in the FSI sector that have been with us for many years. I’m extremely happy that this key customer chose to continue securing their server connections with SSH Tectia technology. The key success factor behind their decision was Tectia’s future-proof technology roadmap.” said Dr. Teemu Tunkelo, CEO of SSH. “This agreement allows the customer to migrate to Quantum Safe server connections through upgrading to Tectia Quantum”, Teemu continues.
SSH helps organizations safeguard their mission-critical digital assets at rest, in transit and in use. We have 5,000+ customers worldwide, including 40 percent of Fortune 500 companies, and major organizations in Finance, Government, Retail, and Industries.