Eu To Award Ssh Communications Security Corporation Eur2m Funding For Product Development
08 August 2019 - 4:30PM
UK Regulatory
TIDMSSH1V
EU TO AWARD SSH COMMUNICATIONS SECURITY CORPORATION EUR2M FUNDING FOR
PRODUCT DEVELOPMENT
The funding will accelerate PrivX(R) development and marketing and
supports the SSH200 growth vision
The European Commission has notified SSH Communications Security
Corporation that the EU has awarded SSH a funding of just over EUR2M for
development, marketing, and go-to-market activities of the PrivX product
over the next 24 months.
The funding is part of the EU's Horizon 2020 Programme (Horizon 2020 SME
Instrument Phase 2) that supports innovative small and medium-sized
firms. The program offers Europe's brightest and boldest
entrepreSHYneurs the chance to step forward and request funding for
breakthrough ideas with the potential to create entirely new markets or
revolutionize existing ones.
SSH estimates that the funding will commence during Q4/2019 after
customary preparations are concluded and the agreements are signed. The
total budget for the project is approximately EUR3M, of which SSH's part
of will be roughly EUR1M.
The funding will be recognized from 2019 to 2022, and it will be shown
as other operating income in the profit and loss account. The funding
will be recognized in alignment with the incurred costs. Approximately
EUR1M of the funding is anticipated to be received already during
Q4/2019 as the project commences.
The criteria for the funding are very tight, and less than five percent
of Phase 2 applicants are awarded. The EUR2M awarded to SSH is also more
than the historical average of EUR1.6M of the grants.
The EU evaluates the projects using three criteria: impact, excellence,
and execution. Key considerations in the impact criteria are the
scalability of the innovation and the potential to generate significant
revenue. SSH and the PrivX product fulfilled all these criteria and also
convinced an EU-appointed jury of international technology and business
experts about the potential and significance of the PrivX product and
the company in global competition.
The CEO of SSH, Ms. Kaisa Olkkonen, remarks: "EU funding significantly
accelerates PrivX product development and also enables us to increase
marketing investments for PrivX. The awarding of this highly
sought-after and hard-to-win funding to SSH is a clear sign that also
external experts share our belief that PrivX is truly a major
cybersecurity innovation with significant growth potential. We are
gratified that the importance of PrivX for the future of access
management has now also been recognized by the EU. This funding is a
concrete step on our road to secure the funding and necessary resources
to fulfill our SSH200 growth vision."
The funding enables SSH to increase its product development and
marketing investments and resources significantly and to meet customer
needs even better. SSH will immediately start recruitments to strengthen
its product development team.
SSH COMMUNICATIONS SECURITY CORPORATION
Kaisa Olkkonen
CEO
For further information, please contact:
Kaisa Olkkonen, CEO, tel. +358 40 5795216
Distribution:
Nasdaq Helsinki Oy
Major media
https://www.globenewswire.com/Tracker?data=KkrACx3_aLs3yziikApWBeaQkdEKqYKO9Uc2iSCqpe5348twUPEsTU-Ohmjx882RnseZalZ-eFlDcP935BQOlQ==
www.ssh.com
SSH Communications Security
SSH.COM helps organizations access, secure, and control their digital
core -- their critical data, applications, and services. We have over
3,000 customers around the world, including 40 percent of Fortune 500
companies, many of the world's largest financial institutions, and major
organizations in all verticals. We are committed to helping our
customers thrive in the cloud era with solutions that offer secure
access with zero inertia, zero friction, and zero credentials risk.
SSH.COM sells online; through offices in North America, Europe and Asia;
and through a global network of certified partners. The company's shares
(SSH1V) are quoted on the NASDAQ Helsinki. For more information, visit
www.ssh.com.
(END) Dow Jones Newswires
August 08, 2019 02:30 ET (06:30 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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