07:25:30 EDT Sun 04 Jun 2023
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Cybeats Technologies Corp
Symbol CYBT
Shares Issued 99,000,539
Close 2023-05-19 C$ 1.43
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Cybeats talks recent SBOM Studio licence agreements

2023-05-23 16:12 ET - News Release

Mr. Yoav Raiter reports


Cybeats Technologies Corp. has provided an update following the recent success and accelerated scale-up of its commercial operations for its leading SBOM (software bill of materials) management platform, SBOM Studio.

During its first 12 months of commercial operations, the company has signed SBOM Studio licence agreements across all of its target market verticals: industrial control systems (ICS), medical device manufacturers (MDM), data management and automotive sectors. Some recent clients include Schneider Electric, Integral Ad Science, StarFish Medical, and APMA and its Project Arrow electric vehicle. SBOM Studio is also in pilot evaluation stages with 11 organizations, including multiple top 10 global MDMs, two top five global software companies and several other Fortune 500 companies.

"Our recent commercial success highlights the growing global demand for SBOM management, and underscores our dedication to exceeding customer needs. Securing several Fortune 500 and Fortune 100 companies who are renowned leaders in their respective industries is a testament to the value and efficacy of SBOM Studio. As a trusted SBOM custodian service, we are committed to providing comprehensive SBOM solutions for addressing the critical software supply chain needs of enterprises worldwide," said Yoav Raiter, chief executive officer, Cybeats.

Recent commercial highlights:

  • Licence agreement with Schneider Electric, a leader in the digital transformation of energy management and automation.
  • Growth of 86.5 per cent in SBOM Studio seats under licence contract since Nov. 21, 2022, when Cybeats publicly listed in Canada. A seat represents a single user of the SBOM Studio platform, and organizations acquire several SBOM Studio seats in order to provide access to all team members who require use of the platform.
  • Seventy-five per cent of all organizations that have completed SBOM Studio pilot evaluation periods have moved on to sign commercial licence agreements.
  • Licence agreement with a top three global medical device manufacturer.
  • Five Fortune 500 clients, including three from the big seven industrial controls and building automation sectors.
  • Licence with Integral Ad Science, a leader in digital media quality and advertising technology.
  • Eleven continuing pilot evaluations, including with two top 10 global MDMs, two top five global software companies, a top 10 gaming company and several other Fortune 500 companies.
  • A commercial pipeline of over 160 market qualified leads.

SBOMs have emerged as a catalyst for transformation in product security across nearly all sectors to improve visibility and security of the software supply chain, yet organizations face challenges with widespread implementation of SBOM due to the scale of change and associated costs. SBOM Studio is specifically designed to automate SBOM management, accelerate vulnerability management, simplify SBOM implementation and ultimately improve ROI (return on investment) by reducing the overhead required to embed SBOM management across an organization.

About Cybeats Technologies Corp.

Cybeats is a cybersecurity company providing SBOM management and software supply chain intelligence technology, helping organizations to manage risk, meet compliance requirements, and secure their software from procurement to development and operation. The company's platform gives customers comprehensive visibility and transparency into their software supply chain, enabling them to improve operational efficiency and increase revenue.

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