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The acquisition is expected to supply complementary expansion markets
AUSTIN, TX / ACCESSWIRE / May 18, 2022 / Cipherloc Corporation (OTCQB:CLOK) (“Cipherloc”), a developer of complex encryption technology, announced today that it has reached an agreement to obtain SideChannel Inc. (“SideChannel”), a cybersecurity company that provides a Director of Virtual Information Security (“vCISO”) complemented by more privacy control equipment and capabilities. The mixed entity would combine highly professional cybersecurity skills with software teams. Restricted organizations that want a multi-layered cybersecurity defense.
“We anticipate that this acquisition will allow us to achieve our mutual ambitions to improve and simplify cybersecurity for start-ups and midsize enterprises,” said Brian Haugli, CEO of SideChannel. a wonderful cybersecurity program. SideChannel’s vCISO platform provides best-in-class answers for historically underserved businesses across major players. Mid-market corporations deserve to reduce risk, as much as anyone else, so they can get more business and protect their consumers. We believe this business combination will also allow those consumers to get the highest point of vCISO installations combined with software responses tailored to their unique desires and budgets.
Tom Wilkinson, President of Cipherloc, said: “Cipherloc is building a portfolio of subscription software starting with Cipherloc Enclave. Innovative and applicable concepts and reducing our cycle times”. Wilkinson added, “The combination of those two corporations creates a revolutionary expansion platform in a fast-growing industry that is expected to succeed at $500 billion through 2030 according to Grand View Research. Technology and solutions, such as our offering, are expected to dominate a significant portion of this expense. »
Haugli, a former full CISO, founded SideChannel in 2017 and has expanded its base of visitors and service providers. To date, the company has attracted more than 20 vCISOs and caters to more than 50 visitors; adding GoFundMe, CrispR Therapeutics, Cotopaxi, Virgin Voyages and Talos. Clients span the fintech, biotech, healthcare, manufacturing, defense and generation sectors. SideChannel posted revenue of $2. 6 million for the year ending September 30, 2021, a 114% build on last year’s revenue of $1. 2 million.
A baseline on the payment of 458 Information Security Officers (CISOs) conducted through IANS Research
SideChannel’s vCISO style allows corporations to appoint C-suite cybersecurity professionals at a potentially lower cost than building an in-house cybersecurity team. SideChannel specializes in creating answers of the right length for a company’s unique desires and maturity point. Control of corporate plans combined to conquer the market share by focusing on the market component that is underserved through giant solution providers: startups and medium-sized corporations.
Cipherloc’s agreement to obtain SideChannel is subject to popular end situations, adding FINRA approval. Cipherloc assures that these final situations will be fulfilled or that this acquisition will be made. and one hundred percentages of convertible cipherloc likes that come with a right of appointment to the board of directors. Each percentage of likes would be changed to a non-unusual percentage. SideChannel shareholders would get another 59,900,000 non-unusual percentages from Cipherloc if SideChannel reaches $5. 5 million in revenue.
Cipherloc has posted a presentation on its online page to provide more main points about the business mix resulting from this transaction. Cipherloc will hold a conference call with investors on Thursday, May 19, 2022 at 5:00 p. m. EDT to talk about the transaction and answer the queries won in advance. A live and archived webcast of the call will be viewable, as well as simultaneous presentation slides on Cipherloc’s online page in www. cipherloc. net. Those who wish to succeed in via audio can only dial 1-973-528-0011 and use the passcode 764904. The slides will be posted in the Investors segment of the Cipherloc online page for a separate download. To submit a consultation proposal for the convention call, please email Cipherloc Investor Relations in mkreps@darrowir. com.
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About SideChannel
SideCh More than 20 high-level data security officers have a combined experience of 439 years between them. To date, SideChannel has created more than 50 multi-layered cybersecurity systems for its customers. Learn more about sidechannel. com.
About Cipherloc Corporation (OTCQB: CLOK)
Cipherloc Corporation provides complex generation and expertise to protect your knowledge and protect your privacy with the speed you want today and the agility you want tomorrow. Cipherloc Enclave, the company’s micro-segmentation product, is the simple, effective and secure way to protect knowledge and threat while improving team productivity. Designed with the user in mind, Cipherloc Enclave makes encryption available and available. Learn more about www. cipherloc. net.
Forward-Looking Statements
This press release would possibly include forward-looking statements, aggregated data about the prospects of control regarding Cipherloc’s long-term expectations, plans and prospects, aggregated within the context of safe harbor provisions under applicable law. Private Securities Litigation Reform Act of 1995 (the “Act”). In particular, when used in the foregoing discussion, the words “believes”, “expects”, “expects”, “intends”, “plans”, “anticipates” or “possibly” and similar conditional expressions are intended to identify Statements. they seek within the meaning of the Law, and are subject to the safe harbor created through the Law and otherwise. All statements made in this press release other than statements of past fact, relating to an action, occasion or expansion, are forward-looking statements. These statements involve known and unknown threats, uncertainties and other items, which could possibly cause the effects of Cipherloc, its businesses and concepts to be very different from those expressed or implied by those statements. These threat points include, but are not limited to, our ability to meet acquisition endpoints; our ability to integrate SideChannel’s operations into our business; that we have suffered net losses since inception, our need for additional financing, very extensive doubts about our ability to continue our business and the terms of any long-term financing we obtain; that COVID-19 has had an adverse effect on our operations and may continue to have an adverse effect on our operations in the long term; our reliance on existing control and our ability to attract and retain qualified employees; festival of our products; our ability to expand new products, improve existing products and innovate; the unpredictable ability of our operating effects; our ability to retain existing licensees and load new licensees; our ability to manage our growth; our ability to protect our intellectual assets (IP), enforce the rights to our intellectual assets, and preserve rights against claims we have infringed on the intellectual assets of others; and other threat items included from time to time in Cipherloc’s filings with the Securities and Exchange Commission, including, among others, its 10-K, 10-Q and 8-K forms. These reports can be obtained at www. sec. gov. Other unknown or unpredictable things can also negatively affect the long-term effects of Cipherloc. Forward-looking statements included in this press release speak only as of the date hereof. Cipherloc cannot guarantee long-term effects, activity levels, functionality, or achievement. Accordingly, you deserve not to place undue reliance on such forward-looking statements. Finally, Cipherloc assumes no legal responsibility to update such statements after the date of this publication, unless required by law, and assumes no legal responsibility to update or correct data available through third parties who are not paid to via Cipherloc. If we update one or more forward-looking statements, no conclusion should be drawn that we will make any further updates with respect to such or any other forward-looking statements.
Investor Contact:Matt KrepsInvestor Relations at Darrow Associates214-597-8200mkreps@darrowir. com
SOURCE: CipherLoc Corporation
See the accesswire. com edition: https://www. accesswire. com/701830/Cipherloc-Agrees-to-Acquire-SideChannel-Inc-Expanding-Cybersecurity-Service-and-Product-Offering