With the rising advancements in IT and Big Data across the world, the need to protect that data has also increased globally. In fact, a recent Pew Report paints a vivid picture of just how important data privacy is becoming to the average internet user. According to the report, 79% of users in the Americas are concerned about their data privacy, 41% of U.S. users delete cookies frequently, and 30% of internet users have installed ad blockers.
According to Fortune Business Insights, the data privacy software market was worth $1.68 billion in 2021 and is on track to grow from $2.36 billion in 2022 to $25.85 billion by 2029, translating to a CAGR of 40.8%. Evidently, more enterprises and users are demanding better data privacy software solutions which is where data privacy and security company, Sekur Private Data Ltd. (CSE:SKUR) (OTCQX:SWISF) comes in.
Sekur is addressing multiple needs in the cybersecurity market with its broad array of security solutions which include SekurMail and SekurMessenger privacy solutions.
SekurMail lets a user send an email to any other recipient, whether they have Sekur or not, in full privacy and security since the email never leaves Sekur‘s encrypted email servers. The recipient can then click on the notification and reply in the same manner without having to register for a Sekur account.
SekurMessenger comes with a proprietary feature and technology that allows a SekurMessenger user (“SM user”) invite via email or SMS, a non-SM user, or a group of non-SM users, to chat in a fully private and secure way, without the recipient ever having to register to SekurMessenger or download the app. After the chat, the initiator of the conversation can remotely terminate the conversation, and all traces of the conversation are deleted from all users, including the recipient.
All communications are routed through Sekur’s privately owned servers, which are only hosted in Switzerland, using the highest encryption industry standards, combined with its proprietary HeliX technology (a 2048-bit encryption) for added security.
Apart from securing communications, Sekur offers a differentiated subscription-based virtual private network (VPN) solution for protecting the online activities of both individuals and organizations. Currently, privacy is still a critical issue within the cybersecurity services market thanks to data mining and third-party leaks, which have become major issues among virtual private network (VPN) providers. SekurVPN is unique, in that it is the only commercially available VPN that isn’t powered by Big Tech firms such as Google and Amazon.
Another concern with most VPN providers is that they structure their service in a way that leaves critical loopholes that can be exploited for data - a problem that Sekur wants to solve with its SekurVPN. This VPN service is hosted entirely on Sekur’s own servers based in Switzerland, which has ironclad data privacy laws and isn’t subject to the US Patriot and Cybersecurity Act, or CLOUD Act . It’s also a pure VPN service, with no other third-party add-ons bundled into the plan.
The company expects significant top-line growth in 2023, partially driven by its new VPN solution. According to the company’s latest unaudited financial reports for Q1 of 2023, Sekur Private Data Ltd. (CSE:SKUR) (OTCQX:SWISF) increased sales by 50% year-over-year (YoY). What’s more, the company has been focused on improving its customer metrics since January, and the efforts are already paying off.
In June, Sekur announced that it had successfully brought down its customer acquisition cost (CAC) to between $30 and $35, which represents a 91% reduction from January and a 55% decrease from April. This result came in well below the company’s original target of a $75 CAC by the end of 2023 and a $60 CAC by the end of 2024.
Interestingly, Sekur succeeded in improving its Life Time Value (LTV) metric per customer, which measures the average revenue from a customer during their relationship with the company. This reduction in CAC, coupled with an increasing LVT, has resulted in improved profit margins per customer.
“We are pleased to show our shareholders that our plan to increase sales while reducing expenses is materializing,” said CEO Alain Ghiai. “We intend to continue to follow our plan for 2023, which is to improve our solutions, reduce our Customer Acquisition Cost (“CAC”) and increase in proportion our digital marketing budgets, as the CAC goes down.”
Sekur Private Data Ltd. (CSE:SKUR) (OTCQX:SWISF) has taken significant steps to further expand its business and has revealed plans to launch major marketing campaigns by the fourth quarter. So far, the company has announced a new distribution agreement with Digital Smart Solution Sarl (DSS), a Morocco-based IT services consulting company, for its Sekur suite of privacy communications solutions, including the upcoming Sekur Enterprise solutions.
According to DSS, there’s currently no reliable private and secure messaging solution in the Moroccan market, signaling a massive opportunity for Sekur. To put this opportunity in better context, DSS intends to target the largest and third largest telecom operators in the country, which have a combined mobile subscriber base of well over 20 million users.
Summary
Going forward, Sekur appears well positioned to reap the benefits of the exploding demand for data security and privacy solutions. Thanks to the new distribution agreements, increasing customer LVT, and surging demand for privacy software, the company could be on track to maintain double digit growth on its top-line.
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