Sydney-based cyber security firm and IBM partner, Decipher Works (DWX), is on track to hit record revenue growth in the 2018 financial year, after new wins in the insurance industry.
Decipher Works, which is owned by Australian Securities Exchange (ASX)-listed financial services technology player, Transaction Solutions International (ASX:TSN), has captured around $500,000 worth of revenue from new business wins over the past few months, according to its parent company.
Decipher Works claims IBM, Okta, Forgerock and Thycotic among its vendor partners. As well as integration services, the company offers managed services and support, access management, identity governance and enterprise security.
Broadly, the publicly-listed company said that its cyber security subsidiary’s performance has been tracking well, and is expected to achieve record revenue growth for the 2018 financial year.
“Underpinning this growth is DWX’s loyal base of existing customers. DWX continues to serve its customers well which is evidenced by consistent contract renewals, which is fundamental to growth,” TSN said.
The group has previously outlined a two-pronged strategy to expand in the cyber security market, with the first prong including growing its Decipher Works business organically by expanding the subsidiary’s managed services business and offering new services.
The second prong involves acquiring other “proven” cyber security businesses that are complementary to DWX’s business portfolio.
“This strategy is designed based on TSN’s intent to consolidate the fragmented cyber security market and position itself to become a one-stop cyber security service provider to capture the strong growth in demand in Australia and Asia,” the company told shareholders on 20 November.
In September, TSN told shareholders that Decipher Works had secured a six-month contract extension worth $100,000 per month with one of its largest clients, representing roughly 35 per cent of the subsidiary’s FY17 monthly revenue run-rate.
At the time, TSN said that Decipher Works was in advanced discussions with an unnamed Australian bank for a three plus two-year managed services engagement.