Safe-T Group Ltd. (SFET) stock rises in the current market trading. Why is it so?

Safe-T Group Ltd. (SFET) stock gains by 16.26% in the current market trading after SFET reported that its ZoneZero solution, built by its wholly owned subsidiary Safe-T Data A.R Ltd., had been successfully installed to NASA’s Solution for Enterprise-Wide Procurement contract vehicle (SEWP-V). Safe-T Group Ltd. is a supplier of intelligent data collection and access solutions. Their cloud and on-premises solutions protect businesses’ business-critical resources and confidential data from cyber-attacks while maintaining business continuity.

What is happening?

Safe-solutions T’s were integrated into the SEWP vehicle due to its lead distributor in North America, Philemon Security USA, and its channel partners. All federal agencies in the United States, such as the Department of Defense, as well as government contractors, can buy ICT and AV solutions from SEWP-authorized resellers. NASA’s SWEP-V is a US Government-Wide Acquisition Contract administered by NASA and approved by the US Office of Management and Budget.

The CEO said,

The addition to the SEWP contract vehicle not only validates their ZoneZero approach but also demonstrates the intensity of Philemon, SFET new US partner. He also mentioned that their shared aim is to focus on the federal sector, which represents a huge market for their access solutions. SWEP-V is used by federal agencies and the Department of Defense to buy a range of technologies. This vehicle’s benefit is its request-based approval mechanism, which allows agencies to get tailored solutions to real-time needs rather than relying on a small catalog.

The CEO of Philemon Security USA said,

That they see SEWP as an efficient vehicle by which we can offer Software Defined Perimeter (SDP) and Virtual Private Network (VPN) to match or exceed Government Zero Trust requirements in a cost-effective manner as our government customers and channel partners enhance their Zero Trust implementation.