Australian cybersecurity firm archTIS Ltd has inked a new contract with existing client, the Bank of Finland, for licensing the NC Protect and the NC Encrypt module. This deal transitions the Bank of Finland from the previously acquired cp.Protect offering.
The total contract value amounts to A$235,291 (€143,660), with A$51,787 designated as annual recurring licensing revenue (ARR) spread over a four-year period.
This new agreement permits the Bank of Finland to purchase additional licences during the contract period, which extends until June 30, 2027. The bank maintains the right to terminate or partially conclude the contract with a 30-day prior written notice but would be responsible for any outstanding fees or costs due for the remainder of the contract term.
Europe looks for digital sovereignty
As Finland's national monetary authority and central bank, the Bank of Finland is a member of the Eurosystem, responsible for monetary policy and other central bank duties within the eurozone. The bank controls the usage of the euro, the world's second-largest currency.
The Bank of Finland opted for NC Protect to guard against internal threats in SharePoint 2019 and SharePoint SE.
Welcoming the bank as the newest client for NC Protect and NC Encrypt, archTIS' global COO & US president Kurt Mueffelmann said that European organisations were increasingly seeking independent encryption key management for their Microsoft (NASDAQ:MSFT) 365 applications and SharePoint on-premises environments.
“Organisations, particularly across Europe, are increasingly looking for independent encryption key management for their Microsoft 365 applications and SharePoint on-premises environments to maintain digital sovereignty and add data-centric protection to combat insider threats,” Mueffelmann said.
“This is the driving requirement for both Bank of Finland and DHL, as well as other current opportunities in international markets.”