Helsinki, Finland – April 08, 2020 – SSH.COM has been awarded roughly €750,000 in grant-based funding by the European Union and Business Finland for further development of the PrivX product. The funding is a part of the European ECSEL Joint Undertaking established in 2014.
SSH.COM estimates that the funding will commence during Q3/2020 after customary preparations are concluded and the agreements are signed. The funding helps take PrivX development further and supports, in particular, the development of machine-to-machine, automation, and IIoT (Industrial Internet of Things) features of PrivX.
The funding will be accounted for as a reduction in capitalized product development costs and recognized by way of reduced depreciations. A portion of the funding will be recognized under other operating income from 2020 to 2022 in proportion with incurred costs.
The funding is a part of a large pan-European consortium with members from various EU member states. In addition to the funding, SSH.COM will have an opportunity to work with many leading industrial players across Europe to further develop PrivX to meet the needs of the industrial segment.
"This funding is a further milestone for PrivX development. Not only do we get support for developing new functionality and addressing new verticals, but we also get the opportunity to do this in close cooperation with large industrial players who are also potential customers for us,” said Dr. Teemu Tunkelo, CEO of SSH.COM.
PrivX is lean, quick-to-implement and easy-to-use access management software for privileged access to on-premise and cloud environments. PrivX helps clients to flexibly enable and control access to servers, network devices, and other critical infrastructure according to user roles and privileges. PrivX offers unique modern features and functionality that, compared with in-house and traditional tools, not only strengthen IT security but also increase the speed of business and lower privileged access implementation and operating costs.
Companies worldwide are using PrivX for use cases varying from securing their DevOps to 3rd party access security to access automation.
For more information about PrivX, please visit: https://www.ssh.com/products/privx
About SSH.COM
SSH.COM helps organizations access, secure and control their digital core – their critical data, applications, and services. We have over 3,000 customers around the world, including 40 percent of Fortune 500 companies, many of the world’s largest financial institutions, and major organizations in all verticals. We are committed to helping our customers thrive in the cloud era with solutions that offer secure access with zero inertia, zero friction, and zero credentials risk. SSH.COM sells online; through offices in North America, Europe and Asia; and through a global network of certified partners. The company’s shares (SSH1V) are quoted on the NASDAQ Helsinki. For more information, visit www.ssh.com.
SSH.COM Contact:
Jussi Mononen
SSH.COM
+358 45 615 4855
jussi.mononen@ssh.com
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