Smarttech247 receives €6mn order from global manufacturer - The EE

Smarttech247 receives €6mn order from global manufacturer

Peter Redmond of Pires Investments

Pires Investments plc, the investment company focused on next generation technology, has invested in Sure Valley Ventures following SVV’s recent investment in Smarttech247 and Smarttech247’s €6 million order from an unnamed global manufacturing firm.

Smarttech247 (incorporated in the Republic of Ireland as Zefone Ltd) is a global artificial intelligence (AI) based cyber security cloud business that protects enterprises as they migrate to cloud-based IT operations. Smarttech247 has over 100 technology partners, including Tanium and Crowdstrike, and 50 clients based in Europe and the US.

Smarttech247 has announced that it has been awarded a purchase order with the value of €6 million for plant level Operational Technology (OT) cyber security services, with respect to the contract announced by the Company on 24 June 2021.

OT is hardware and software that detects or causes a change through the direct monitoring and/or control of physical devices, processes and events in an enterprise. OT is common in Industrial Control Systems (ICS) such as a SCADA System.

As part of the contract, Smarttech247 will manage, advise and implement security measures and controls that aim to improve the prevention, detection, mitigation, and response capabilities for OT systems, as well as aligning with regulatory requirements.

Pires has a circa 20% interest in SVV, a venture capital fund focused on investing in the software technology sector with a specific focus on Artificial Intelligence, the Internet of Things and Immersive Technologies. 

Peter Redmond, chairman of Pires comments,“We are pleased to note Smarttech247’s €6 million purchase order award to provide plant level Operational Technology cyber security services to a global manufacturing firm.

Smarttech247 provides unmatched OT security expertise that helps its customers to align with regulatory requirements and against the growing volume of cyber threats to ICS/SCADA systems. We look forward to following Smarttech247’s progress in due course.”

Pires Investments plc is an investment company providing investors with access to a portfolio of technology businesses chosen for their growth potential.

The company is building an investment portfolio of high-tech businesses across areas such as Artificial Intelligence, Internet of Things, Cyber Security, Machine Learning, Immersive Technologies and Big Data, which the board believes demonstrate evidence of traction and the potential for exponential growth, due to increasing global demand for development in these sectors.

Smarttech247 is an MDR (Managed Detection & Response) company and a specialist in security operations. It combines threat intelligence with managed detection and response to provide actionable insights, 24/7 threat detection, investigation, and response. Its service is geared towards proactive prevention by utilising the latest in cloud, big data analytics and machine learning.

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