Eu To Award Ssh Communications Security Corporation Eur2m Funding For Product Development

 
TIDMSSH1V 
 
 
   EU TO AWARD SSH COMMUNICATIONS SECURITY CORPORATION EUR2M FUNDING FOR 
PRODUCT DEVELOPMENT 
 
   The funding will accelerate PrivX(R) development and marketing and 
supports the SSH200 growth vision 
 
   The European Commission has notified SSH Communications Security 
Corporation that the EU has awarded SSH a funding of just over EUR2M for 
development, marketing, and go-to-market activities of the PrivX product 
over the next 24 months. 
 
   The funding is part of the EU's Horizon 2020 Programme (Horizon 2020 SME 
Instrument Phase 2) that supports innovative small and medium-sized 
firms. The program offers Europe's brightest and boldest 
entrepreSHYneurs the chance to step forward and request funding for 
breakthrough ideas with the potential to create entirely new markets or 
revolutionize existing ones. 
 
   SSH estimates that the funding will commence during Q4/2019 after 
customary preparations are concluded and the agreements are signed. The 
total budget for the project is approximately EUR3M, of which SSH's part 
of will be roughly EUR1M. 
 
   The funding will be recognized from 2019 to 2022, and it will be shown 
as other operating income in the profit and loss account. The funding 
will be recognized in alignment with the incurred costs. Approximately 
EUR1M of the funding is anticipated to be received already during 
Q4/2019 as the project commences. 
 
   The criteria for the funding are very tight, and less than five percent 
of Phase 2 applicants are awarded. The EUR2M awarded to SSH is also more 
than the historical average of EUR1.6M of the grants. 
 
   The EU evaluates the projects using three criteria: impact, excellence, 
and execution. Key considerations in the impact criteria are the 
scalability of the innovation and the potential to generate significant 
revenue. SSH and the PrivX product fulfilled all these criteria and also 
convinced an EU-appointed jury of international technology and business 
experts about the potential and significance of the PrivX product and 
the company in global competition. 
 
   The CEO of SSH, Ms. Kaisa Olkkonen, remarks: "EU funding significantly 
accelerates PrivX product development and also enables us to increase 
marketing investments for PrivX. The awarding of this highly 
sought-after and hard-to-win funding to SSH is a clear sign that also 
external experts share our belief that PrivX is truly a major 
cybersecurity innovation with significant growth potential. We are 
gratified that the importance of PrivX for the future of access 
management has now also been recognized by the EU. This funding is a 
concrete step on our road to secure the funding and necessary resources 
to fulfill our SSH200 growth vision." 
 
   The funding enables SSH to increase its product development and 
marketing investments and resources significantly and to meet customer 
needs even better. SSH will immediately start recruitments to strengthen 
its product development team. 
 
   SSH COMMUNICATIONS SECURITY CORPORATION 
 
   Kaisa Olkkonen 
 
   CEO 
 
   For further information, please contact: 
 
   Kaisa Olkkonen, CEO, tel. [phone] 
 
   Distribution: 
 
   Nasdaq Helsinki Oy 
 
   Major media 
 
   https://www.globenewswire.com/Tracker?data=KkrACx3_aLs3yziikApWBeaQkdEKqYKO9Uc2iSCqpe5348twUPEsTU-Ohmjx882RnseZalZ-eFlDcP935BQOlQ== 
www.ssh.com 
 
   SSH Communications Security 
 
   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. 
 
 
 
 

(END) Dow Jones Newswires

August 08, 2019 02:30 ET (06:30 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.