Silicom Expands Penetration of Cyber Security Leader: Customer Shifts to Use of Silicom’s Encryption Solutions
Silicom Ltd. (NASDAQ: SILC) today announced that one of its existing customers, a world-leading Cyber Security player, has selected Silicom’s encryption solution over the competitor’s solution that it is currently using, and plans to deploy it in a number of its new platforms.
To date, the customer has confirmed that it has designed in a Silicom encryption card into two of its new platforms and that it plans to deploy it in additional platforms over the year ahead. Once all of these platforms are launched and complete sales ramp up, Silicom expects related volumes to reach approximately $2 million per year.
Commenting on the news, Shaike Orbach, Silicom’s President & CEO, said, “This important win over an entrenched competitor demonstrates that our encryption solutions are becoming the mainstream standard for Cyber Security, one of our primary target markets. We are delighted to continue deepening our relationship with this industry leader, achieving a privileged position that brings us new opportunities and gives us unique insight into industry needs. As such, we believe we are ideally positioned to ride the Cyber Security’s expansion as one of our major future growth drivers.”