Subex soars on partnering Spire Solutions, winning order

Subex jumped 7.38% to Rs 58.95 after the company announced a strategic partnership with Spire Solutions and won a project to secure a leading oil and gas company in the Middle East.

Subex, a leading provider of digital trust, Internet of Things (IoT) and operational technology (OT) cybersecurity solutions, and Spire Solutions, Middle East & Africa's leading value-added distributor (VAD), have announced a strategic tie-up to address the steep rise in cyberattacks and associated cyber risks in the region.

Subex and Spire have just been awarded a project by a major oil and gas entity in the Middle East to meet its cyber security, device discovery, and cyber risk assessment requirements. The said entity currently manages refinery, petrochemicals, and LNG import operations through one of the biggest petroleum complexes in the region.

As part of the project, Subex is deploying its IoT and OT security solution Subex Secure to detect, contain and address unauthorized intrusions and threats, improve cybersecurity posture, and ensure overall protection from malware and disruption caused by cyber attacks. The project will help the entity focus on its core business objectives while Subex and Spire ensure secure operations, assets, and infrastructure across locations and projects.

"We are delighted by this win that has come in so early in our partnership with Spire. It is a validation of our joint mission to secure businesses in the region. I am confident that this partnership will enable businesses to benefit from the synergies brought about by the strengths of both organizations. With the rising number of cyberattacks and the consequent increase in cyber risks, businesses should now accord a higher degree of priority and attention to cybersecurity. We look forward to this strategic partnership evolving into a cornerstone for securing businesses and their operations," said Vinod Kumar, MD & CEO of Subex.

Subex is a leading telecom analytics solution provider and leveraging its solution in areas such as revenue assurance, fraud management, partner ecosystem management.

The company's consolidated net profit tanked 51.2% to Rs 15.60 crore on 7.8% decline in revenues to Rs 96.20 crore in Q4 March 2021 over Q4 March 2020.

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