Company Sees 50% Increase in Subscription Revenue Quarter-Over-Quarter as Adoption of its Consumer Privacy Product Accelerates
Safe-T® Group Ltd., a global provider of cybersecurity and privacy solutions to consumers and enterprises, today announced that it has reached a monthly recurring revenue (MRR) milestone for its recently introduced privacy solution for Apple mobile devices via the App Store, which is now serving more than 10,000 subscribers worldwide.
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2021 witnessed growing demand from consumers looking for effective solutions to keep their identities private, strengthening their online safety and anonymity. Seeking to provide consumers with an alternative to existing, often slow and unreliable VPN technology, the Company’s new privacy solution was launched in early 2021 through a phased product introduction program. Since its launch, the consumer privacy product has recorded significant subscriber revenue growth, averaging over 50%, quarter-over-quarter. The Company ended 2021 with more than 10,000 paid subscribers, with significant presence in the United States. Recently, the Company has seen strong interest in its solution from users in countries that are invoking more restrictive policies for online activity. To capitalize on the growing interest for enhanced consumer privacy, the Company intends to ramp-up global marketing of the product through the first half of 2022 and launching its availability on Android mobile devices and personal computers.
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“It is clear that consumers around the world are increasingly seeking solutions to keep their data and online activities private as the need for privacy is no longer only a priority for large organizations, governments and public institutions. VPN solutions have become a mainstream tool, now helping millions of users around the world protect their privacy, and that adoption is accelerating. That is why Safe-T is committed to advancing its privacy offerings with features and capabilities that we believe will further differentiate us in the market,” said Eitan Bremler, VP of Product strategy at Safe-T.
Shachar Daniel, Chief Executive Officer of Safe-T, added, “Since we acquired our consumer products business this past summer, our team has been successful in introducing a number of exciting new products and capabilities, and we are very pleased with their early performance. The growth in our consumer business is a significant factor behind our expected record 2021 financial performance announced last week, driving our full-year revenue above $10 million, a year-over-year growth of more than 100%. We are confident in the potential of our consumer business and look forward to realizing the untapped value we see as millions of consumers seek new cybersecurity and privacy solutions.”
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