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Over the last year, GlobeX has signed distribution agreements in more than 20 countries on five continents
GlobeX provides cybersecuirty and internet privacy solutions, which are hosted in Switzerland
GlobeX Data Ltd a Swiss-hosted cybersecurity company, saw its business model affirmed in a recent report from Goldman Sachs, which advised investors to focus on US tech stocks with foreign exposure, the company said in a statement on Wednesday.
The report, which Bloomberg reported over the weekend, suggested that investors betting on future dollar weakness should target US companies with high international sales, which tend to often outperform in weak-dollar environments.
“During months when the trade-weighted dollar fell by at least 1.25%, the international-facing information technology and energy sectors have performed best while the more domestic-facing consumer discretionary sector has performed worst,” Goldman Sachs wrote. “When the dollar weakens, investors should favor firms with a larger share of revenues generated abroad.”
Over the last year, GlobeX has worked to do just that, signing distribution agreements in more than 20 countries on five continents. In Central and Latin America alone, the company has agreements to sell its security solutions in 11 countries, and in the Middle East, GlobeX is engaged in distribution in most Gulf Cooperation Council countries and is planning to sign more agreements in the coming weeks and months.
“We have spent the last 12 months building our International network of distributors and are expecting to see the first revenues by Q4 2020,” CEO Alain Ghiai said in a statement. “Coivd-19 has delayed the completion of sales in the emerging markets by about nine months, however, we are seeing some rapid increases in activity in South Asia with other regions showing signs of early business activity.”
In Canada, where GlobeX is headquartered, GlobeX is preparing a campaign with its distributor Darn IT Group to follow the launch of its latest secure communications application, Sekur.
“We expect to ramp sales by Q4 2020 and go in full force mode in 2021,” Ghiai said. “Most of the emerging markets are just re-opening their economies and all are embracing [work from home] mode so this is going to be a very good boost for our remote work security solutions.”
GlobeX projects recurring sales from emerging markets to exceed $1 million in 2021, which would result in net profit of $700,000. In 2022, the company expects sales to double.
“Our strategy was to spread our geographic risk in all five continents spanning over 20 countries,” Ghiai added. “This permits GlobeX to have a variety of economies contributing to its sales and bottom line. Cybersecurity is a global phenomenon and we want to be present globally in order to help businesses worldwide fight cyber crime and protect their data.”