Pires Investments (AIM: PIRI) has noted a public sector distribution agreement between Getvisibility and immixGroup, a distributor of enterprise IT for the U.S. public sector.
Pires holds an interest in Irish-based security firm Getvisibility through its £1.1m investment into entrepreneur-led VC fund Sure Valley Ventures (“SVV”), in which it holds 13% interest.
In addition, it also holds a direct interest after the group invested €250,000 into Getvisibility on 10 March 2020 as part of a wider €1.25 million fundraise by the private AI security firm.
Today’s agreement will allow Getvisibility to grow its public sector business, accelerate sales cycles, and operate more efficiently in the government market. Federal agencies will also be able to deploy the group’s products on-premises and into their existing cloud infrastructure.
Getvisibility, which is now available through immixGroup's portfolio of contract vehicles, can be used by federal agencies to help transform their data security at a time when new regulations and legislation are challenging public entities to upgrade their IT systems.
The Federal Information Technology Acquisition Reform Act, for example, was implemented to change the ways the U.S. federal government buys and manages computer technology.
Shares in Pires Investments have improved in recent months from lows of 1.52p in April 2020 and share closed at 3.3p on Monday afternoon.
Similarly, the Cybersecurity Maturity Model Certification is a unified standard for implementing cybersecurity across the defense industrial base. These regulations and laws are using innovative technologies that better protect data while saving billions in taxpayer dollars.
As a comprehensive enterprise data security and classification solution, Getvisibility is designed to address demanding use cases and help ensure regulatory compliance.
"We are delighted with Getvisibility's agreement with immixGroup, which is expected to deliver a significant increase in business for Getvisibility,” said Peter Redmond, Chairman of Pires.
He added, “With the changing landscape of cybersecurity regulations in the U.S., we believe Getvisibility is well positioned to serve the increasing demand for comprehensive data security services. The agreement with immixGroup will certainly aid this progress.”
Pires Investments added that its business strategy remains “focused on strategic investments in high-tech businesses with significant potential for accelerated growth.”
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