TORONTO, ON / ACCESSWIRE / June 6, 2023 / - Data privacy and security company, Sekur Private Data Ltd. (OTCQX:SWISF)(CSE:SKUR)(FRA:GDT0), has released its unaudited financial results for Q1 of 2023. The results suggest improved margins for the company which recently rolled out a new virtual private network (VPN) product.
Sekur's sales were up by 50% year-over-year (YoY) for Q1 2023, and the company was simultaneously able to reduce expenses by 55% YoY. According to the company it also completed the quarter with a solid balance sheet.
"We are pleased to show our shareholders that our plan to increase sales while reducing expenses is materializing," said Alain Ghiai, CEO of Sekur Private Data. "We intend to continue to follow our plan for 2023, which is to improve our solutions, reduce our Customer Acquisition Cost ("CAC") and increase in proportion our digital marketing budgets, as the CAC goes down."
The company set the goal of reducing its CAC from $75 to $60 between 2023 and 2024. In some of its campaigns, Sekur was able to lower CAC to as little as $28 on some campaigns, with a CAC of $74 for the month of April - well below its target cost for that month. The company plans to scale up digital marketing as CAC continues to decrease.
Sekur Positioned In A Growing Industry
The cybersecurity market was worth $182.3 billion in 2022 and is predicted to reach $571.1 billion by 2030, growing at a compound annual growth rate (CAGR) of 13.4% over 2022-2030. Within the sector, VPNs are an increasingly popular choice for individuals and institutions looking to protect their online data. Currently, 33% of all internet users say they have a VPN, and of those two-thirds state that they use VPNs to protect their online activity.
Sekur released its own SekurVPN product in April, a first-in-class, commercially available VPN that isn't powered by Big Tech. The company expects sales to continue to increase in 2023, in part due to its new VPN solution. In the coming weeks, SekurVPN will also be launched with a special offer for existing shareholders and Sekur users, and the company will run digital marketing campaigns to expand its product to a larger US audience.
"The plan is to increase digital marketing as we lower our CAC and scale up from there," continued Ghiai, looking ahead to the rest of 2023. "We are expecting increased sales for 2023 vs 2022, thanks to a lower CAC and the launch of new solutions and various improvements to our existing ones. We also want to thank all our shareholders for their support, and we look forward to presenting even better financial results for 2023."
Sekur also provides a new bundle offer, where if a customer selects one of the company's three primary products, they are automatically offered one or both of the other products at a discounted price. Sekur's three major products are SekurMail, SekurVPN and SekurMessenger. This bundle deal has already seen positive results, with Sekur reporting that 50% of its customers have chosen to bundle its products.
SOURCE: Sekur Private Data Ltd.