Strong growth for Verisec in the United Arab Emirates

Press release

IT security company Verisec announces today that they in the fall of 2017 nearly tripled the number of customers in the banking and finance segment in the United Arab Emirates. The increase is a result of targeted efforts in the region after changing competitive conditions opened up opportunities for initiating cooperation with a large number of new customers.

Verisec established operations in the United Arab Emirates with offices in Dubai during the second half of 2015. The focus on this market has in a first step been to deliver third-party products in data protection and encryption for the banking industry, in order to provide Verisec’s proprietary products within digital identities and e-identification as a next step. The strategy has been successful and until the first half of 2017, customer relationships have been established with six banks. During the year, changed conditions in competition opened up for a greater investment in the region. This initiative began during the spring with recruitment and marketing activities, and the result is that contracts have been signed with another eleven banks. As a result, Verisec’s market share is approaching 50% in the banking sector in the United Arab Emirates.

Johan Henrikson, CEO Verisec, comments:
”The focus on the Middle East has exceeded expectations and having reached such a strong market position in just over two years shows our ability to grow internationally. Now, we handle the core of IT security for seventeen banks in the region, which of course opens up great opportunities for us to deliver Freja and other electronic identification products to these customers. However, the lead time for this type of business is significantly longer, but with our strong positions with these banks, the conditions are good for continued growth in the region, in all our product areas.”

For more information, please contact:
Johan Henrikson, CEO Verisec
Mobile: +46 733 45 89 02

For press release in PDF, please click here.