Sekur Private (CSE: SKUR, OTC: SWISF) is a tech company providing solutions to keep your information confidential by being stored in Switzerland using military-grade security and Swiss privacy laws. The stock price used to be trendy during the Covid pandemic but hit its 52-week low in January 2023. Is the downtrend related to economic conditions or simply because of a lack of trust from investors?

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Market Overview

According to Fortune Business Insights, the market for data privacy software was valued at USD 1.68 billion in 2021. It is anticipated to increase to USD 25.85 billion by 2029, at a CAGR of 40.8%, from USD 2.36 billion in 2022. The most significant market share is anticipated to belong to North America. Governments all over the world have been forced to establish laws and rules to enforce data privacy. With strict regulations, businesses must deal with problems like safely processing data collected from individuals without infringing the law. The management of multiple requirements that are country-specific is difficult for organizations. The need for data privacy software has increased as a result of these factors. The software helps the company follow its data protection policies and practices. As a result, the market for data privacy software is anticipated to develop as data protection legislation is expanded globally.

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Company Overview

Sekur Private (CSE: SKUR, OTC: SWISF) offers Swiss-hosted private communications and data management solutions. It also provides internet privacy and cybersecurity services. The company offers a variety of technologies for document management, cloud-based storage, disaster recovery, encrypted emails, secure messaging, and secure communications: SekurMail, a hosted private email platform for businesses. SekurMessenger, a Swiss secure messaging software, and SekurSuite, a cloud-based product package of data backup, file sharing, password management, and communication tools, are all available. Sekur Private offers its services via wholesalers, the internet, and telecommunications firms. It serves consumers, businesses, and governments worldwide. The company was formerly known as GlobeX Data Ltd. and changed its name to Sekur Private Data Ltd. in April 2022.

On March 21, Sekur launched its SekurVPN and to convince potential clients the first 5,000 subscribers would get a 60% yearly discount. Sekur has finalized its cutting-edge Swiss-hosted VPN privacy solution in response to increased demand from its existing consumer and business users who have requested the company provide a VPN product. In its Swiss data centers, Sekur has all the servers required for processing encryption and hosting SekurVPN. Those who want to hide their IP addresses from hackers can utilize SekurVPN.

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“As we are not connected to any Big Tech platform, we offer a truly independent, private and secure means of communications without any data mining, through our proprietary technology and our secure servers based in Switzerland. We look forward to continuing to offer true data privacy to all individuals and their businesses and protect their intellectual property, and their privacy, from data miners and malicious hackers."

Alain Ghiai, CEO of Sekur Private

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Share Structure / Financials

For the period ending September 30, 2022, the company had $5.2M in cash for no debt. The company stated it would be able to work without raising cash through 2023. It also reported a 50% decrease in the budget from 2022 for its marketing, hardware, and general and administrative needs. This statement comes at the right time. The company still has high expenses and losses for the period topping $1.4M. Sekur Private puts its money into marketing ($982k), research development and software ($134k), and data center and hardware maintenance ($109k). Despite high efforts in marketing, Revenue was up by only 118% YoY reaching $118k. There is still a long way to turn profitable, and it is one of the reasons why investors booed the stock. Over the last 2 years, the company raised several times, diluting shareholders’ ownership. Moreover, the overpromises from the CEO regarding the company’s revenue seem to have put investors on the sideline.

Besides, insiders often buy on the market. The CEO, Alain Ghiai buys weekly and, thanks to his last buying, has 34.55M shares. 116.9M shares are issued and outstanding, 27.4M warrants (avg. price: $0.49), and 16.5M options (avg. price: $0.47) are available but can’t be exercised as the stock price is too low. Over the last 52 weeks, the stock price variated between $0.40 to $0.04.

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 "We are pleased to announce that we have been able to cut close to 50% of our expenses for 2023, and still expect an increase in sales. Some of the assumptions are due to the new marketing plan we have and some of the sales increases are attributed to the B2B relationships we have signed and established in Latin America and the USA.”

Alain Ghiai, CEO of Sekur Private

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Bottom Line

Sekur Private (CSE: SKUR, OTC: SWISF) offers great services fitting in today’s and future’s privacy needs. The company launched several products, such as SekurVPN, and now, Sekur Private aggressively markets its products. Besides, expenses are still high compared to revenue. Sekur stated it wouldn’t need to raise cash for 2023 and hopefully for investors, will be profitable by 2024. 

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