Turnium Technology Group Inc. Licenses WedgeARP SASE
Turnium Technology Group to integrate Wedge Networks' cyber security platform with Turnium's SD-WAN platform to advance security services and offers for channel partners and end customers.
- Turnium enters into a 5-year license agreement with Wedge Networks Inc.
- Cyber security software platform to offer Turnium customers added network traffic monitoring, malicious attack detection, and intelligent real-time threat prevention.
- Agreement to bundle WedgeARP™ with Turnium SD-WAN provides channel partners with a complete, integrated solution of network plus security.
- Partnership to drive incremental sales, revenue and end-customer value.
Vancouver, Canada--(Newsfile Corp. - July 21, 2022) - Turnium Technology Group Inc. (TSXV: TTGI) ("Turnium" or "the Company"), an industry leader in cloud-native software-defined wide area networking solutions (SD-WAN), is pleased to announce it has entered into a five-year license agreement ("Agreement") with Wedge Networks Inc. ("Wedge").
The Agreement provides Turnium with the ability to bundle and integrate WedgeARP™, Wedge's cyber security platform with Turnium's SD-WAN platform. WedgeARP™ is a machine learning embedded threat detection and prevention solution that provides deep visibility into network traffic to detect malicious attacks in milliseconds at the edge, before threats have the opportunity to get into networks. Wedge is a cybersecurity software vendor specializing in intelligent real-time threat prevention. With numerous patents, awards, and peer-reviewed machine learning publications, Wedge's intelligent, constantly evolving and learning threat prevention platform protects millions of connected devices - including connected and autonomous vehicles and intelligent transportation systems.
Johan Arnet, the CEO of the Company stated: "This license acquisition allows Turnium to expand our product offering to provide Secure Access Service Edge ("SASE") to our channel partners and their end-customers. Turnium channel partners can order WedgeARP as an upsell for existing customers or deploy it as part of a new secure network for new customers."
"Wedge is excited to bring intelligent real-time threat protection to small and medium businesses by incorporating our WedgeARP security platform into Turnium's managed SASE solution," said Dr. Hongwen Zhang, CEO & CTO at Wedge Networks. "With Turnium's focus on simple, agile, and cost-effective solutions, more and more organizations will find it easy to proactively and effectively protect themselves from threats."
The Company acquires this license in exchange for royalties on sales and the issuance to Wedge of 1,785,714 common shares of the Company at an agreed price of $0.56 per share (or a deemed value of $1.0 million), subject the Company's receipt of certain deliverables and the acceptance of the TSX Venture Exchange. The shares shall be subject to the terms of a voluntary escrow, and shall be automatically released in annual instalments over the initial five-year term of the license.
Wedge Networks Inc. is an intelligent real-time threat prevention solutions company. Its innovation is a patented software platform that enables real-time security services rollout with strategic partners such as MSPs and OEMs. Wedge is headquartered in Calgary, Canada with international teams in the North America, Asia Pacific, Europe, and the Middle East and North Africa regions. Today, Wedge's products prevent advanced security threats for tens of millions of endpoints in enterprises, governments, and critical infrastructures spanning more than 22 countries.
About Turnium Technology Group Inc.
Turnium Technology Group, Inc. delivers its SD-WAN solution as a white label, containerized, disaggregated software platform that channel partners host, manage, brand, and price and as a managed cloud-native service provided by Turnium. Both Turnium SD-WAN offers are available through a channel partner program designed for Communications Service Providers, Internet and Managed Service Providers, System Integrators, and Value-Added Resellers.
SD-WAN is revolutionizing the networking and telecommunications industry by abstracting secure, high-speed networking and network control from underlying physical circuits. SD-WAN frees enterprises, small-medium businesses, cloud and managed services providers from the business and cost constraints imposed by traditional telecommunications companies.
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This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the Company may terminate and not proceed with the Agreement, or that the Agreement and associated transactions will not be successfully completed for any reason (including failure to obtain the required acceptance from the TSX Venture Exchange). The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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