On December 30, Spare Backup announced that it has received a $160,000 purchase order for a custom security upgrade. The upgrade is in preparation for a new mobile product launch with a UK financial services organization, scheduled to take place in January 2012.
Spare Backup is focused on providing mobile device and PC backup/security services for both consumers and small-to-medium businesses. Spare Backup’s software protects sensitive data, and can operate on both a continuous basis or by a user-programmed schedule. Spare Backup’s software is the first totally automated cloud-based backup service, and is used throughout North America and Europe.
The security upgrades that Spare Backup is implementing will allow their portals, websites and various interfaces to integrate with the security standards of the financial organization the company is working with. These upgrades are intended to be completed before the January launch of the security system, which will affect more than four million of the financial organizations’ banking and insurance customers in the UK. This system launch, in conjunction with other product launches throughout 2012, is causing Spare Backup to anticipate profitability in the form of and excess of $0.05 per share.
“The ability to reach customers within the financial services industry is a key component of our overall marketing strategy. As mobile applications become more sophisticated, the need for mobile security and parental controls grows in tandem,”said Cery Perle, President and CEO of Spare Backup. “Customizing our interfaces and encryptions with the unique standards of large scale financial services and insurance companies is critical to our success in this segment of our business. We are confident in the ability of our software team to deliver effective solutions to our distribution partners as we begin our progressive launches and reach out to millions of potential customers in 2012. We continue to see reaching profitability in 2012 as we roll out into Europe and North America in the coming quarters to build a strong recurring revenue base for years to come.”
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