Unisys CorporationUIS has been awarded with the 2018 Tekne Cybersecurity Award for its Stealth family of software.
The Tekne Award is another feather in the cap for Stealth. Unisys, especially Stealth, has received accolades for its microsegmentation, encryption, authentication and authorization techniques in the past.
In September this year, Stealth secured the Healthcare Innovator of the Year Award by The Philadelphia Business Journal. Moreover, last year, Frost & Sullivan gave it the North American Customer Value Leadership Award.
Stealth microsegmentation software runs on zero-trust security model, which provides end-to-end protection and minute supervision of an organization's network compared with the traditional security practice of protecting only the periphery of the network, leaving the internal threats go unnoticed.
Unisys is heavily focused on the growth of its Stealth business. In the September quarter, this segment recorded a whopping 90% year-over-year surge, with the total contract value growing 15%.
Unisys Corporation Price and Consensus
Growing Efforts in Enterprise Security
The company's continued efforts to integrate Stealth into its broader solutions are adding value across its portfolio. Its expertise in biometric systems integration, in combination with Stealth software solution recently resulted in a contract with the U.S. Army for the first phase of a new generation biometric collection capability.
In May this year, the company launched InteliServe, a user-centric service desk platform, which showed momentum as Unisys signed contracts with two key clients just within a few months of its launch.
In August, the company launched Unisys TrustCheck service to keep security professionals constantly updated on their organization's cybersecurity position, among other features.
Competition Looms Despite Bright Prospects
Per MarketsandMarkets, the global cybersecurity market is expected to reach $248.3 billion by 2023, reflecting a CAGR of 10.2% through 2018 to 2023. This projection bodes well for Unisys, which is focused on growing its security capabilities across all its business segments.
However, the intensifying competition from major players in this space poses a bit of a concern for the company. CheckPoint CHKP , for instance, is forging ahead in the cybersecurity market with its recent partnership with Blackberry, acquisition of Dome9, and launch of Generation V Security Gateway and SandBlast Mobile 3.0.
Moreover, Symantec SYMC has also been actively making strategic partnerships to enhance its cyber security solutions. Recently, it expanded its partnership with Fortinet FTNT to strengthen its portfolio to combat the growing sophistication of cyber threats.
Although Unisys currently carries a Zacks Rank #4 (Sell), its continued efforts and focus on tapping profitable opportunities make us optimistic about the prospects the stock.
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