Toronto, Ontario--(Newsfile Corp. - December 9, 2024) - Cybeats Technologies Corp. (CSE: CYBT) (OTCQB: CYBCF) ("Cybeats' or the "Company"), a global leader in software supply chain security, announces that it has signed a master services agreement ("MSA") with a Top 10 global medical device manufacturer1 ("MDM") for SBOM Studio.2
This contract marks Cybeats' fourth client from the global top 10 in the MDM vertical. Although the client wishes to remain anonymous for security reasons, they are a significant player that is among the largest 100 companies in the U.S. by market capitalization. Management believes there is an opportunity to expand this initial contract over time as the product becomes part of their SBOM (Software Bill of Materials) management processes.
"We are seeing substantial interest in our technology from the medical device sector, driven in part by the FDA's guidance on SBOMs and securing the software supply chain. This momentum aligns with accelerating traction across the MDM vertical and other sectors we serve. These factors contribute to Cybeats' 30% organic contract growth rate and our continued success in earning repeat business from some of the world's largest companies." said Justin Leger, CEO of Cybeats.
SBOM Benefits for Medical Device Manufacturers
As regulatory frameworks evolve, SBOMs are becoming a standard requirement in the medical device industry, driving innovation, compliance, and security in an increasingly software-reliant ecosystem. Medical device manufacturers adopting SBOM practices early will gain a competitive edge in product safety and market readiness. Specifically, SBOM benefits for medical device manufacturers include:
- Enhanced Cybersecurity: Identifies and mitigates vulnerabilities, reducing CVE exposure.
- Software Supply Chain Security: Ensures supplier components meet standards and supports collaboration on risks.
- FDA 510(k) Compliance: Supports premarket and postmarket FDA requirements for SBOM and vulnerability management submissions, as well as postmarket requirements for continuous monitoring.3
- Vulnerability Lifecycle Management: Simplifies vulnerability resolution and updates with clear documentation.
- Other Regulatory Compliance: Meets, EU, and NIST requirements by documenting and managing software risks, including third-party components.
- Efficiency: Automates compliance and monitoring, cutting costs and improving traceability.
About Cybeats Technologies Corp.
Cybeats Technologies Corp. (CSE: CYBT) (OTCQB: CYBCF) is a cybersecurity company providing Software Bill of Material (SBOM) management and software supply chain intelligence technology, helping organizations to manage risk, meet compliance requirements, and secure their software from procurement to development and operation. Our platform gives customers comprehensive visibility and transparency into their software supply chain, enabling them to improve operational efficiency, increase revenue, and align organizations with current and future regulations. Cybeats. Software Made Certain. Website: https://cybeats.com
Contact:
James Van Staveren
Corporate Development
Phone: 1-888-713-SBOM (7266)
Email: ir@cybeats.com
Sean Peasgood, Investor Relations
Phone: (905) 667-6761
Email: Sean@SophicCapital.com
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, this news release contains forward-looking information relating to, among other things, the Company's expectations with respect to the use of proceeds and the use of the available funds following completion of the Offering, and the completion of the Offering. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for the products described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Company filings are available under the Company's SEDAR+ profile at www.sedarplus.ca.
1 https://www.proclinical.com/blogs/2024-10/top-10-medical-device-companies-in-the-world-in-2024
2https://www.cybeats.com/ln/sbom-studio
3https://www.fda.gov/medical-devices/digital-health-center-excellence/cybersecurity-medical-devices-frequently-asked-questions-faqs
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232975
SOURCE: Cybeats Technologies Corp.
