(Alliance News) - CY4Gate Spa announced on Tuesday that it has signed several major contracts with leading Italian companies operating in the financial services sector, following the acquisition of XTN, for the acquisition and functional extension of the Cognitive Security Platform, a platform produced by XTN Cognitive Security and a recognized national and European player in the field of fraud and digital threat detection and response.

The contracts, with a total value of more than EUR1 million, for a duration of 12 months, are aimed at strengthening and making banking channels subject to fraud risk more resilient, the company explained in a note.

Emanuele Galtieri, CEO and General Manager of CY4Gate Group said, "Cybersecurity and anti-fraud are progressively converging and represent just two different sides of the same coin. CY4Gate has decided to approach cyber security with a holistic approach to make the digital experience of users more secure in different contexts and especially in such a sensitive and delicate sector as financial services."

"The acquisition of these important orders confirms the goodness of our vision as a product company that has been willing to invest over the years to create a 360-degree offering in the cyber domain capable today of meeting the multiple needs of a hyper-connected and digitized context."

CY4Gate's stock rises 4.4 percent to EUR6.22 per share.

By Claudia Cavaliere, Alliance News reporter

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