The FirstWave Cloud Technology Ltd (ASX: FCT) share price jumped 28% today after the appointment of a new specialist adviser.
What does FirstWave Cloud do?
FirstWave is a global cybersecurity company established in 2004. The company provides security-as-a-service (SaaS) solutions to tier 1 telcos and service providers around the world.
FirstWave has deployed 11 cloud content security platforms across North America, South America, Africa, Europe, Asia and Oceania.
Why is the FirstWave Cloud share price surging?
Earlier today, the Aussie technology company announced a new advisory committee to drive sales and product maturity.
The new Technology and Markets Board Committee (TMC) will be headed by FirstWave founder Scott Lidgett, alongside the company’s existing executive chair, chief operating officer, chief technology officer (CTO) and strategy director.
Former Cisco Systems ANZ CTO Kevin Bloch was also appointed as an adviser. Mr Bloch left Cisco at the end of June to launch his own advisory firm, Bloch Advisory.
TMC’s first order of business will be to review FirstWave’s current product and commercialisation strategy and help the company deliver on its FY21 plan. Mr Bloch and the TMC will also work to position the company for long-term, sustained success.
The news was well-received by shareholders with the FirstWave share price rocketing up 28%.
FirstWave executive chair John Grant welcomed the specialist appointment, describing Mr Bloch’s move as a “significant coup” for the company.
What else has been happening for FirstWave?
The FirstWave share price is up 28% today following a 19.0% increase in yesterday’s trade.
That came ahead of the company’s extraordinary general meeting and the release of the chair’s address.
Shareholders voted to approve the service rights proposal to issue shares to executives. Notably, part of Mr Bloch’s fees will be paid as service rights under the recently-approved rights plan.
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Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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