Eyeonid Group and My Cybercare (Pty) Ltd have entered a long-term cooperation for the South African market as a first step, which is intended to expand to other parts of Africa and regions when an opportunity is given. My Cybercare will market the service from Eyeonid Group to both to its new and existing customers in South Africa.
My Cybercare offer cyber-insurance with antivirus for the Consumer and Corporate market in South Africa together with their partner Genric Insurance.
My Cybercare has an existing distribution agreement with a well-known global provider of antivirus software. This anti-virus software, together with an insurance from Genric Insurance Company, is now bundled the Proactive ID Monitoring Service from Eyeonid Group.
The sale of the service will be done through an existing My Cybercare e-commerce service (www.mycybercare.com) as well as in various physical and virtual product packages through local and global partners managed by My Cybercare.
Eyeonid Group AB receives compensation according to two models:
- When the service is bundled in a third party product promotion, Eyeonid Group receive a fixed annual fee per user for the first year. If customers subsequently choose to extend the service, Eyeonid Group receive an ongoing monthly fee.
- When the service is sold directly to My Cybercare customers, Eyeonid Group receive an monthly fee per user.
- Calculated on a yearly basis, monthly payments are higher.
In addition to the variable replacements above, Eyeonid Group also receive a minor compensation at the time of delivery.
The value of the agreement is estimated to be at least EUR 500,000 over 2 years based on earlier volumes delivered by My Cybercare together with forecasts.
“South Africa is an important market for Eyeonid due to its potential volume of customers with almost 60 million people and the maturity of internet usage with over 22 million users. The team behind My Cybersecurity have a strong footprint of success all over the African region within Cybersecurity and a very good understanding on how to integrate and position our service into their existing product offering. I’m very excited that we have been able to sign such an experienced partner for the South African territory and it proves once again that we have a very solid offering on the international market, says Daniel Söderberg, CEO of Eyeonid Group AB”
"We are very happy with our new agreement with Eyeonid Group. The solution will be fully integrated with the MyCybercare Suite of Insurance Products. The solution will form part of the new MyCybercare Personal Monitoring Services. The Service will look to offer customers an Always-On, live monitoring of personal info such as ID, Email, Credit Card and phone number. The system search the web including the dark web, providing alerts and remediation assuming fraudulent input. We have seen a strong demand in our markets, and we have evaluated several ID-monitoring solutions on the market. Our conclusion is that the service from Eyeonid group is a state of the art solution that will work perfectly with our offering and offer the future proof solution that we need, says Simon Campbell-Young, CEO of My Cybersecurity Ltd.
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Eyeonid was founded in 2014 and has since its inception developed a technical complex and advanced platform for proactive ID protection services. The company's service monitors and alerts customers when sensitive, private and corporate digital information, such as login credentials, credit card numbers and social security numbers, are found at unauthorized sites on the internet, whereupon the customer can act and protect himself.
This information is information that Eyeonid Group AB (publ) is obliged to disclose under the EU Market Abuse Regulation. The information was provided, through the contact of the above contact person, for publication on the 19th of January 2018.