Germany to upgrade military data encryption for up to €1.7 billion
Tweet
Share
E-mailBERLIN, Sept 23 (Reuters) - Germany is set to order encryption technology worth up to €1.7 billion ($1.9 billion) for armed forces data networks from security company Secunet, a document seen by Reuters on Wednesday showed.
According to the document, a key parliamentary committee is set to give the go-ahead on Wednesday for an agreement with the company to modernise the encryption of the Bundeswehr's communications networks.
Deliveries on a first order worth just over €100 million are due to commence next year.
The wider framework deal, which builds on an existing agreement with the company, has a term of four years. Secunet would build a so-called ‘Secure Inter-Network Architecture’ (SINA) as well as provide planning, maintenance, training and repairs.
Shares in Secunet surged 11% at 1022 GMT on the news.
Financing is secured via a so-called commitment authorisation for the following year. In addition, the ministry of defence anticipates follow-up costs of around €6 million for use up to 2030.
($1 = 0.8763 euros)
(Reporting by Markus WacketEditing by Ludwig BurgerWriting by Linda Pasquini)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wall St opens lower as oil, bond yields mover higher
- Space investment more than doubled to $23 billion in year to June, report says
- UK arms broker jailed for 16 years over missiles and fighter jet deals with Libya and Sudan
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
