(Alliance News) - Vantea SMART Spa reported that the Ministry of Business and Made in Italy has received a positive financial and technical report from MPS Capital Services Spa for the Cyberlens project.

The approved amount is EUR6.3 million, which is matched by a EUR3.7 million facility, of which EUR2.6 million is in the form of a contribution to expenditure and EUR1.1 million is subsidized financing.

The project was submitted with the research partner Res On Network - Intelligence and Global Defense Ltd of London, which will carry out part of the project for a total of EUR727,500 and a contribution to expenditure of EUR363,750. As a result, Vantea SMART's share is EUR2.2 million in expenditure contribution and EUR1,110,325.00 in low-interest financing, equal to 20 percent of the reference rate.

"A cyber security software platform is being built for the identification, measurement, mitigation, monitoring and reporting of cyber risk within any organization, in any environment," the company said.

Simone Veglioni, CEO of Vantea SMART, said, "We have been waiting for months for this result, which is fundamental for us, because it testifies to the correctness of the path started at the beginning of the year, which saw the reduction of investments in areas outside IT to increase those towards cyber product development. This result, and the returns we are getting from the market, lead us to accelerate the transition toward the development of software products and the cyber market."

Vantea SMART rises more than 13 percent to EUR2.53 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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