Telos Corporation and Singapore-based ST Engineering have inked a deal to provide cross-cloud governance, critical risk compliance and cybersecurity solutions to address mission-critical requirements of Asia Pacific’s regulated industries.
Under the partnership, Telos’ (TLS) Telos Ghost and Xacta capabilities will be incorporated in ST Engineering’s cloud governance, risk and compliance (GRC) and cybersecurity offerings. This will enable the companies to build augmented security and compliance spheres around critical systems in the cloud, on-premise and hybrid cloud environments.
The two companies had announced an agreement in April to offer GRC management solutions in Asia and the Middle East.
Telos Ghost keeps critical data and communications hidden from adversaries while assessing cyberattack threats. Telos’ Xacta offers cyber risk management and compliance automation solutions. (See TLS stock analysis on TipRanks)
Telos’ CEO John B. Wood commented, “Singapore is the hub for information and cybersecurity technology throughout the region, and much of the world, and ST Engineering has demonstrated its capabilities in providing trusted, indigenous and future-ready cybersecurity solutions to secure government agencies and commercial enterprises across Public & Government Cloud as well as private cloud and enterprise technology space.”
On Dec. 23, Northland Securities analyst Nehal Chokshi increased the price target for Telos stock to $33 from $26 and reiterated a Buy rating.
Chokshi believes that the recent Sunburst cyberattack will likely make the US and its allies take a more offensive stance going forward, benefitting companies that have strong relationships with defense agencies and have defensive tools that can be repositioned as an offensive tool, such as Telos’ Ghost offering.
The rest of the Street is in line with Chokshi’s bullish stance and the stock scores a Strong Buy analyst consensus based on 7 unanimous Buys. Telos went public in November 2020 and currently trades at $30.47. The stock has surged about 51% over the past month and the average price target of $31.36 indicates a modest upside potential of 2.9% from current levels.