ViVeTech Nyrt. Continues Its Dynamic Growth in the First Half of 2024

Based on an unaudited report prepared according to Hungarian accounting regulations, ViVeTech Nyrt. – which saw a 20% revenue increase in 2023 – continued its dynamic growth in the first half of 2024, ending on June 30. The company further improved its profitability in the first half of this year, achieving an EBITDA of HUF 142.4 million, a 34% increase compared to HUF 106.4 million a year earlier, with revenue reaching HUF 742.4 million. The company’s pre-tax profit for the period ending June 30 grew by 76% to HUF 99.6 million, up from HUF 56.4 million in the base period.

"In the first half of this year, we maintained strict cost control and focused on improving ViVeTech’s profitability and cash flow position. Additionally, thanks to intensive commercial activities, we further expanded our contract portfolio, delivering outstanding first-half results. In line with our international business development strategy, we have established partnerships with leading cybersecurity technology companies, such as the Israeli Enigmatos, whose first European pilot project is already underway in Hungary, and the Germany-based TwoTronic, with which we offer verification solutions in the automotive retail, rental, and leasing sectors," said Miklós Márton, CEO of ViVeTech Nyrt. "Since we have already secured most of our contracts for this year, we are highly optimistic about ViVeTech’s full-year 2024 results," he added.

Cybersecurity Market Expands by $20 Billion Annually, Thousands of Companies Affected in Hungary

The global cybersecurity market was estimated at $173 billion in 2022, but industry forecasts predict that it will expand by an average of $20 billion per year, reaching approximately $266 billion by 2027. This growth is primarily driven by the digitalization revolution, the rise of cloud-based services, and the increasing adoption of AI, as more businesses recognize the importance of proactive protection against online threats to prevent significant financial damages. ViVeTech estimates that compliance with the EU’s cybersecurity regulatory framework, NIS2, will affect approximately 3,000 companies and their suppliers in Hungary.

Founded in 2011, ViVeTech Nyrt. is a Hungarian-owned company specializing in IT security solutions. With its proprietary software, it helps domestic and international critical infrastructure providers—such as those in healthcare, transportation, and public administration—defend against cyberattacks. ViVeTech’s growth strategy focuses on expanding into other EU member states, particularly Germany and the Central and Eastern European region.

ViVeTech shares have been listed on the Budapest Stock Exchange’s Xtend market, specializing in mid-sized enterprises, since May 31, 2022. The company’s free float currently stands at 23.11%. The latest closing price of the cybersecurity firm’s stock was HUF 208.

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