IronNet Shares Soar On Bagging US Navy's Naval Sea Systems Command Cybersecurity Contract

IronNet, Inc IRNT executed an initial federal contract to provide cybersecurity services for the U.S. Navy's Naval Sea Systems Command (NAVSEA), the largest of the U.S. Navy's five "systems commands."
The agreement followed the completion of a successful pilot program that provided the IronNet Collective Defense Platform to NAVSEA.
"This initial contract, which has an annual recurring revenue (ARR) value of $1.2 million to IronNet, includes 17 DIB customers and should help us to establish a base with a branch of the U.S. military upon which we are working to expand," IronNet CEO and founder General (Ret.) Keith Alexander said.
The IronNet Collective Defense Platform serves as an early warning system for all participating companies and organizations, strengthening network security through correlated alerting, automated triage, and extended hunt support.
Price Action: IRNT shares traded higher by 12.10% at $0.63 on the last check Tuesday.