Clavister (CLAV) DNB Carnegie Micro Cap Seminar summary

Market drivers and industry context

• European cybersecurity market is dominated by US and Israeli technology, with few European providers of firewall equipment.

• Geopolitical risk and digital sovereignty are key drivers for customers, especially in defense, energy, and public sectors.

• EU is increasingly focused on building technological sovereignty and reducing reliance on non-European suppliers.

• Regulatory frameworks like GDPR and the Data Privacy Framework shape demand for local solutions.

• Public debate and EU policy highlight the vulnerability of critical infrastructure reliant on foreign technology.

Product offering and differentiation

• Offers Swedish-developed firewalls and identity access management (IAM) solutions, with a focus on security and compliance.

• Products are dual-use, serving both civil and defense sectors, with defense growing faster.

• Emphasizes low number of known vulnerabilities in products, appealing to risk-sensitive customers.

• Delivers perpetual licenses for defense, SaaS for civil markets, and never develops customer-unique software.

• Main competitors in Europe are small, with most competition from large US and Israeli firms.

Strategic contracts and partnerships

• Secured a major order from the Norwegian Armed Forces for SEK 280 million, to be delivered over three years.

• Solution involves scalable, self-healing communication networks for military use, based on existing IP and enhanced functionality.

• Retains all intellectual property rights, enabling future sales to other customers.

• Collaborates with major European defense companies like Thales, integrating firewall solutions into digitalized military equipment.

• Increased development team and temporary consultant hiring to meet contract demands, with limited long-term cost impact.