Cybeats extends contract with Schneider Electric

Executive Summary

• Cybeats Technologies Corp. has signed a multi-year contract extension with Schneider Electric, a global leader in energy management and automation, to license Cybeats' SBOM Studio and SBOM Consumer solutions.
• The renewal builds upon an initial multi-year contract that began in November 2022, validating the company's growth within its existing customer base and highlighting demand in the industrial control systems (ICS) sector.
• Schneider Electric reported that Cybeats' solutions reduced developer effort in vulnerability tracking by more than 50%, saving hundreds of staff hours and accelerating the identification of vulnerable software components.

Key Details

• Counterparty: Schneider Electric (Global leader in digital transformation of energy management and automation).
• Product Licensing: The contract covers the licensing of Cybeats' SBOM Studio and SBOM Consumer solutions.
• Contract History: This is a renewal of an initial multi-year contract that started in November 2022.
• Operational Impact (Case Study): Schneider Electric’s internal case study found that Cybeats helped reduce developer effort in vulnerability tracking by >50%, saving hundreds of staff hours and significantly accelerating the identification of vulnerable software components.
• Market Context: The renewal highlights increasing demand for software supply chain security solutions in the industrial control systems (ICS) sector, driven by approaching regulatory deadlines and growing priority for enterprise and government organizations.
• Strategic Significance: The CTO described the renewal as a milestone in the long-standing partnership and a validation of organic growth potential within the existing customer base.

Notable Quotes

• Cassie Crossley, Vice-President of Supply Chain Security, Schneider Electric: "The evolving landscape of software supply chain security requires innovative solutions... By leveraging Cybeats' SBOM Studio, we have strengthened our ability to manage software vulnerabilities, enhance compliance and ensure the operational reliability that our companies and stakeholders depend on."
• Dmitry Raidman, Chief Technology Officer, Cybeats: "This renewal represents more than continued success. It reaffirms the shared vision that drives meaningful progress in our industry... Securing this renewal from our design partner highlights the organic growth potential within our existing customer base."