Elitecore bags Nasscom Innovation award for Cyberoam

Ahmedabad, Feb 8 (PTI) City based IT company Elitecoretoday said it has won the Nasscom Innovation award of the yearfor its ''Cyberoam Layer 8 technology''.

The company which focuses on internet security andconvergent billing solutions markets is the first IT companyfrom Gujarat to have bagged the best innovator award in the''new technology advancement'' category of Nasscom award.

"It''s a honour to have won the Nasscom innovationaward this year. We were selected out of the 300 odd firmscompeting for this coveted award," Chief Executive OfficerElitecore Hemal Patel said.

"Cyberoam Layer 8 technology was considered the bestentry for its ability to tie end user identity with networksecurity across the entire range of it''s UTM appliances," hesaid.

"The company has also been ranked as the number oneUTM appliance vendor in India by the premier ICT marketintelligence firm International Data Corporation(IDC) basedon revenue figures for quarter ending September" Patel said.

The brand clocked revenue of USD 2.71 million, out ofthe total India UTM appliance market size of USD 11.52 millionduring the third quarter, bagging a 23.5 per cent marketshare.

"Our product ranks amongst the top three brands inMiddle East countries and number one in few African countrieswhere we are competing with brands like Sonic Wall," he said.

The company with an average EBIDTA of 22 per centin last seven years is looking to close with revenue of USD 28million by this fiscal end..