Shares of Patriot One touched a 52-week high as the company joined Cisco’s global innovation program, which is set to accelerate the commercial launch of PATSCAN.
The company said that Cisco would assist in the effective commercial deployment of Patriot One’s PATSCAN and its product acceleration. Cisco will also provide access to a global marketplace which could potentially result in various deployments of PATSCAN.
The program will see PATSCAN, a software solution for detecting weapon threats, be integrated with Cisco’s security and network solutions, which includes an outline for advancing architecture and data management.
“This partnership will play a key part in our mission to be the foremost proponent and provider of innovative threat detection and counter terrorism solutions and services for public safety,” Martin Cronin, CEO of Patriot One, said in the release.
Further, Patriot One is set to do joint customer presentations with Cisco, which will result in deep integration of both companies’ products for end clients.
At the annual Cisco Connect Conference, Patriot One showcased its product to Cisco’s clients and partners as part of the partnership.
The partnership with Cisco comes after Patriot One filed its third quarter financial results where it highlighted that the commercial launch of PATSCAN is on the horizon.
“Thanks to technological and other advancements we are moving ever closer to commercial launch including through a number of innovation partnership opportunities,” Cronin said in the September release.
Following the announcement on Wednesday, shares of Patriot One were up 10 percent and closed the trading session on Wednesday at C$2.74. The stock also touched its 52-week high with a day high of C$3.01 and a day low of C$2.66. Over 4.28 million shares were traded over the course of the one day period.
Over a year-to-date basis, shares of the company increased over 120 percent year-to-date and over 40 percent during the last month. The stock has a “Strong Buy” ranking on TradingView with 17 verticals in favor, seven neutral and two against.
Image courtesy of Patriot One.
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Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.