(Alliance News) - CY4Gate Spa moved to the STAR segment of the Italian Stock Exchange on Monday, bringing the number of companies listed on that segment to 73.

"CY4Gate was founded in 2014 with the aim of responding to a demand for unconventional cybersecurity. CY4Gate was conceived to design, develop and produce technologies and products, systems and services, which are able to meet the most stringent and modern Cyber Intelligence & Cyber Security requirements expressed by Law Enforcement Agencies, Armed Forces, institutions and companies at home and in the foreign market," Borsa points out in its note.

Domitilla Benigni, president of CY4Gate, commented, "After the June 2020 listing on the Euronext Growth Milan market, this step is a source of great pride in recognition of the effectiveness of our industrial vision as a high-tech product company that wants to position itself as a cyber competence center in Italy and Europe."

"This is a project that Elt Group has believed in from the beginning to enhance cyber capabilities in the defense domain, developing cyber technological sovereignty for the benefit of the business world and institutions. It is an important step for the company through modern corporate governance and transparency to investors, which is committed to excellence criteria by accessing greater liquidity of the stock."

Emanuele Galtieri, CEO of CY4Gate, said, "This moment represents a relevant and long-awaited milestone for us but, at the same time, marks the start of a new course, certainly more challenging, but also harbinger of important satisfactions. CY4Gate has over the years demonstrated solidity, a high propensity for innovation and internationalization, and business sustainability in high-potential markets: access to the STAR will act as a boost in this sense, increasing the visibility of the brand."

"Feelings of gratitude go out to the entire team, which with tenacity and enthusiasm has worked to make possible the challenging goals that the company has set for itself over the three-year period, enabling it to confirm and consolidate the corporate strategy defined since the June 2020 IPO on Euronext Growth Milan."

CY4Gate's stock is down 2.9 percent at EUR8.93 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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