FIRSTWAVE CLOUD TECHNOLOGY LIMITED — Interim / Quarterly Report 2021

Oct 27, 2020

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FirstWave Cloud Technology Q1 FY21 Market Update (unaudited)

28 October 2020

Presenting today

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Neil Pollock

Chief Executive Officer

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John Grant

Executive Chairman

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Kevin Bloch

Advisor to FCT on Technology and Markets

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Disclaimer

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Not an offer

The material contained in this presentation is for information purposes only and is intended to be general background information on FirstWave Cloud Technology Limited ( FCT ) and its activities and is dated 28 October 2020. It is for information purposes only and is not, and should not be considered to be, an invitation, offer or recommendation to acquire shares or any other financial products.

Summary information

The information in this presentation is supplied in summary form, is of a general background nature and does not purport to be complete or to provide all information that an investor should consider when making an investment decision. It should be read in conjunction with FCT’s periodic and continuous disclosure announcements filed with the Australian Securities Exchange, and in particular, FCT’s full year results for the financial year ended 30 June 2019.

Not financial product advice

This presentation is for information purposes only and it is not financial product nor investment advice (nor tax, accounting or legal advice) nor a recommendation to acquire shares and has been prepared without taking into account the objectives, financial situation or needs of recipients of this presentation. It is not intended that it be relied upon as advice to investors or potential investors, who should make their own enquiries and investigations regarding an investment in FCT and in relation to all information in this presentation (including but not limited to the assumptions, uncertainties and contingencies which may affect the future operations of FCT and the value and the impact that different future outcomes may have on FCT) and before making any investment decisions, should consider the appropriateness of the information having regard to their specific investment objectives, financial situation or particular needs and should seek independent professional advice appropriate to their jurisdiction before making an investment decision. Neither this presentation nor anything contained in it forms the basis of any contract or commitment and no agreement to subscribe for securities will be entered into on the basis of this presentation. FCT is not licensed to provide, and this presentation does not constitute the provision of, investment or financial product advice in respect of FCT’s shares. Cooling off rights do not apply to the acquisition of FCT’s shares. An investment in FCT shares is subject to investment and other known and unknown risks, some of which are beyond the control of FCT. FCT does not guarantee any particular rate of return or the performance of FCT, nor does it guarantee the repayment of capital from FCT or any particular tax treatment.

Financial data

All amounts are in Australian Dollars ($ or AUD) unless otherwise indicated. The results for the first quarter of FY21 have not been audited. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. Investors should also be aware that certain financial data included in this presentation may contain information that is "non-IFRS financial information” under ASX Regulatory Guide 230 (Disclosing non-IFRS financial information). The non-IFRS financial information financial measures do not have a standardised meaning prescribed by Australian International Financial Reporting Standards ( AIFRS ) and, therefore, may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with AIFRS. Investors are cautioned, therefore, not to place undue reliance on any non-IFRS financial measures included in this presentation.

Future performance

Forward-looking statements are statements about matters that are not historical facts. Forward-looking statements appear in a number of places in this presentation and include statements regarding FCT’s intent, belief or current expectations with respect to business and operations, market conditions, results of operations and financial condition, including, without limitation, forecasted economic indicators, performance metric outcomes and the potential impact and duration of the COVID-19 pandemic. This presentation contains words such as ‘will’, ‘may’, ‘expect’, ‘indicative’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘probability’, ‘risk’, ‘forecast’, ‘likely’, ‘estimate’, ‘anticipate’, ‘believe’, or similar words to identify forward-looking statements. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. These forward-looking statements reflect FCT’s current views with respect to future events and are subject to change, certain risks, uncertainties and assumptions which are, in many instances, beyond the control of FCT, and have been made based upon FCT’s expectations and beliefs concerning future developments and their potential effect on FCT. There can be no assurance that future developments will be in accordance with FCT’s expectations. A number of important factors could cause FCT's actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements, including but not limited to, general economic conditions in Australia; exchange rates; competition in the markets in which FCT will operate, the inherent regulatory risks in the businesses of FCT and the duration of the COVID-19 pandemic. Assumptions on which forward-looking statements in this presentation are based may or may not prove to be correct and there can be no assurance that actual outcomes will not differ materially from these statements. None of the Associated Persons nor any other person referred to in this presentation makes any representation as to the accuracy or likelihood of fulfilment of the forward-looking statements or any of the assumptions upon which they are based. When relying on forward-looking statements to make decisions with respect to FCT, investors and others should carefully consider such factors and other uncertainties and events. FCT is under no obligation to update any forward-looking statements contained in this presentation, as a result of new information, future events or otherwise, after the date of this presentation. As such, undue reliance should not be placed on any forward-looking statement. Past performance information (including past share price performance of FCT) given in this presentation is given for illustrative purposes only and is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood or achievement or reasonableness of any forward-looking statements, forecast financial information, future share price performance or their forecast. Nothing contained in this presentation nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty, or guarantee as to the past, present or the future performance of FCT.

Disclaimer

No representation or warranty, express or implied, is made as to the accuracy, completeness, reliability or fairness of the information, opinions and conclusions contained in this presentation. Any information in this presentation is made only at the date of this presentation, and opinions expressed reflect FCT's position at the date of this presentation, and are subject to change. FCT is under no obligation to update this presentation. Neither FCT, its related bodies corporate, shareholders or affiliates, nor any of their officers, directors, employees, affiliates, agents, contractors, advisers or any other associated persons (collectively, “ Associated Persons ”) represents or warrants in any way, express or implied, that the information, opinions, conclusions or other information contained in this presentation, any of which may change without notice, is fair, accurate, complete, reliable, up to date or correct. FCT does not represent or warrant that this presentation is complete or that it contains all material information about FCT or which a prospective investor or purchaser may require in evaluating a possible investment in FCT or an acquisition or other dealing in FCT shares. To the maximum extent permitted by law, FCT and its Associated Persons each expressly disclaims and excludes all direct, indirect, consequential or contingent loss, damage or liability (including, without limitation, any liability arising from fault or negligence) that may arise from, or is connected to, this presentation, or the use of this presentation, or any other written or oral information provided by or on behalf of FCT. 3 2

Agenda

Chairman’s Update

FY21 Plan Refresher

Q1 Results

H1 Outlook Summary Insights Appendix

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4

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Focus and Action - delivering the plan

Chairman’s Update

John Grant – Executive Chairman

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FCT’s Technology – CCSP (Cloud Content Security Platform)

FCT’s Technology appeals to end users who do not want to own and operate their own perimeter security infrastructure. This opens multiple markets given…..

• Enterprise grade core solutions – email/web/firewall/end point/multi-factor authentication

• CCSP virtualises in the cloud, multi-tenants and manages these technologies via a single ‘pane of glass’

• • Pricing is at a very significant discount to enterprise pricing

SMB/SOHO end users

Enterprise end users*

• Can’t afford enterprise pricing

• Have little inhouse expertise

• Need a managed perimeter solution at an SMB price

• Need enterprise grade

• Wants to use inhouse expertise on core business

• Prepared to outsource

• Provide security services to owned entities

• Own and operate private infrastructure

FCT’s Channel to market

• Telcos + Cisco to their Telco customers

• Managed Security Service Providers

• Technology Partner e.g. Cisco

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*Public and private sector

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Democratising….. enterprise grade cybersecurity-as-a-service

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Democratising….. ‘to make of or for the people’ The Free Dictionary by Farlex

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Democratising enterprise grade cybersecurity-as-a-service

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Our Partner Model
….explained
Democratising…
‘to make of or for
the people’
The Problem for
Service Providers
....explained
CCSP the Solution
….explained
The Problem for The ‘terms’
End Users ….explained
….explained
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FY21 progress against plan

COVID-19

• Impact remains - degree varies within and between regions

• We have many ‘irons in the fire’

Q1

• Closed above plan on all key metrics

Q2 Outlook

• Q2 tracking to plan

H2

• Global opportunities ‘bridge’ to H2 when revenue accelerates

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Focus and Action - delivering the plan

FY21 Plan Refresher Neil Pollock – Chief Executive Officer

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FY21 plan refresher*

REVENUE

PRODUCT

• CyberCision launch – enhancing existing offering with Advanced Detection and Response

• Total Revenue up 38% from $8.3m to $11.3m

• Recurring Revenue up 43% from $7.4m to $10.5m

• • • Exit IARR up from $448k to $9.5m

• New multi-tenant web security appliance launch

EXPENSE

PARTNERS

• $18.8m in line with FY20

• From 26 to 40 billing partners

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CASH BALANCE

GLOBAL PLATFORMS

• Opening of $15.4m to closing at $4.8m

• From 11 to 15

• Investor Update 31 July 2020

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Focus and Action - delivering the plan

Q1 Results

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Q1 closed above plan across all key metrics

COVID-19

WORLD CLASS PRODUCT

• Impact continuing but varies within and between regions

• FCT has many ‘irons in the fire’

• New products on track

• Recent new announcements of contracts with Vodafone Idea and Tata TeleServices in India

REVENUE

PARTNERS

• Total revenue 16% above plan at $2.05m

• 37 billing partners up from 26

• Remain committed but COVID-19 impacting activity

CASH

GLOBAL PLATFORMS

• Cash balance 10% ahead of plan at $12.27m

• 1[st] on-premise private platform being implemented

• Now supporting customers on 5 continents

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Q1 total revenue 16% ahead of plan at $2.05m

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AUD
'000
POTENTIAL REVENUES
$12,000
$10,000
$8,000
Total Revenue
•
September IARR at $816k
$6,000
up 82% on $448k in June
Int’l Recurring
$4,000
Revenue
$2.052m
$2,000
$1.766m
$180k
$0
Jul '20 Aug Sep $173k Oct Nov Dec Jan Feb Mar Apr May Jun
Plan Actual IRR Plan IRR Actual
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Q1 cash balance 10% ahead of plan

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AUD
'000
$16,000
$13.913m
$14,000
$12.267m
$13.747m
$12,000
$10,000 $11.120m
$8,000
$6,000
$4,000
$2,000
$0
Jul '20 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Plan Actual
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Q1 cash well ahead of plan

Net increase / (decrease) in cash held ($’000)

	Q4 FY20	Q1 FY21
Cash and cash equivalent at beginning ofperiod	$5,779	$15,415
Receipts from customers	$1,117	$1,278
Payments relatingto operatingactivities
Product and OperatingCosts	-$1,646	-$996
Staff Costs	-$1,590	-$2,179
Other Operatingcosts	-$ 880	-$838
Net cash from /(used in) operating activities	-$2,999	-$2,735
Net cash from /(used in) investing activities	-$1,082	-$867
Net cash from /(used in) financing activities	$13,717	$454
Cash at end ofquarter	$15,415	$12,267

• Q1 cash payments of $4.9m in line with plan

• Financing Activities:

• $232k received from sub-underwriters exercising options

• • $222k loan repayment

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Focus and Action - delivering the plan

H1 Outlook

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H1 IARR projected to hit $1.4m in Dec – up 220% on June

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AUD
'000
$12,000
$10,000
$8,000
Total Revenue
$6,000
$4.2m
Int’l Recurring
$4,000
Revenue
$3.876m
$2.052m
$2,000
$1.766m
$499k
$180k
$0 $475k
Jul '20 Aug Sep $173k Oct Nov Dec Jan Feb Mar Apr May Jun
Plan Actual/Forecast IRR Plan IRR Actual/Forecast
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H1 cash balance ahead of plan at $9.4m

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AUD
'000
$16,000
$13.913m
$14,000
$12.268m
$13.747m
$12,000
$9.4m
$10,000 $11.120m
$8,000
$6,000
$6.693m
$4,000
$2,000
$0
Jul '20 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Plan Actual/Forecast
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Market conditions vary within and between regions

EMEA: UK, Europe, Middle East and Africa

• UK and Europe impacted by second wave – business activity restricted to H2 FY20 levels

• Africa and the Middle East showing signs of recovery

ON TRACK:

• On premise deployment in ME

• Cisco OEM revenue building

• CyberCision beta trial

DELAYED:

• European tier 1 telco conversion to revenue

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NEW DEVELOPMENTS:

• Two new African geographies commenced billing (albeit small revenues to start) – Kenya, Liberia

• • Additional sales specialist commenced

• • New level 1 partner signing imminent (Africa)

Sundar Bharadwaj VP, BD & Sales EMEAI

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Market conditions vary within and between regions

APAC: India and Asia Update

• Clear signs of “getting on with business” in the India market

• Asia emerging cautiously from COVID-19 effects and associated business impact – borders progressively opening

ON TRACK:

• Two new level 1 partners signed

• • New NGFW solution launched with Vi and TTL

• CyberCision beta trial commenced

DELAYED:

• Malaysia level 2 partner revenue delayed

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NEW DEVELOPMENTS:

• New level 1 partner signing in new geography (Indonesia) imminent

• Additional pre-sales specialist commenced

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Sundar Bharadwaj Shekila Ramalingam VP, BD & Sales EMEAI VP, BD & Sales APAC

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Market conditions vary within and between regions

The Americas Update

• Businesses across the Americas are still impacted by COVID-19

• Vaccine appears to be the trigger for return to pre-COVID-19 business activity levels

ON TRACK:

• Cisco OEM revenue has commenced across the region

• • New web security appliance development progressing as planned

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Neil Pollock

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Greg Maren

NEW DEVELOPMENTS:

• Additional pre-sales specialist under recruitment

CEO Global Alliances Director

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Market conditions vary within and between regions

ANZ Update

• Heightened awareness and publicity about cybersecurity

• Business still not back to pre-COVID-19 levels of activity

Telstra ON TRACK:

• Churn appears to have stabilised

• Replacement web security offering released

NEW DEVELOPMENTS:

• New channel development specialist commenced

• New cybersecurity-in-a-box offering under development

DELAYED:

• TBCSS for SoHo order flow slower than projected

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Shekila Ramalingam Greg Maren VP, BD & Sales APAC-J Global Alliances Director

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Outlook for H1 tracking towards plan across key metrics

COVID-19

WORLD CLASS PRODUCT

• Expect successful new web security appliance technical ”beta”

• Expect impact to continue - varying by region

• • Can change at any time – e.g. UK, Victoria (AUS)

• FCT has many ‘irons in the fire’

REVENUE

PARTNERS

• Expect total revenue to remain above plan

• Expect IRR to be on or near plan

• Expect to exceed full year billing partner plan (40)

• Expect to have 7 level 1 partners in H1

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• Expect level 1 partners to ‘bridge’ to H2

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CASH

GLOBAL PLATFORMS

• Expect H1 cash to be ahead of plan

• Expect 12 platforms across 5 continents

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Focus and Action - delivering the plan

Insights Kevin Bloch – Technology and Markets Advisor

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Insights

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Kevin Bloch

Advisor to FCT on Technology and Markets

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Focus and Action - delivering the plan

Q&A

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Focus and Action - delivering the plan

Thank you

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Focus and Action - delivering the plan

Appendix

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Experienced Management Team

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John Grant

Chairman

Australian industry leader MD of Data#3 (ASX:DTL) for c. 20 years

Inaugural chair of Australian Rugby League

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Neil Pollock

CEO

Global Business Leader with 27 years of ICT, telco and energy sector experience across Asia Pacific, the Middle East and India

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Iain Bartram

CFO

A strategic CFO with multi-site and international experience in high growth, technology businesses and Current ASX and AIM listed experience

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Simon Ryan

CTO

Globally recognised leader and innovator in cloud technology with more than 12 years in AI, machine learning and data mining

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Roger Carvosso

Strategy Director

Product professional with more than 20 years of experience in the global telco industry

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In FY21 our target market is projected to grow to $2.03b

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‘EWF’ ‘E’
TAM: TOTAL ADDRESSABLE MARKET - TAM - Worldwide
Worldwide MSS/Cloud-Based Firewall & Content Enterprise Endpoint
Security (Telco/SP-served) Security Market
SAM: SERVICEABLE ADDRESSABLE SAM: SMB
MARKET - Portion of Total Enterprises Portion of TAM
served < 200 employees in size (target (<200
end customer profile) employees)
SOM: Accessible
SOM: SERVICEABLE OBTAINABLE
market via
MARKET - Proportion of worldwide
Telco/SPs,
Telco/SPs accessible (Geos/ Partner
‘switchable’ spend,
reach), FCT wholesale revenue
FCT resale rev
share
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‘EWF’ +

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TAM : $15.53b
SMB + % Medium
Businesses (<200
employees) only
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SAM = 37% * TAM = $5.75b
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• Accessible Geo Markets & Telco/SPs via (Current) FCT Channel Partners (75%)

• Adjustment of Telco/SP retail revenues to FCT wholesale /resale level (*45%)

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‘E’

TAM : $13.89b SMB + % Medium Businesses (<200 employees) only

SAM = 12% * TAM = $1.67b

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• Accessible Markets & Telco/SPs via FCT Channel Partners (40%)

• ‘Switchable’ % of EPP customer buyer base per annum (30%)

• Adjustment of Telco/SP retail revenues to FCT resale level (*45%)

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SOM = 40%30%45% of SAM = $0.09b

SOM = 75% * 45% of SAM = $1.94b

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Q1 FY21 exit projected Line of Sight $60m

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Billing
Partners
FY21 10,000s of
Level 2 Partner
Enterprise/SMB
Accessibility
$2.03b global market FY21 customers
opportunity 8
Level 1
Partner FY21 35
10,000s of
FCT
Enterprise/SMB
11 customers
20
61 10,000s of
10
Enterprise/SMB
customers
14
7 8
1,000s of
130 Enterprise/SMB
customers
37
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As our partner ecosystem and product offerings expand, so does our addressable market
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Focus and Action - delivering the plan

FirstWave Technology

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What problem does FirstWave solve

For Service Providers:

For End-Users:

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Advanced Detect
Email Web Firewall Endpoint & Response New innovation
GSV Telco/SP GSI/DIST MSSP
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Enterprise/Large Gov
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Small Business/Gov

Increasing security complexity and demand coincidental with declining profitability

Reducing the risk of cyber crime by protecting their expanding digital perimeter

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Democratising enterprise grade cybersecurity-as-a-service

The Solution

The only automated cybersecurity-as-aservice orchestration and management platform for service providers that:

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Advanced Detect
Email Web Firewall Endpoint & Response New innovation •
Cloud Content Security Platform •
Simplify. Automate. Scale
GSV Telco/SP GSI/DIST MSSP •
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• integrates and multi-tenants enterprise grade appliances from global security leaders,

• can readily on-board and integrate innovative, new security technologies at a much lower cost,

• offering their customers a clouddelivered, subscription-based, integrated, low cost and expanding range of cybersecurity-as-a-service, and,

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Enterprise/Large Gov

Small Business/Gov

Available from small business to large enterprise

• providing the end-user with the leading enterprise grade perimeter security at a price that is affordable particularly for SMB.

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5 key elements to the FCT partner ecosystem

• Cisco, Palo Alto Networks, Fortinet, Trend Micro

• 1 Technology partners • Supply enterprise-grade cyber-security threat vector technology for multi-tenanting and integration into the FCT cloud content security platform

• • Projected to expand as new offerings are developed and brought to market • Telstra, NTT Data, Cisco, Digital Wholesale Solutions (DWS), SHELT, Vi, TTL

• 2 Level 1 partners •• Generate revenue and margin selling CCSP or CSMP through Level 2 partners – usually as white-label offering Can sell directly to end customers (eg. Telstra) but majority of revenue is through Level 2 partner network

• • Characterised by being tech-savvy with strong partner networks and existing technology-related relationships with their partners • Mobifone, Orient Telecom, KSM Telecom, Netcom, Renaissance (Ireland) • Generate revenue and margin selling CCSP or CSMP direct to end user customers either as white-label offering or FirstCloud

• 3 Level 2 partners • Characterised by having existing billing relationships with end customers usually through a suite of technology offerings • Can employ the FCT offering to either increase share of wallet from existing customers or break ground and develop relationships with prospective customers

• • Level 1 or Level 2 partners which have sold services and “on-boarded” end user customers

• 4 Billing partners •• Have reached the “revenue” milestone on the path to revenue Are being invoiced for services consumed on either CCSP or CSMP

• • Are a subset of the Level 1 or Level 2 partner list • Are consumers of FCT services on either CCSP or CSMP

• 5 End user customers • Can be a partner OR customer of a partner • Characterised by having a customer operations relationship with both a partner and FCT

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37

5

Partner ecosystem

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4
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3
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3 End user
customers
Billing Partners
Level 2 Partner
1 FY21 10,000s of
2
Accessibility Enterprise/SMB
FY21 customers
Technology 8
Level 1
Partners
Partner FY21
35
10,000s of
FCT
Enterprise/SMB
11 customers
20
61 10,000s of
10
Enterprise/SMB
customers
14
7 8
1,000s of
130 Enterprise/SMB
customers
37
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As our partner ecosystem and product offerings expand, so does our addressable market

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Investors’ Guide to Acronyms

• BDM – Business Development Manager – sales executive

• CCSP – Cloud Content Security Platform Content Security – a product market category that comprises email security and web security

• CWS – Cloud Web Security - a cloud-based Secure Web Gateway service offering from Cisco (ex-Scansafe, a company acquired by Cisco)

• EMEA – Europe, Middle East & Africa

• End Customer Bill – End customer is billed by ‘Level 2’ Partner which allows FCT to bill ‘Level 1’ Partner or ‘Level 2’ Partner

• End Customer Order & On-boarding – End customer orders FCT solution from ‘Level 2’ Partner is on on-boarded to the service

• EWFE – A FCT-conceived abbreviation for an Email + Web + Firewall + Endpoint solution package or offer bundle from a Telco/SP to an Enterprise/SMB customer

• Exit revenue – Annualised Monthly Recurring Revenues (AMRR) as at June 30 of the corresponding fiscal year

• FCT Platform Certification – This is a technical certification by the ‘Level 1’ Partner or ‘Level 2’ Partner that allows their customers to be provisioned onto the platform

• GSI – Global Systems Integrator

• GSV – Global Security Vendor – e.g. Cisco, Palo Alto Networks, Fortinet

• GTM Launch – When the ‘Level 1’ Partner and/or ‘Level 2’ Partner launches the FCT CCSP-enabled service to their customers

• IARR - International Annualised Recurring Revenue

• IRR – International Recurring Revenue

• ‘Level 1’ / ‘Level 2’ PoC/PoV – ‘Level 1’ Partner or ‘Level 2’ Partner starts full trial on the platform which, if successful, will provide confidence for the respective Partner to on-sell to their customers

• ‘Level 1’ Partner – a GSV or GSI partner of FCT (leveraged partner model)

• ‘Level 1’ Partner OEM/Reseller Agreement - a collective term for an agreement between FCT and a ‘Level 1’ Partner

• ‘Level 2’ Partner – a customer of a ‘Level 1’ Partner (leveraged go-to-market model) or a direct customer of FCT e.g Telstra

• ‘Level 2’ Partner MSA / Reseller Agreement – This is a master services agreement between FCT and a ‘Level 2’ Partner with approved pricing and service definitions

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Investors’ Guide to Acronyms

• MRR – Monthly Recurring Revenue

• MSS – Managed Security Services

• MSSP – Managed Security Service Provider – e.g. a Telco/SP that offers MSS to its enterprise/SMB

• –

• OEM Original Equipment Manufacturer - a company that produces equipment , marketed and sold by another manufacturer – e.g. what FirstWave does with Cisco

• OEM Agreement – this is an Original Equipment Manufacturing Agreement between FCT and a ‘Level 1’ Partner being a Global Security Vendor (GSV)

• OSS/BSS – Operational Support System / Business Support System (Telco/SP core IT systems)

• PoC (Proof of Concept) for Partner – Partner customer full trial on the platform that if successful is then provides catalyst to sign agreements

• PoV (Proof of Value) for End Customer – End customer full trial on the platform that if successful is then provides catalyst to sign order

• Products X-Sell/Upsell – ‘Level 2’ Partner sales teams cross-sell and up-sell other FCT– enabled solutions

• SaaS – Security as a Service

• Sales/Support Enablement – All ‘Level 1’ Partner and/or ‘Level 2’ Partner sales teams have been trained on and provided with FCT product and service information

• SAM – Serviceable Addressable Market

• SMB – Small to Medium Business (sometimes also called an ‘SME’ or Small to Medium Enterprise)

• SOM – Serviceable Obtainable Market

• SP – Service Provider – a term used for a Telco or a network services provider or communications service provider

• SWG – Secure Web Gateway – a category of content security product or technology that inspects user web traffic for security and content control purposes

• TAM – Total Addressable Market

• Telco – a telecommunications company, whether a fixed network or mobile network operator or both

• Umbrella – Cisco Umbrella - a cloud-based Secure Internet Gateway (SIG) offering from Cisco

• WSA – Cisco Web Security Appliance - a proxy-based Secure Web Gateway (SWG) product from Cisco

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