Pasu Signs Supply Contract with Leading U.S. Manufacturing Group

Security Solution Supply and System Operation Contract

[Asia Economy Reporter Hyungsoo Park] Fasoo announced on the 29th that it has signed a product supply and system operation contract with a leading American equipment and machinery manufacturing conglomerate.

Fasoo introduced the contract as a master agreement signed with a conglomerate that has various manufacturing affiliates and employs more than 200,000 people worldwide. The contract covers Fasoo's core product line, the EDRM (Electronic Document Rights Management) products, and Fasoo will build the cloud system using its products and also manage system operations.

The American conglomerate had previously used products from V Corporation, a competitor of Fasoo in the U.S. After a year of product testing and negotiations to replace them with Fasoo products, Fasoo was ultimately selected. According to the contract, Fasoo will begin system construction in the first week of January next year and complete the cloud system build within the first half of the year. Operations are planned to start in July next year.

Recently, over 18,000 organizations were infected with malware due to the SolarWinds hacking incident in the U.S. The need for encryption of critical data has been highlighted. Fasoo's EDRM solution encrypts important information first and manages user-specific access rights.

IT research firm Gartner also described in a report on “data-centric security encompassing internal organizations and partners” that “EDRM solutions are the strongest and most effective among data-centric security measures.” Gartner selected Fasoo as one of the leading vendors of EDRM solutions.

Lee Kang-man, Vice President of Fasoo in charge of overseas business, said, “Additional orders to expand the number of users are expected during the first project.” He added, “Other affiliates can also place product and service purchase orders anytime under the master contract, so we expect continuous sales growth.”

Since partner companies must also use the Fasoo system for collaboration, there is a strong expectation that partners may build separate systems for their own security in the future.

Fasoo CEO Cho Kyu-gon introduced, “Amid the aftermath of the SolarWinds hacking incident, which has highlighted the importance of data encryption, Fasoo has signed a solution supply and operation contract with a leading American company.” He also said, “We expect Fasoo’s EDRM to create a significant impact in the U.S. cybersecurity market and believe this marks a turning point for the full-scale expansion of Fasoo’s EDRM in the U.S. market.”