FirstWave Cloud Technology Limited (ASX: FCT) has announced the release of its first AI-powered compliance management capability for Open-AudIT into final testing. FirstWave, established in 2004, is a global software company providing enterprise-grade network management, automation, audit, and cybersecurity software, with an estimated 150,000 organisations using its software across 178 countries. The release to early adopting customers is scheduled for September 9, followed by a global public release by October 14.
This new feature is a critical step in converting FirstWave’s extensive base of free-tier Open-AudIT users into paying subscribers by offering a pathway to enterprise-grade compliance management. The company’s technology will connect Open-AudIT data to the newly launched FirstWave Cloud, which will then provide users with continuous, AI-driven compliance reporting, highlighting potential security vulnerabilities affecting systems managed by Open-AudIT.
FirstWave’s CEO, Danny Maher, stated that this launch positions the company at the forefront of simplifying IT and infrastructure compliance through AI. The company noted its existing partnership with Amazon Web Services (NASDAQ: AMZN), announced on June 10, which was crucial in launching FirstWave Cloud and accelerating the availability of FirstWave products on the AWS Marketplace.
FirstWave reports it is in discussions with several blue-chip clients who view this new capability as a critical requirement. The company has already secured over AUD 2 million in sales across June and July, with clients including Microsoft (NASDAQ: MSFT), Raytheon Technologies (NYSE: RTX), Telstra (ASX: TLS), and Claro. Payments from these agreements have been received, strengthening the company’s financial position.
