The project concerns data coding and digital signatures.
US-Israeli company Meganet announced the completion of the second phase of a data coding and digital signature project for the US Department of Labor. Meganet is owned by president and CEO Saul Backal, an Israeli national.
The project is part of the US Administration's general plan to expand protection for data and computer files in all government departments. US regulations require greater use of digital information transmission.
Meganet received $3 million for the current phase, which included the installing of e-mail security solutions. Payment for the first phase, which included installing solutions for protection of files and the use of digital signatures, was over $4 million. Sources estimated that Meganet would receive revenue of over $20 million in the next two years.
Backal founded Meganet in 1997. The company, which has seven branches in the US and Israel, has raised $10 million to date from private investors.
Published by Globes [online] - www.globes.co.il - on June 26, 2002