Shearwater wins $1.2m banking cyber contract in Japan

The three-year agreement marks the firm’s fifth major contract win this year

UK cybersecurity firm Shearwater Group has landed a $1.2m (£896.2k) contract with one of Japan’s largest financial groups through its Brookcourt Solutions subsidiary.

Under the three-year deal, Brookcourt will deploy its Core Email Protection technology to help defend the banking organisation against phishing, business email compromise, account takeover attempts and data loss.

The solution also aims to reduce security operations centre workloads through automated threat detection and response.

Shearwater said the deal strengthens Brookcourt’s position within the global financial services sector while adding recurring revenue over the next three years.

“This award from one of the world’s largest banking organisations is another endorsement of Brookcourt’s capability to deliver enterprise-class cybersecurity solutions to highly regulated organisations,” said Phil Higgins, CEO of Shearwater.

“This contract also further demonstrates the quality of our customer base and our continued ability to win strategic international business.”

The contract marks Shearwater’s fifth deal this year.

Earlier this month, the group secured a five-year contract extension and expansion worth approximately £25m with a UK-based global telecommunications provider.

The arrangement is expected to generate around £25m in revenue over its term, with approximately £12.5m set to be recognised in FY26.

In February, Shearwater also announced a £9m cyber defence contract with a global financial services organisation, alongside two agreements worth £1.8m and £1.3m with UK telecommunications providers in April.

The company previously said this series of contract wins reinforces its expectations for FY26 adjusted EBITDA, while revenue is projected to come in slightly ahead of market forecasts.

Current market expectations for FY26 expect top line to stand at £35.5m and adjusted EBITDA at £2.4m.

For the 15-month period to 30 June 2025, the firm’s earnings soared 29 per cent to £39.5m, driven by its services division, which leapt 34 per cent to £37m, boosted by public and private sector demand.