09:59 AM EDT, 04/15/2024 (MT Newswires) -- Cybeats Technologies ( CYBCF ) surged more than 67% on Monday after the cybersecurity software company said it had signed an agreement to supply a large European telecoms group.

The company's shares were trading 58% higher at $0.30 in Canada on last look.

Cybeats ( CYBCF ) didn't name the telecoms company, but did say it has a $30 billion market capitalization. The product being provided by Cybeats ( CYBCF ), SBOM Studio, helps companies understand the security risks arising from their software, including the third-party and open-source components.

"Engaging a global leader in the telecom sector is a significant step in our commercial journey," said CEO Justin Leger. "When building SBOM Studio, Cybeats ( CYBCF ) ensured the product was industry agnostic, allowing for a diverse customer base and scalable reach, especially in high-potential verticals fueled by regulation,"