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Why Senetas Corporation Limited shares are up 9% today

The Senetas Corporation Limited (ASX: SEN) share price has continued its strong run and raced higher on Wednesday.

At the time of writing the shares of the leading developer of data encryption solutions for enterprise, government and technology service providers are up 9% to 12.5 cents.

This brings its one-month return to almost 40%.

Why are its shares higher?

This morning Senetas advised that it has secured the first sale of its ultra-high-speed 100Gbps Ethernet encryptors, the CN9000 Series.

According to the release, the purchase was made by a government customer in Western Europe. No pricing terms were disclosed.

Senetas CEO, Andrew Wilson, believes this is a major milestone for the company and validates the development of the ultra-high-speed encryptor and its ability to protect high volumes of data being transmitted across ultra-fast networks.

Judging by the market reaction today, investors appear to believe this could be the first of many sales of the CN9000 series.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.