One of the best performers on the Australian share market on Tuesday has been the Family Zone Cyber Safety Ltd (ASX: FZO) share price.
In morning trade the cyber safety company's shares rocketed a massive 22% higher to 28 cents.
Why did the Family Zone share price rocket higher today?
Investors have been buying the company's shares this morning following the release of an update on the progress it has made with its intellectual property.
According to the release, Family Zone has received advice from the US Patent & Trademark Office of the award of a patent in relation to its Device Management System. This application was initially lodged in March 2013.
The release explains that this platform is a unique system for managing internet usage of user devices based on a cloud-based set of access policies which are enforced through technology which may be installed on end-user devices, in mobile networks, or in network gateways.
What now?
Management believes the award of this patent is a significant milestone for the company.
And one which validates the uniqueness of its platform approach to cyber safety. An approach which it believes is key to unlocking the global potential of parental controls – a market estimated to be worth A$100 billion and with less than 5% penetration.
Management advised that: "Family Zone seeks to address this market through providing parents and schools the ability to cooperate and apply "their rules" across any network and any device. Our trials and operational experience since IPO demonstrates this model is effective and scalable."
Adding: "The award of this Patent also establishes a mechanism for Family Zone to not only win in our chosen market, but to protect ourselves from competitor encroachment."
The next step for the company is to pursue a worldwide patent registration through the international PCT process.
Other big movers in the tech sector today include Megaport Ltd (ASX: MP1) and Nearmap Ltd (ASX: NEA) with gains of +5%. Megaport is charging higher after a strong quarterly update, whereas Nearmap's shares are rising on the back of no news.
