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106.50 0.00 (0.00%)

Bid:

104.00

Ask:

109.00

Spread: 5.00 (4.808%)

Market Cap: £64.07m

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Intercede secures $1m US intelligence contract

Wed, 03rd Jan 2024 12:00

(Sharecast News) - Digital identity and credential management specialist Intercede has secured a significant contract worth $1m from a new client within the US intelligence community, it announced on Wednesday.

The AIM-traded firm said the deal encompassed a perpetual licence order, along with associated support and maintenance services.

In addition to the perpetual licence, Intercede said the client had also committed to an annual subscription worth $0.2m.

The combined value of the agreements was expected to bolster the company's financial performance for the 2024 financial year, and provide solid support for its outlook in 2025.

"We are particularly pleased to secure this order because it has potential to grow further and the fact that there is a subscription element associated with it," said chief executive officer Klaas van der Leest.

"The order was contracted through the channel, again underpinning our go-to-market strategy.

"We have ended 2023 on a high and aim to continue with this momentum into the final quarter and the 2025 financial year."

At 1135 GMT, shares in Intercede Group were up 18.28% at 110p.

Reporting by Josh White for Sharecast.com.