(Alliance News) - Kape Technologies PLC on Tuesday said it expects a surge in full-year revenue to nearly triple in its "strongest year to date."
The Isle of Man-based digital privacy and security company said its expects 2022 pro forma adjusted earnings before interest, tax, depreciation and amortisation to exceed guidance and amount to around USD173 million. In 2021, Kape reported adjusted Ebitda of USD78.0 million.
Further, it expects revenue to be at the upper end of guidance at around USD623 million, up from USD230.7 million in 2021.
It added that as of December 31, Kape served around 7.4 million paying customers globally, a 12% increase from the previous year.
Kape said the integration of ExpressVPN has also exceeded expectations. ExpressVPN is a virtual private network that offers users a way to protect their internet traffic and keep their identities private online.
In September 2021, Kape said it would buy ExpressVPN from Access Global Ltd for USD936 million.
The company said that in less than a year it has "successfully created one unified team across management, product, Research & Development, marketing and customer support." It noted that it has realised USD9 million of synergies in 2022 and expects to realise the full planned operational synergies of USD30 million in 2023.
Kape expects to report its 2022 results on March 21.
Chief Executive Ido Erlichman said: "Our overperformance, delivered against a turbulent financial backdrop, further reinforces the growing demand for superior privacy and security products. Kape's achievements are a testament to the quality of our products and the determination of the teams who are delivering them. Kape is now in an enhanced position to accelerate our ambitious strategy."
Shares in Kape were up 0.5% at 299.09 pence each in London on Tuesday morning.
By Sophie Rose; Alliance News reporter
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