Intercede advances after securing major security contract

AIM-listed security software provider Intercede has reported the award of a major contract in support of a large scale government security programme. The company said that contracts had been signed and the first purchase order had been received, with a value in excess of £600,000. It added that it was expected that, subject to performance, the contract value to Intercede would be likely to exceed £1.5m in the current financial year and £10m over a five-year period. The company said that the contract had been expected to make a material contribution to the financial year closing March 31st 2013, but procurement delays by the contracting government caused slippage into the following period. Richard Parris, Chairman and Chief Executive of Intercede said: "This award is the result of a two-year competitive procurement process by a knowledgeable end-customer." He added: "The prime contractor is also one of the world's most sophisticated systems integrators. I am delighted that both parties selected Intercede's MyID platform as their preferred 'best of breed' solution."Intercede's identity management platform, MyID, enables organisations and governments to create trusted digital identities for employees and citizens on secure devices such as smartcards, smartphones and tablets. Intercede's share price was up 14.55% to 63p on Thursday.MF