Last checked at 23 May 2023 07:00
Crossword Cybersecurity Plc
Crossword Consulting Limited - Related Party Transaction
23 May 2023 - London, UK -Crossword Cybersecurity Plc (AIM:CCS, "Crossword", the "Company" or the "Group"), the technology commercialisation company focused on cyber security and risk, today announces that with the impending conclusion of the framework agreement announced on 23 August 2022, Crossword Consulting Limited ("Crossword Consulting"), a subsidiary of the Group, has entered into a new framework agreement (the "Framework Agreement") with Cumberland House Consulting Ltd ("Cumberland House"), a company connected with Crossword Director Dr. Robert Coles, which constitutes a related party transaction under Rule 13 of the AIM Rules for Companies.
Cumberland House, a private information technology consultancy business, manages consultancy projects for a third-party client. Where additional capacity and expertise is required, Crossword Consulting will be providing its consulting services. Under the Framework Agreement, Crossword Consulting can provide consulting services at standard charge out rates up to a value of £750,000. Crossword Consulting generated a gross profit percentage of 18% during the year ended 31 December 2022.
The Independent Directors, being the Crossword Directors other than Dr. Robert Coles, having consulted with the Company's Nominated Adviser, consider that the terms of the Framework Agreement with Cumberland House are fair and reasonable insofar as the Company's Shareholders are concerned.
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Contacts
Crossword Cybersecurity plc - Tel: +44 (0) 333 090 2587
Email: info@crosswordcybersecurity.com
Tom Ilube, Chief Executive Officer
Mary Dowd, Chief Financial Officer
Grant Thornton (Nominated Adviser) - Tel: +44 (0) 20 7383 5100
Colin Aaronson / Jamie Barklem / Ciara Donnelly
Hybridan LLP (Broker) - Tel: +44 (0)203 764 2341
Claire Louise Noyce
For media enquiries contact:
Financial PR:
David Hothersall, Kinlan Communications
davidh@kinlan.net - Tel: +44 (0) 207 638 3435
General:
Duncan Gurney, GingerPR
duncan@gingerpr.co.uk - Tel: +44 (0)1932 485 300
About Crossword Cybersecurity plc
Crossword offers a range of cyber security solutions to help companies understand and reduce cyber security risk. We do this through a combination of people and technology, in the form of SaaS and software products, consulting, and managed services. Crossword's areas of emphasis are cyber security strategy and risk, supply chain cyber, threat detection and response, and digital identity and the aim is to build up a portfolio of cyber security products and services with recurring revenue models in these four areas. We work closely with UK universities and our products and services are often powered by academic research-driven insights. In the area of cybersecurity strategy and risk our consulting services include cyber maturity assessments, industry certifications, and virtual chief information security officer (vCISO) managed services.
Crossword's end-to-end supply chain cyber standard operating model (SCC SOM) is supported by our best-selling SaaS platform, Rizikon Assurance, along with cost-effective cyber audits, security testing services and complete managed services for supply chain cyber risk management. Threat detection and response services include our Nightingale AI-based network monitoring, our Trillion and Arc breached credentials tracking platforms, and incident response. Crossword's work in digital identity is based on the World Wide Web Consortium W3C verifiable credentials standard and our current solution, Identiproof, enables secure digital verification of individuals to prevent fraud.
Crossword serves medium and large clients including FTSE 100, FTSE 250 and S&P listed companies in various sectors, such as defence, insurance, investment and retail banks, private equity, education, technology and manufacturing and has offices in the UK, Poland and Oman. Crossword is traded on the AIM market of the London Stock Exchange.
Visit Crossword at https://www.crosswordcybersecurity.com/