DRUM.L Regulatory News (DRUM)

Drumz Plc - New Contract wins and partners for Acuity

PR Newswire

London, February 10

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

13 February 2023

Drumz plc 

('Drumz' or the 'Company')

New Contract wins and partners for Acuity 

Drumz plc (AIM:DRUM) is pleased to announce that Acuity Risk Management Limited (‘Acuity’), an investee company in which Drumz has a 25% shareholding has won contracts with two significant new customers to use its software platform, STREAM® Integrated Risk Manager(“ STREAM®  ”), which is used by private and public sector clients to manage their cyber security and other enterprise risks.

Contract wins

The first contract win is with a North American bank which is adopting STREAM® to improve its enterprise risk management. This solution has the potential to be replicated by many other banks and financial institutions.

The second contract is with a leading provider of public cloud and cybersecurity solutions and services, headquartered in Europe with operations in Europe, North and South America which is adopting STREAM® for cyber security and IT risk management.

The aggregate initial order value for these two contracts is c.£300,000 over three years, equivalent to £100,000 per annum.

New partners

Acuity believes there is an opportunity to accelerate its growth, particularly in the North American market which represents 45% of global demand. To achieve growth in this market an experienced channel manager was recruited by the Company in August 2022. In addition, two new partners have recently been appointed in North America and revised sales targets have been agreed with other existing partners. Both new partners are large corporate entities who specialise in cyber security risks for financial, defence, healthcare and general market sectors.

Angus Forrest, Chief Executive of Drumz plc, said: “These contract and partners wins are evidence that the strategic changes to the distribution channels and new management appointments which have been made are working and setting Acuity up for faster and transformational growth over the short to medium term.”

Simon Marvell, CEO of Acuity said: “The Acuity business has been making great progress with the investment and support from Drumz and since the recruitment of Kerry Chambers as Commercial Director in April 2021. These two new exciting customer wins are testament to performance improvements across all sales and marketing operations which are now starting to bear fruit.”

Note to Editors

Drumz plc

Drumz plc (AIM): DRUM) is an investing company focused on investing in and acquiring established software businesses that own good technology, have quality customers and which could better exploit their assets and accelerate their growth with the injection of experienced management and new funds. 

Drumz will, where necessary, make available some of its experienced management team and provide finance to facilitate the necessary changes, so that the value of the businesses in which Drumz invests will be transformed over a two to four year period. In due course, the new Directors expect to dispose of such businesses, in whole or in part, in order to realise value for Drumz and its shareholders.

Acuity Risk Management

Acuity is an established provider of risk management services. Acuity’s award-winning STREAM® is a GRC software platform, which collects data about organisations to improve business decisions and management. It is used by around 70 organisations in markets including government, utilities, defence, broadcasting, manufacturing and healthcare. Most customers use it for managing cybersecurity and IT risks and for compliance with ISO 27001 and other standards and regulations. STREAM® is sold on a SaaS or private cloud delivery (on-premise) basis, typically with a three year licence, invoiced annually in advance. Sales are made directly through the Company’s own sales team and via a growing network of partners in the UK and the US.