25 Nov 2020 07:00
Drumz Plc - Portfolio Update - Acuity Risk ManagementDrumz Plc - Portfolio Update - Acuity Risk Management
PR Newswire
London, November 24
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
25 November 2020
Drumz plc
('Drumz' or the 'Company')
Update on Investment
On 7 September 2020, Drumz made an investment in Acuity Risk Management Limited (‘Acuity’) resulting in the Company holding 20% of the issued share capital of Acuity, with an option to acquire a further 5%. Acuity’s business is the supply of its proprietary software, STREAM™, and services for cyber security and risk management, used by organisations globally for customers’ ISO 27001, GDPR, NIST Cyber Security Framework and other programs.
Certain members of the Drumz management team have been working with Acuity since July 2019. Since then, the commercialisation of Acuity’s offering has continued with STREAM™ being sold predominantly on a SaaS basis. In addition, sales and marketing activities have been overhauled with new price lists and terms for customers, the sales team has been strengthened and a new digital marketing programme managed by a specialist agency has been introduced. There have been several significant customer wins including a leading utility company and a major department of the UK Government.
The results for the year to 31 March 2020 show substantial year-on-year improvement with a 60% increase in revenues to £1.38m (2019: £0.86m).
First quarter revenues for the current year were in line with budget but second quarter revenues were impacted by COVID-19 with buyers deferring their orders. Pleasingly however, the sales pipeline stood at £850,000 as at 16 November 2020 (2019 £300,000).
More information on Acuity can be found via the following link www.acuityrm.com
Angus Forrest, Chief Executive of Drumz, commented:
“Everyone at Acuity is working hard to exploit STREAM™’s potential. It is an established and well regarded player in the fast growing global cybersecurity market. There are many opportunities to improve and grow the business but we believe these early signs are an encouraging start to achieving our objective of transforming the value of Acuity. ”
| For further information please contact: | |
| Drumz Plc | www.drumzplc.com |
| Angus Forrest | +44 (0) 20 3582 0566 |
| WH Ireland (NOMAD & Broker) | www.whirelandcb.com |
| Mike Coe / Chris Savidge | 020 7220 1666 |
| Peterhouse Capital Limited (Joint broker) | |
| Lucy Williams / Duncan Vasey | 020 7469 0936 |
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.