Last checked at 3 Jan 2024 07:00
03 January 2024
INTERCEDE GROUP plc
('Intercede', the 'Company' or the 'Group')
Major New Contract Win
Intercede, the leading specialist in digital identity, credential management and secure mobility, is pleased to announce that the Group has been awarded a major licence order with associated support and maintenance totalling approximately $1.0 million for a new client in the US Intelligence Community. In addition to the perpetual licence order, the client is also contracted for a separate annual subscription of $0.2 million.
This order, combined with expected additional conversion of our existing pipeline in Q4, means that the Company now expects financial performance to be ahead of market expectations for FY24* and further underpins FY25.
Klaas van der Leest, CEO, commented:
"We are particularly pleased to secure this order because it has potential to grow further and the fact that there is a subscription element associated with it.
The order was contracted through the channel, again underpinning our go-to-market strategy. We have ended 2023 on a high and aim to continue with this momentum into the final quarter and FY25".
* The current market forecast for the year ending 31 March 2024 is revenue of £18 million and adjusted EBITDA of £5.2 million.
ENQUIRIES
Intercede Group plc Tel. +44 (0)1455 558 111
Klaas van der Leest, CEO
Nitil Patel, CFO
Cavendish Capital Markets Limited Tel. +44 (0)20 7220 0500
Simon Hicks/Fergus Sullivan, Corporate Finance
Tim Redfern, ECM
About Intercede
Intercede is a cybersecurity software company specialising in digital identities, and its innovative solutions enable organisations to protect themselves against the number one cause of data breach: compromised user credentials.
The Intercede suite of products allows customers to choose the level of security that best fits their needs, from Secure Registration and ID Verification to Password Security Management, One-Time Passwords, FIDO and PKI. Uniquely, Intercede provides the entire set of authentication options from Passwords to PKI, supporting customers on their journey to passwordless and stronger authentication environments. In addition to developing and supporting Intercede software, the Group offers professional services and custom development capabilities as well as managing the world's largest password breach database.
For over 20 years, global customers in government, aerospace and defence, financial services, healthcare, telecommunications, cloud services and information technology have trusted Intercede solutions and expertise in protecting their mission critical data and systems at the highest level of assurance.
For more information visit: www.intercede.com
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.