|
Intercede Group PLC - cybersecurity software firm with offices in Virginia, US and Leicestershire, England - Expects revenue for six months ended September 30 to total £6.1 million, up 23% from £4.9 million a year before, in line with expectations. Additionally, Intercede buys Authlogics Ltd for an initial consideration of £2.5 million, plus a deferred conditional and staged earnout payment of up to £3.0 million. Says the acquisition is expected to be earnings enhancing in financial year starting in April 1 next year and will be paid for out of cash reserves, which total £7.9 million after paying the £2.5 million initial consideration.
Chief Executive Officer Klaas van der Leest explains: ‘The acquisition of Authlogics enables us to deliver on the strategic vision that we have shared with investors of addressing the entire authentication pyramid. We believe that the addition of the Authlogics products will allow us to support our customers and prospects wherever they are in their authentication journey, and to embrace a wider set of use cases. The deal also increases our recurring revenue base.’
Authlogies is a UK-based authentication and password security management software vendor. Its revenue grew at a 61% compound rate between financial 2018 and financial 2021. It now has £500,000 per annum of run-rate recurring revenue.
Current stock price: 52.76 pence, up 39% in London
12-month change: down 38%
Copyright 2022 Alliance News Limited. All Rights Reserved.
|
