REG - Intercede Group PLC - Major New Contract with Large US Federal Agency

IntercedeAnnouncement

05/12/2023 12:30

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RNS Number : 7485V  Intercede Group PLC  05 December 2023

5 December 2023

INTERCEDE GROUP plc

('Intercede', the 'Company' or the 'Group')

 

Major New Contract with Large US Federal Agency

 

Intercede, the leading specialist in digital identity, credential management
and secure mobility, is pleased to announce that the Group has secured the
following new contract and associated licence order:

 

·    Major new contract win with a large US Federal Agency;

·    Purchase order received, via our partners, of perpetual licences
worth approximately $6.6 million;

·    Associated annual Support and Maintenance of approximately $1.4
million; and

·    This is the Group's largest single order.

 

This order, with an aggregate value in excess of $8 million, with all the
licence element of this contract being recognised in the Group's financial
year ending 31 March 2024 ("FY24"), means that the Group now expects financial
performance will be significantly ahead of market expectations for FY24*.

 

The Group wants to highlight that this contract is an exceptional order and
deemed 'one-off' due to the large number of perpetual licences purchased which
will be recognised in FY24.

 

This new customer contract was secured after a rigorous selection process, and
work will commence immediately to replace the customer's existing, separate
legacy platform with the Group's market leading MyID Credential Management
Solution (CMS). The Group believes that this new relationship has the
potential to develop further as the Group's solutions roll out across hundreds
of locations.

 

Klaas van der Leest, CEO, commented:

 

"We are delighted with this new customer win in the US which underlines both
our product leadership and our ability to strategically partner with the key
system integrators in this market. During the bid cycle, MyID CMS was
represented in multiple tenders again highlighting the markets' confidence in
the software.

 

We look forward to a productive and deepening relationship with our teaming
partners and new Federal customer. It is a testament to the hard work of the
Group's employees to achieve this landmark contract win. Whilst we are
conscious of the exceptional nature of this order our pipeline remains strong
and we are confident about the Group's future prospects."

 

* The current market forecast for the year ending 31 March 2024 is revenue of
£13.7 million and adjusted EBITDA of £1.8 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/Charlotte Sutcliffe, 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 (http://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.

 

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