REG - Intercede Group PLC - Contract Orders and Renewals

IntercedeAnnouncement

08/01/2025 07:00

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RNS Number : 4778S  Intercede Group PLC  08 January 2025

8 January 2025

INTERCEDE GROUP plc

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

 

Contract Orders and Renewals for MyID CMS and Maiden Order for MyID
SecureVault

Intercede, the leading cybersecurity software company specialising in digital
identities, is pleased to announce continued momentum in the business with
further contract orders and renewals worth over $5m in aggregate being signed
during the month of December 2024.

These include the following new orders and renewals:

 

·    A major licence order MyID CMS from a systems integrator for a new
government end client based in Asia. The order is for c$0.9m with associated
multi-year support and maintenance of c$0.56m;

 

·    For the same client above, the maiden subscription licence order for
MyID SecureVault of c$0.5m over a 2-year period;

·    A MyID MFA licence subscription order for a leading airline in the
Middle East (new logo) through a new partner focussing on airport security
screening;

·    A MyID MFA licence subscription order for a leading Kuwaiti Bank (new
logo) contracted through Intercede's distribution channel in the region; and

·    MyID CMS subscription licence order for an American publicly traded,
government sponsored enterprise (new logo), contracted through a managed
services partner: and

·    The following renewals for MyID CMS:

o  a support and maintenance renewal from a large US Federal Agency in excess
of $1.4m;

o  a support and maintenance renewal from a large US Federal Agency in excess
of $1.0m;

o  a support and maintenance renewal from a key US Federal Agency in excess
of $0.15m.

In addition to the above licence orders and renewals, the Company also secured
several professional services orders worth, in aggregate, c$0.4m to implement
new installations and provide ongoing customer support.

 

These orders, combined with expected additional conversion of the existing
pipeline in Q4 FY25, means that the Company now expects financial performance
to be ahead of market expectations for FY25* and further underpins confidence
looking forward towards FY26 and FY27.

 

Klaas van der Leest, CEO, commented:

 

"We are very pleased to secure new licence orders in the Rest of the World
territory (excluding Americas), especially with a new government end client
based in Asia which also includes the first subscription licence order for
MyID SecureVault.

 

The orders were contracted through Asia's leading cyber security services
provider, and once again, underpins our go-to-market strategy.

 

The Group continues to demonstrate its ability to address client needs
quickly, efficiently, and commercially as the maiden order for MyID
SecureVault shows.

The renewals and services highlight the critical nature of our software once
in production and underpins the long tenure of our existing client base".

 

* The Board believes that the current consensus estimates for the year ending
31 March 2025 is revenue of £16.1 million and adjusted EBITDA of £3.3
million.

 

ENQUIRIES

 Intercede Group plc                   Tel. + 44 (0)1455 558111
 Klaas van der Leest                   CEO
 Nitil Patel                           CFO

 Cavendish Capital Markets Limited     Tel. + 44 (0)20 7220 0500
 Marc Milmo/Fergus Sullivan/Rory Sale  Corporate Finance
 Tim Redfern/Ondraya Swanson           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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