REG - Kape Technologies - COVID-19 Update

Kape TechnologiesAnnouncement

31/03/2020 07:00

RNS Number : 1324I
  
Kape Technologies PLC
  
31 March 2020
  
 

31 March 2020
 
Kape Technologies plc
("Kape," the "Company," or the "Group")
 
COVID-19 Update - Kape on track to deliver on 2020 targets
 
Kape (AIM: KAPE), the digital security and privacy software business, provides an update regarding the impact of COVID-19.
 
As a result of the restrictions being imposed on movement across the globe in response to the COVID-19 pandemic, and an increase in both remote and home working, Kape has seen increased demand for its products. This has been especially apparent within the Group's digital privacy division, and in particular Kape's VPN offering has experienced increased demand globally but most notably from North America and Europe.
 
Demand for Kape's digital privacy products is robust, and the Group is on track to deliver revenues of $120-123 million and Adjusted EBITDA1 of $35-38 million in 2020.
 
At an operational level, Kape has successfully shifted its global workforce to remote working across the majority of its locations with minimal impact on the Group's output. The health and wellbeing of the Company's employees is of the utmost importance during this challenging time. The Company is pleased that it has been able to serve the increase in demand without impacting the quality of its services. Furthermore, given the recent debt facility announced on the 19 March, which includes a $10 million revolving credit facility and a $20 million uncommitted acquisition facility, the Company is in a strong position to further grow its business.
 
Management continues to monitor the situation regarding COVID-19 closely and remains confident in the ongoing performance and agility of the Group.
 
Enquiries:
 




Kape Technologies plc
Ido Erlichman, Chief Executive Officer
Moran Laufer, Chief Financial Officer
 


via Vigo Communications




Shore Capital (Nominated Adviser & Broker)
Mark Percy / Toby Gibbs / James Thomas
 


+44 (0)20 7408 4090




N+1 Singer (Joint Broker)
Harry Gooden / George Tzimas
 


+44 (0)20 7496 3000




Vigo Communications (Financial Public Relations)
Jeremy Garcia / Antonia Pollock / Fiona Norman
kape@vigocomms.com


+44 (0)20 7390 0237




 
About Kape
 
Kape is a leading 'privacy-first' digital security software provider to consumers. Through its range of privacy and security products, Kape focusses on protecting consumers and their personal data as they go about their daily digital lives.
 
To date, Kape has over 2 million paying subscribers, supported by a team of over 350 people across eight locations worldwide. Kape has a proven track record of revenue and EBITDA growth, underpinned by a strong business model which leverages our digital marketing expertise.
 
Through our subscription-based platform, Kape has fast established a highly scalable SaaS-based operating model, geared towards capitalising on the vast global consumer digital privacy market.
 
www.kape.com
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1 Adjusted EBITDA is a non-GAAP measure and a company specific measure which excludes other operating income and expenses which are considered to be one off and non-recurring in nature.


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