Intercede Group PLC Major New Contract with Large US Federal Agency (7485V)
05 Dezember 2023 - 1:30PM
UK Regulatory
TIDMIGP
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 GBP13.7 million and adjusted EBITDA of GBP1.8
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
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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END
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