Intercede wins several new contracts and renewals
By Josh White
Date: Tuesday 07 Nov 2023
(Sharecast News) - Cybersecurity software company Intercede Group announced a series of significant contract and renewal orders on Tuesday.
The AIM-traded firm said it had received a new top-up licence order for 'MyID CMS' from a well-established US defence and aerospace manufacturer.
It had also expanded its global presence with a new technology client for 'MyID PSM' in the Middle East, though the value of the contract was described as relatively minor.
Further bolstering its foothold in the Middle East, Intercede said it had also signed a contract with a new government agency for 'MyID MFA/PSM'.
Intercede said it had also received a significant upgrade request from a large northern European bank for MyID CMS.
Finally, the company said it had renewed a substantial support and maintenance contract with a primary US federal agency, with the renewal representing an impressive increase in monetary terms of about 45%.
Collectively, the orders amounted to an aggregate contract value exceeding $1.4m.
The board said the influx of contracts reinforced its revenue outlook for 2024 and established a contracted revenue backlog for the 2025 financial year.
"As announced at the start of September, our pipeline continues to strengthen and develop," said chief executive officer Klaas van der Leest.
"With increased interest from existing and prospective customers in the US, EMEA and the Asia-Pacific, we believe the group is well positioned and we look forward to providing further information in our first-half results later this month."
At 1400 GMT, shares in Intercede Group were up 12.4% at 64.63p.
Reporting by Josh White for Sharecast.com.
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