LONDON (ShareCast) - (Sharecast News) - Drumz updated the market on its investment in Acuity Risk Management on Wednesday, a company in which it purchased a 20% share on 7 September, with an option to acquire a further 5%.
The AIM-traded firm described Acuity's business as the supply of its proprietary software 'STREAM', and services for cybersecurity and risk management, used by organisations for ISO 27001, GDPR, NIST CyberSecurity Framework and other programmes.

Its board said members of the Drumz management team had been working with Acuity since July 2019, and since then, the commercialisation of its offering had continued with STREAM being sold primarily on a software-as-a-service (SaaS) basis.

In addition, sales and marketing activities had been overhauled, with new price lists and terms for customers, a strengthening of the sales team, and a new digital marketing programme managed by a specialist agency introduced.

There had been several "significant" customer wins, including an unnamed "leading" utility company, and a "major department" of the UK government.

The results for the year to 31 March showed "substantial" year-on-year improvement, with a 60% increase in revenues to £1.38m.

First quarter revenues for the current year were in line with budget, but second quarter revenues were impacted by Covid-19, with buyers deferring their orders.

The board did note that the sales pipeline stood at £0.85m as at 16 November, up from £0.3m year-on-year.

"Everyone at Acuity is working hard to exploit STREAM's potential," said Drumz chief executive officer Angus Forrest.

"It is an established and well regarded player in the fast growing global cybersecurity market.

"There are many opportunities to improve and grow the business but we believe these early signs are an encouraging start to achieving our objective of transforming the value of Acuity."

At 1217 GMT, shares in Drumz were down 6.93% at 0.47p.

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