TIDMCCS
RNS Number : 5849E
Crossword Cybersecurity PLC
14 March 2022
Crossword Cybersecurity Plc
Crossword acquires threat intelligence company, Threat Status
Limited
14 March 2022 - London, UK - Crossword Cybersecurity Plc
(AIM:CCS, "Crossword", the "Company" or the "Group"), the
technology commercialisation company focused on cyber security and
risk, is pleased to announce its acquisition of the whole of the
share capital of Threat Status Limited ("Threat Status") , the
threat intelligence company and provider of Trillion(TM), the cloud
based software as a service (SaaS) platform for enterprise-level
credential breach intelligence has now completed. Additionally,
Threat Status's more recently released product, Arc, protects the
users of customer-facing applications from the threat of Account
Takeovers. The acquisition of Threat Status takes the Company's
portfolio to five cyber security offerings, alongside its cyber
security consulting and managed services offerings. The transaction
was first mentioned on 21 December 2021 in an RNS announcement.
Threat Status's platform enables businesses and managed service
providers to monitor data that has been stolen and shared on the
dark web and criminal forums which could harm the security of their
business or that of their customers. Threat Status has developed
its subscription-based, enterprise-class services to be turnkey,
highly scalable, very secure and ready to go. The platform is quick
for onboarding new clients, with no c omplex integrations needed,
allowing rapid delivery of customer value.
Crossword Cybersecurity has agreed to pay a total consideration
of GBP1.529m for Threat Status. This price
represents an annual recurring revenue multiple of 5.25. The payments are structured as follows;
- An initial cash payment of GBP500,210;
- On the first anniversary of the transaction, a cash payment of
GBP281,758 and GBP171,942 in Company stock;
- On the second anniversary of the transaction, a cash payment
of GBP125,000 and GBP450,000 in Company stock; and
- All shares will be issued at a price based on the average
mid-market price for the three months prior to the date of
issue.
Threat Status was founded in 2017 by Jon Inns, who is the CEO of
the business. He was joined by Ian Nice, CTO, and was supported by
a third-party fund. Jon, Ian and their team of developers and
apprentices will join Crossword to drive the continued
commercialisation and development of Threat Status products. For
the 12 months ended 31 March 2021, Threat Status made a loss of
GBP54,864 and had net assets of GBP75,586 at that date. Threat
Status is reaching breakeven, with 90% recurring revenue. Cross
sell opportunities are being explored with the acquisition,
alongside operating synergies.
Tom Ilube, CEO of Crossword Cybersecurity plc, commented:
"Crossword is pleased to incorporate Trillion and Arc into its
product suite, completing our aim of having five products in the
market by the end of 2022 and adding over twenty new recurring
revenue clients. We welcome Jon, Ian and their team to Crossword
and are excited about the opportunities Threat Status brings to
Crossword and our clients, as we continue in our mission to reduce
the cyber risks for our clients by providing a portfolio of
innovative products and services. This is our third acquisition in
less than a year and shows the extent of our ambition to provide a
portfolio of subscription-based, enterprise-class products and
services."
Jon Inns, CEO of Threat Status Limited , commented: "Threat
Status has developed one of the strongest and most advanced
credential leak monitoring services in the market and we're looking
forward to leveraging the opportunities and synergies this
acquisition by Crossword represents. With Crossword's experienced
sales team and growing client base, and our proven and trusted
technology, we expect market penetration to accelerate, increasing
revenue and client protection."
- Ends -
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain
Contacts
Crossword Cybersecurity plc - Tel: +44 (0) 333 090 2587
Email: info@crosswordcybersecurity.com
Tom Ilube, Chief Executive Officer
Mary Dowd, Chief Financial Officer
Grant Thornton (Nominated Adviser) - Tel: +44 (0) 20 7383
5100
Colin Aaronson / Daphne Zhang / Ciara Donnelly
Hybridan LLP (Broker) - Tel: +44 (0)203 764 2341
Claire Louise Noyce
For media enquiries contact:
Duncan Gurney, GingerPR
duncan@gingerpr.co.uk - Tel: +44 (0)1932 485 300
About Crossword Cybersecurity plc
Crossword Cybersecurity plc focuses on the development and
commercialisation of university research-based cyber security and
risk management related software and cyber security consulting. The
Group's specialist cyber security product development and software
engineering teams work with its university partners to develop the
research concept into a fully-fledged commercial product that it
will then take to market. The Group's aim is to build up a
portfolio of revenue generating, intellectual property based, cyber
security products. Rizikon Assurance, Crossword's leading product,
is a SaaS platform that enables medium to large companies to assess
and manage all risks from their suppliers. Nixer CyberML, another
Crossword product, is a new tool for businesses that want to solve
advanced security and cybercrime problems, such as detecting and
dealing with compromised accounts, fraud, and in-application denial
of service attacks. Identiproof, Crossword's most recent product,
is the World Wide Web Consortium (W3C) verifiable credentials
compatible middleware and wallet technology. Crossword's team of
expert cyber security consultants leverages years of experience in
national security, defence and commercial cyber intelligence and
operations to provide bespoke advice tailored to its clients'
business needs, including threat monitoring.
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END
ACQJJMATMTJBBLT
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