PCI-PAL PLC Breach of confidentiality agreement by Sycurio Ltd
07 6월 2023 - 3:00PM
RNS Non-Regulatory
TIDMPCIP
PCI-PAL PLC
07 June 2023
07 June 2023
RNS Reach
PCI-PAL PLC
("PCI Pal", "the Company" or "the Group")
Breach of confidentiality agreement by Sycurio Ltd
PCI-PAL PLC (AIM: PCIP), the global cloud provider of secure
payment solutions for business communications, has today made the
following press release in relation to its ongoing patent dispute
with its competitor, Sycurio Limited ("Sycurio") (formerly Semafone
Limited).
Press Release
On Friday 26 May 2023, Sycurio's US lawyers informed the Company
that in April 2022 its client Sycurio breached the terms of
confidentiality agreements that had been put in place between PCI
Pal and Sycurio to protect information provided as part of the
unfounded, ongoing patent litigation ("Confidentiality
Agreements"). In its disclosure to PCI Pal, Sycurio's US lawyers
confirmed that Sycurio had illegitimately shared confidential
information with Sycurio personnel who were not covered by the
Confidentiality Agreements.
Furthermore, Sycurio have acknowledged that a number of their
personnel, including senior product staff and board members, both
internal and external, were involved in a board meeting during
which Sycurio considered competitor technology and call flows, and
that PCI Pal's confidential information "may" have been used in
this session. This session also involved personnel from Sycurio's
private equity owners, Livingbridge LLP.
Background
As part of the ongoing patent litigation in the UK, PCI Pal was
obliged to prepare an explanation of how its patented technology
had been implemented across its customer base and provide
explanations as to how the systems are configured. As is required,
the information was shared with Sycurio under strict
Confidentiality Agreements.
The PCI Pal Board is shocked that Sycurio, who are themselves a
provider of data security solutions, should have such weak controls
that a data breach such as this could have happened. Furthermore,
the PCI Pal Board is surprised at the time it has taken for it to
be discovered and reported. It has taken Sycurio over a year to
inform PCI Pal of the breach, therefore the full extent of how this
confidential information has been used by Sycurio since April 2022
is not yet known.
PCI Pal is consulting with its lawyers to establish the best way
to ascertain the full extent of the information breach, which will
require further disclosures from Sycurio, and how to deal with the
legal implications of the breach, which may or may not lead to
further legal action against Sycurio or other recipients of the
information.
For further information, please contact:
PCI-PAL PLC Via Walbrook PR
James Barham - Chief Executive
Officer
William Good - Chief Financial
Officer
finnCap (Nominated Adviser and
Broker) +44 (0) 20 7227 0500
Marc Milmo/Simon Hicks/Fergus Sullivan
(Corporate Finance)
Sunila de Silva (Corporate Broking)
Walbrook PR +44 (0) 20 7933 8780
Tom Cooper/Nick Rome +44 (0) 797 122 1972
P CIPAL@walbrookpr.com
About PCI Pal:
PCI Pal is a leading provider of Software-as-a-Service ("SaaS")
solutions that empower companies to take payments from their
customers securely, adhere to strict industry governance, and
remove their business from the significant risks posed by
non-compliance and data loss. Our products secure payments and data
in any business communications environment including voice, chat,
social, email, and contact centre. We are integrated to, and resold
by, some of the worlds' leading business communications vendors, as
well as major payment service providers.
The entirety of our product-base is available from our global
cloud platform hosted in Amazon Web Services ("AWS"), with regional
instances across EMEA, North America, and ANZ.
For more information visit www.pcipal.com or follow the team on
Linkedin: https://www.linkedin.com/company/pci-pal/
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