logo-loader
TechSoftware & services
Defenx PLC

Defenx shares jump as it rewrites agreement with Italian partner

The cybersecurity group's shares jumped 50% in Tuesday's early deals

Cyber security
BV holds 64% of the company's shares

Defenx plc (LON:DFX) shares jumped more than 50% in Tuesday’s early deals on the news of a distribution and services deal with BV Tech, a major shareholder in the company (with 64%).

Replacing a prior arrangement from June 2017, the new agreement gives BV Tech the right to sell the company’s cybersecurity products in Italy – in industries such as defence, space, national security or critical infrastructures sectors. The deal will run to the end of 2023.

In return, Defenx will receive €1mln, across three instalments before the end of the first half of 2019, it will also be due royalties equal to 50% of revenues in excess of €5mln.

BV Tech has also committed to buying at least €1.2mln of products over a two year period.

It was noted that certain prior restrictions under the previous deal have now been removed.

Defenx at the same time enters into a services agreement with BV Tech, with aggregate fees capped at €1.2mln.

In London, Defenx shares rose by 2.3p or 51% to trade at 6.8p.

Quick facts: Defenx PLC

Price: £0.03

Market: AIM
Market Cap: £1.16 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: hVIVO PLC's 2020 pipeline 'looking strong' as it expands...

hVIVO PLC's (LON:HVO) executive chairman Trevor Phillips tells Proactive London's Andrew Scott the business is now better positioned to be profitable next year. The creator of pioneering human disease models based upon viral challenge generated revenues of £5.9mln in the six months ended June...

6 hours, 54 minutes ago

2 min read