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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

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AIM:DFX
Market: AIM
Market Cap: -
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