Crossword Cybersecurity firmly focused on growth as it eyes acquisitions and new products
- Crossword Cybersecurity interim revenues rise driven by product and consulting units
- Cybersecurity: how to invest in a thriving sector amid rising cybercrime
- Crossword Cybersecurity announce 1.8mln acquisition plan and raise £5mln in oversubscribed placing
Quick facts: Crossword Cybersecurity PLC
Price: 33.5 GBX
Market Cap: £25.11 m
About the company
Crossword Cybersecurity plc focuses on commercialisation of university research-based cyber security and risk management software and cyber security consulting.
The company's specialist cyber security software engineering team works with university partners to develop the research concept into a fully fledged commercial product that it then takes to market.
How it is doing
Product and consulting saw a 30% rise in revenue for the six months, ended June 30, with the latter business unit notably seeing an 85% increase in recurring revenue compared to the year before.
Crossword’s Rizikon software-as-a-service supplier risk assessment product was launched to 10,000 Chartered Institute of Information Security members, and it continues to be rolled out through the firm’s membership body programme, whilst Crossword highlighted that Rizikon has seen a ten-fold increase in users – with around 300 users presently assessing around 4,000 suppliers.
“The group is working to deliver significant expansion of the Rizikon user base, with a target of over 1,000 organisations using Rizikon to assess over 10,000 suppliers by the end of 2022,” said chief executive Tom Ilube.
Alison Dyer, who is currently chief information security officer at nuclear industry supplier Urenco, takes over as chair from Robert Coles as he has moved to Crossword's main board of directors.
The cybersecurity and risk management firm said Stega will bring threat intelligence and monitoring services to the wider group, alongside around 30 new clients mostly in the financial sector, taking the total number of fee-paying consulting clients to over 100.
Insight: Cybersecurity: how to invest in a thriving sector amid rising cybercrime
The pandemic has been a bonanza for hackers, as the shift to remote working provided more chances to infiltrate into corporate systems with so much data uploaded to the cloud.
One of the latest major attacks, which first affected US firm Kaseya then over 200 companies in the world, has been described as “rare, if not unprecedented” for its scale and sophistication.
What management says
Dowd says 'we're really looking forward to our growth phase, we really feel this is a strong pivotal position for Crossword, with 25% revenue growth last year and plans to double that this year'.
The new shares were sold to investors at 30p each. The cash raised will be also be used to increase sales and marketing activities, product development and support and for general working capital purposes.
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