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Crossword Cybersecurity gains momentum as more firms seek cybersecurity solutions

Snapshot

  • Cybersecurity technology firm
  • Has two products, Rizikon and Nixer
  • Nixer launched first product in November 2019
Crossword Cybersecurity PLC - Crossword Cybersecurity gains momentum as it eyes Nixer launch

Quick facts: Crossword Cybersecurity PLC

Price: 265 GBX

AIM:CCS
Market: AIM
Market Cap: £13.6 m
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Our staff numbers have increased by almost 40% in 2019, and along with the recent appointment of a very experienced group sales director strengthening the leadership team, gives us the power to deliver growth in 2020

Tom Ilube, chief executive

 

What it does

Crossword Cybersecurity PLC (LON:CCS)  has two main products: Rizikon Assurance, a risk assessment tool that helps companies evaluate their suppliers and other third parties and Nixer, a machine-learning-based cybersecurity tool.
 

How it’s doing

For the year ended December 31, 2019, Crossword posted revenue of £1.3mln, up from £1.07mln in the prior year, while its pre-tax losses fell to £2.1mln from £2.13mln.

In the statement, Crossword's CEO Tom Ilube said the company’s pipeline is currently standing at around £6mln, split between both its products and consulting services, and that these funds will allow the firm to drive business growth over the next 12 months.

While some of the company’s clients and opportunities had been affected by the pandemic, Ilube said it was also seeing “increased activity as cybersecurity becomes even more important”.

“Our Rizikon Assurance product pipeline continues to grow and represents nearly £4mln out of the £6mln total pipeline, and we are engaged in several large-scale bid situations”, the CEO added.

The company added that its workforce has nearly doubled to 30 across its locations in London and Krakow in Poland and the firm had managed to “quickly and effectively implement remote working” during the coronavirus pandemic with “minimal impact on clients and sales activity”.

Crossword is also continuing to make progress with new deals, announcing in June that its consulting division has signed a three-year contract with Agria Pet Insurance to become a “trusted cybersecurity partner”.

Agria will use the company's Virtual Chief Information Security Officer (vCISO) service to improve its cybersecurity posture following the completion of a project to evaluate the insurer's security controls.

Crossword is also collaborating with security reseller and managed security services provider Satisnet Limited to provide party assurance technology to its clients.

 

Video Interview

 

 

Inflexion points

  • Consulting division is racking up contracts in the legal, insurance and financial services sectors

  • Crossword’s Rikizon Assurance product is now used by the famous Cammell Laird marine engineering company to manage risk in its supply chain

  • In early January, the company appointed a new group sales director and a chair for its consulting subsidiary as part of plans to drive growth in 2020

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