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ECSC Group higher as it launches Nebula Cloud cybersecurity service

The new services enables users to collect, store, and use AI to analyse IT system logs and generate 24/7 alerts to potential cybersecurity breaches

ECSC Group PLC - ECSC higher as it launches Nebula Cloud cybersecurity service

ECSC Group PLC (LON:ECSC) saw its shares move higher on Wednesday as the group announced the launch of its new Nebula Cloud cybersecurity breach detection service.

The AIM-listed firm said Nebula Cloud will enable users to collect, store, and use Artificial Intelligence (AI) to analyse IT system logs and generate 24/7 alerts to potential cybersecurity breaches.

WATCH: ECSC Group raises £500k as it 'prepares for post COVID-19 opportunities'

ECSC noted that the service also uses its Kepler AI technology and introduces new cloud-based service options designed for wider resellers and a lower entry price than traditional approaches.

The company said the service has been launched through its partner programme with plans later this year to make the service available to the wider IT reseller community through its distribution channel.

ECSC also provided an update on its response to the coronavirus pandemic, saying that it has maintained its ability to deliver the full range of consultancy services and while there had been a reduction in consulting bookings and delays to consulting projects, the company said there had been “no reduction within the anticipated managed services recurring revenue”.

The firm said the combination of new managed service wins and ongoing contract renewals in its first-quarter had resulted in order book growth to £2.7mln from £2.6mln at the end of 2019. The company noted that it had secured 43 new clients since the start of the year.

ECSC added that its cost reduction efforts during the pandemic had allowed it to achieve adjusted underlying earnings (EBITDA) at breakeven in April, while a recent fundraise and short-term tax payment support had left it with £1.2mln in cash as of May 22.

"We are delighted that our Artificial Intelligence technologies continue to drive new innovative services.  The Nebula Cloud cybersecurity breach detection service has the potential to reach a much wider client-base, and enable more sales through our developing partner programme and traditional IT resellers”, ECSC chief executive Ian Mann said in a statement.

"Whilst the current [coronavirus] situation continues to dominate, the management team have moved rapidly to implement operational flexibility, and cost control measures, to maintain full operations within a prudent financial framework", Mann added.

The news sent ECSC shares up 2.3% to 67.5p in early deals.

Quick facts: ECSC Group PLC

Price: 66.5 GBX

LSE:ECSC
Market: LSE
Market Cap: £6.65 m
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ECSC Group PLC's (LON:ECSC) Ian Mann tells Proactive they made an adjusted EBITDA profit for the first six months of 2020 following a jump in managed services recurring revenue. The cybersecurity group saw its recurring revenues rise by 25% to £1.17mln in the period while the managed services...

on 5/8/20

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