Related Party Transaction

RNS Number : 3330C

Crossword Cybersecurity PLC

22 February 2022

 

Related Party Transaction

22 February 2022 - London, UK - Crossword Cybersecurity Plc (AIM:CCS, "Crossword", the "Company" or the "Group"), the technology commercialisation company focused on cyber security and risk management,   today announces that the Group has entered into a contract with a company connected with Crossword Director Dr. Robert Coles which constitutes a related party transaction under Rule 13 of the AIM Rules for Companies .

Crossword Consulting Limited ("Crossword Consulting"), a subsidiary of the Company, has entered into a contract for consulting services with Cumberland House Consulting Ltd ("Cumberland"), of which Dr. Coles is a director and shareholder. Cumberland will manage a bench marking and cyber maturity assessment project for a third-party client and requires additional capacity, which Crossword Consulting will be providing under this contract.  The current contract value is fixed at £75,600, which has been determined using standard day rates and margins. Crossword Consulting generated a gross profit percentage of 14.5% during the year ended 31 December 2020. The Independent Directors, being the Crossword Directors other than Dr. Robert Coles consider, having consulted with the Company's Nominated adviser, that the terms of the contract with Cumberland are fair and reasonable insofar as the Company's Shareholders are concerned.

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Contacts

Crossword Cybersecurity plc - Tel: [phone]

Email: [e-mail]

Tom Ilube, Chief Executive Officer

Mary Dowd, Chief Financial Officer

Grant Thornton (Nominated Adviser) - Tel: [phone]

Colin Aaronson / Daphne Zhang / Ciara Donnelly

Hybridan LLP (Broker) - Tel: [phone]

Claire Louise Noyce

For media enquiries contact:

Lorena Duke, GingerPR

[e-mail] - Tel: [phone]

About Crossword Cybersecurity plc

Crossword Cybersecurity plc focuses on the development and commercialisation of university research-based cyber security and risk management related software and cyber security consulting.  The Group's specialist cyber security product development and software engineering teams work with its university partners to develop the research concept into a fully-fledged commercial product that it will then take to market. The Group's aim is to build up a portfolio of revenue generating, intellectual property based, cyber security products. Rizikon Assurance , Crossword's leading product, is a SaaS platform that enables medium to large companies to assess and manage all risks from their suppliers.  Nixer CyberML, another Crossword product, is a new tool for businesses that want to solve advanced security and cybercrime problems, such as detecting and dealing with compromised accounts, fraud, and in-application denial of service attacks.  Identiproof, Crossword's most recent product, is the World Wide Web Consortium (W3C) verifiable credentials compatible middleware and wallet technology. Crossword's team of expert cyber security consultants leverages years of experience in national security, defence and commercial cyber intelligence and operations to provide bespoke advice tailored to its clients' business needs , including threat monitoring .

 

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