Related Party Transaction

RNS Number : 7871W

Crossword Cybersecurity PLC

23 August 2022

 

Crossword Cybersecurity Plc

Related Party Transaction

23 August 2022 - London, UK Crossword Cybersecurity Plc (AIM:CCS, "Crossword", the "Company" or the "Group"), the cybersecurity solutions company focused on cyber strategy and risk, today announces that Crossword Consulting Limited ("Crossword Consulting"), a subsidiary of the Group, has entered into a framework agreement (the "Framework Agreement") with Cumberland House Consulting Ltd ("Cumberland House"), a company connected with Crossword Director Dr. Robert Coles, which therefore constitutes a related party transaction under Rule 13 of the AIM Rules for Companies.

Cumberland House, a private information technology consultancy business, manages consultancy projects for a third-party client. Where additional capacity and expertise is required, Crossword Consulting will be providing its consulting services. Under the Framework Agreement, Crossword Consulting can provide consulting services at standard charge out rates up to a value of £500,000. Crossword Consulting generated a gross profit percentage of 8.2% during the year ended 31 December 2021. Two work orders for a cumulative value of £132,000 have been signed under the Framework Agreement.

The Independent Directors, being the Crossword Directors other than Dr. Robert Coles consider, having consulted with the Company's Nominated adviser, consider that the terms of the Framework Agreement with Cumberland House 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 / Jamie Barklem / Daphne Zhang / Ciara Donnelly

Hybridan LLP (Broker) - Tel: [phone]

Claire Louise Noyce

For media enquiries contact:

Financial PR:

David Hothersall, Kinlan Communications

[e-mail] - Tel: [phone]

General:

Duncan Gurney, GingerPR

[e-mail] - Tel: [phone]

About Crossword Cybersecurity plc

Crossword offers a range of cyber security solutions to help companies understand and reduce cyber security risk. We do this through a combination of people and technology, in the form of SaaS and software products, consulting, and managed services. Crossword's areas of emphasis are cyber security strategy and risk, supply chain cyber, threat detection and response, and digital identity and the aim is to build up a portfolio of cyber security products and services with recurring revenue models in these four areas. We work closely with UK universities and our products and services are often powered by academic research-driven insights. In the area of cybersecurity strategyand risk our consulting services include cyber maturity assessments, industry certifications, and virtual chief information security officer (vCISO) managed services.

Crossword's end-to-end supply chain cyber standard operating model (SCC SOM) is supported by our best-selling SaaS platform, Rizikon Assurance, along with cost-effective cyber audits, security testing services and complete managed services for supply chain cyber risk management. Threat detection and response services include our Nightingale AI-based network monitoring, Nixer to protect against application layer DDoS attacks, our Trillion and Arc breached credentials tracking platforms, and incident response. Crossword's work in digital identity is based on the World Wide Web Consortium W3C verifiable credentials standard and our current solution, Identiproof, enables secure digital verification of individuals to prevent fraud.

Crossword serves medium and large clients including FTSE 100, FTSE 250 and S&P listed companies in various sectors, such as defence, insurance, investment and retail banks, private equity, education, technology and manufacturing and has offices in the UK, Poland and Oman. Crossword is traded on the AIM market of the London Stock Exchange.

Visit Crossword at https://www.crosswordcybersecurity.com/

 

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