New Contract Award

RNS Number : 9045X

Intercede Group PLC

30 November 2017

 

30 November 2017

INTERCEDE GROUP plc

('Intercede', the 'Company' or the 'Group')

New Contract Award

Intercede, the software and service company specialising in identity, credential management and secure mobility, today announces it has signed a contract with a large European bank.

Under this agreement, Intercede will supply its MyID product for over 10,000 employees in addition to recurring support and maintenance services. The deal is worth more than £250,000 over a three-year period with most of the value accruing in the first 12 months of the contract period.

Intercede's MyID will enable the bank to eliminate a reliance on the use of potentially insecure passwords for its internal systems security. In doing so, the bank will become more resistant to social engineering and other cyber-attacks based on compromising employee passwords. By deploying more robust methods of authentication, the bank will be able to reduce instances of fraud and improve the level of privacy and security provided to customers across the globe. Consequently, the bank will reduce its overall financial risks and exposures under the upcoming EU's General Data and Protection Regulations (GDPR).

Richard Parris, Chairman & Chief Executive of Intercede, said:

"This contract was secured following a comprehensive and exhaustive tender process over an extended period. Our success demonstrates that Intercede's MyID product for employees remains the top of its class, is technically relevant and commercially viable for some of the world's largest and most security sensitive companies. I am delighted we secured this win in a country with a strongly competitive local market thereby proving our capacity to project our sales and technical support capabilities into the wider EU marketplace."

ENQUIRIES

Intercede Group plc                                                             Tel. [phone]

Richard Parris, Chairman & Chief Executive

Andrew Walker, Finance Director

finnCap                                                                                  Tel. [phone]

Stuart Andrews, Corporate Finance

Simon Hicks, Corporate Finance

Capital Access Group                                                          Tel. [phone]

Scott Fulton, Media

Ed Welsby, Investors

About Intercede

Intercede is a cybersecurity company specialising in digital identities, derived credentials and access control, enabling digital trust in a mobile world.

Headquartered in the UK, with offices in the US, we believe in a connected world in which people and technology are free to exchange information securely, and complex insecure passwords become a thing of the past.

Our vision is to make the highest levels of cybersecurity available to organizations and consumers alike, solving complexity and scalability issues by managing high volumes of digital credentials.

We have been delivering trusted solutions to high profile customers for over 20 years. Our team of experts has deployed millions of identities to governments, most of the largest aerospace and defence corporations, and major financial services and healthcare organizations, as well as leading telecommunications, cloud services and information technology firms, providing industry-leading employee and customer credential management systems.

For more information visit: www.intercede.com

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

 

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