TIGR Contract

RNS Number : 5750T

CYBA PLC

25 July 2022

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED.  ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

25 July 2022

CYBA plc

FIRST TIGR CONTRACT

CYBA plc ("CYBA" or the "Group") the cybersecurity group specialising in high-end threat intelligence and critical infrastructure security, is pleased to announce that its 100% owned subsidiary Narf Industries LLC has signed its first commercial contract for its Threat Intelligence for Grid Recovery ("TIGR") suite of products.

Highlights

-     First commercial contract for TIGR signed with a large US multi-state natural gas utility listed on the S&P 200 (the "Contract")

-     TIGR is an innovative cybersecurity SAAS product that can be used by utilities and cyber first responders to rapidly find/neutralise security compromises in Industrial Control Systems (ICS) devices and restore power following a cyberattack

-  Product is being commercialised by Narf having come out of the $200 million RADICS Programme

-  Strong market demand now from both Gas and Electrical grid suppliers:

-     Early indications show the Total Addressable Market ("TAM") for gas for TIGR could be bigger than the   electric grid.

-       TAM just for electric grid for TIGR being approximately $8 billion.

-    Further customers to be announced - the Group is currently engaged with several major US utilities   providers with a view to securing near term purchase agreements

-  The Contract has potential revenue enhancing add-ons built in as the roll-out develops.

Contract Win

Cyba plc's 100% owned subsidiary Narf Industries LLC ("NARF") has signed a contract with its first customer for its TIGR suite of products. The customer is a large US multi-state Natural Gas Distributor listed on the S&P 200. This contract win opens the TIGR products to a new market, Oil & Gas Distribution. Early market focus for TIGR was with electric grid utilities and support agencies, evidenced by the fact that current ongoing contract discussions are predominantly with electrical grid utilities and the Department of Defence, but the appetite of this gas utility company has resulted in it being the first customer to sign. The contract has potential add-ons as the roll-out develops.

TIGR

Narf is spearheading TIGR's transition to the commercial market, having come out of the RADICS R&D Program (Rapid Attack Detection, Isolation and Characterization Systems).

The programme budget was over $200 million, having been funded by the US Government Department of Defense R&D agency known as DARPA (Defense Advanced Research Projects Agency) in collaboration with a team of expert organisations including Stanford Research Institute International ("SRI") and New York University.

Following the agreement signed with its partner and shareholder, SRI, the Group now own the entire commercial rights for the TIGR product. SRI is one of the largest contract research institutes in the world. It's renowned for spin-off ventures such as TIGR. For one of their recent spin-offs see ( https://www.sri.com/press/press-release/sri-international-spinoff-nuance-communications-acquired-by-microsoft-for-19-7-billion/ ).

The TIGR hardware and software product was developed for Critical Infrastructure ICS devices which includes devices used in Gas Distribution Networks. TIGR is capable of protecting against attacks similar to those that disabled the Colonial Pipeline for many days (see https://www.cnbc.com/2021/05/12/colonial-pipeline-restarts-after-hack-but-supply-chain-wont-return-to-normal-for-a-few-days.html). The hack, which resulted in the entire Colonial system being forced to shutdown, the first time in its 57 year history, prevented the pipeline from being brought back fully online until two weeks later.

Natural Gas Market

The Natural Gas market in the US is estimated at $165 billion annually with over 2,500 providers serving a network of 3 million miles of pipeline linking natural gas production areas and storage facilities with wholesale and retail consumers.

Automation within the Oil and Gas market has been growing considerably in the last 10 years and sales of cyber security solutions around that automation process is expected to grow annually at around 11% compound rate for the next 5 years.

TIGR will be focussing on the Flow Control system, including Gate Station protection. The benefits of the automation of Flow Control Solutions for gas utilities are inflow optimisation and production maximisation. This recent and continued growth in Automation across North America, and globally, will only increase exposure to potential breaches.

CEO, Steve Bassi, said: "The Group is poised to become a market-leading supplier of cybersecurity software and solutions.  Our flagship product, TIGR, much of which has been developed by Narf, addresses a vital market need - namely protecting critical gas and electric control systems, against cyberattack by quickly locating persistent attackers and kicking them out.  The need is clear and urgent. Nation state driven cyber-attacks are on the rise and we've seen clear evidence of this in the war on Ukraine. With cyber-attacks becoming more frequent and more costly to their victims, the Biden administration has designated cybersecurity as a key area of investment in its $1.2 trillion infrastructure bill as it seeks to modernise the nation's infrastructure and harden security. 

"This first contract win with an S&P 200 US multi-state natural gas utility is a testament to the quality of our offering, the skillset of our team, and market opportunity available, and we are confident this is the first of a number of near term US utility provider contract opportunities for us, which will in time give a clear visibility to long term recurring revenue.  I look forward to being able to provide regular updates to our shareholders."

ENDS

For further information on the Group please visit www.cybaplc.com and narfindustries.com or contact:

Robert Mitchell	CYBA	Tel: [phone]
Catherine Leftley/Charlotte Page/Isabel de Salis	St Brides Partners	[e-mail]
Peter Krens	Tennyson Securities	Tel: [phone]

About CYBA plc

CYBA plc (LSE: CYBA) is a UK-listed cyber security group specialising in high-end threat intelligence with a focus on critical infrastructure. The Group leads commissioned cyber security R&D and is commercialising a portfolio of products including a DARPA-backed product (an agency within the US Department of Defence) called TIGR. The Group aims to further strengthen its portfolio organically and via acquisition. Its team of highly qualified cyber security experts is well placed to identify opportunities.

Important notice

The content of this announcement has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 (FSMA). This announcement has been issued by and is the sole responsibility of the Company. The information in this announcement is subject to change. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act), and may not be offered or sold, directly or indirectly, in or into the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States. This announcement is not for release, publication or distribution, directly or indirectly, in or into the United States, Australia, Canada, the Republic of South Africa, Japan or any jurisdiction where to do so might constitute a violation of local securities laws or regulations (a Prohibited Jurisdiction). This announcement and the information contained herein are not for release, publication or distribution, directly or indirectly, to persons in a Prohibited Jurisdiction unless permitted pursuant to an exemption under the relevant local law or regulation in any such jurisdiction.

 

END

 

 

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