RNS – New Contract Award
13 February 2018
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, announces that a Middle Eastern country has selected Intercede’s MyID solution to power the issuance of mobile government identities to its citizens.
Under this program, any citizen with an existing national identity card will be able to easily and securely generate a new government digital identity on their smart phone via a government app. Using Intercede MyID software, this digital identity can then be used for accessing a mobile eco-system of government services, health care, banking and e-commerce. This will significantly increase the efficiency and security of public service delivery and return enhanced privacy and convenience to citizens and consumers.
For the customer country, this solution will catapult them to being a world-leading nation for the mobile-first delivery of digital services.
For Intercede, this is a strategically important project that exploits many of the new technologies Intercede has developed over the last two years. The contract was secured through an existing Intercede regional channel partner and is anticipated to be the first of many such orders around the world.
This contract will have an initial new order value of more than £1,000,000 and will also generate recurring annual fees. Appropriately 50% of this initial contract value is expected to be received within the next 30 days with the remainder expected to be received in Intercede’s financial year ending 31 March 2019, based on Intercede fulfilling certain commercial milestones.
Richard Parris, Chairman & Chief Executive of Intercede, said: “I am pleased that the recent investment we have made in new mobile identity technology is starting to generate significant orders. We have used the last two years to develop a competitively differentiated mobile identity platform in a market with high barriers to entry. Through our network of partners, Intercede is now in an excellent position to capitalise on this lead in multiple geographic territories. As I stated in the Intercede’s 2017 Annual Report, establishing Intercede at the heart of critical eco-systems is central to our strategy. This contract is the manifestation of that pledge and is a top tier reference customer for other nations to follow.”
Intercede Group plc Tel. +44 (0)1455 558 111
Richard Parris, Chairman & Chief Executive
Andrew Walker, Finance Director
finnCap Tel. +44 (0)20 7220 0500
Stuart Andrews, Corporate Finance
Simon Hicks, Corporate Finance
Capital Access Group Tel. +44 (0)20 3763 3400
Scott Fulton, Media
Ed Welsby, Investors
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.
Trusted by Governments and Large Enterprises Worldwide
Where protecting systems and information really matters, you will find MyID. Whether its citizen data, aerospace and defence systems, high-value financial transactions, intellectual property or air traffic control, we are proud that many leading organisations around the world choose MyID to protect themselves against data breach and ensure business continuity.