GCICrossword Cybersecurity shares soar on new Rizikon partnership with global aerospace company
() , a technology company focused on cybersecurity and risk management software, announced a 3-year exclusive partnership with the UK subsidiary of a global aerospace, defence and security company.
Crossword and the undisclosed partner will jointly market CCS' supply chain cyber platform Rizikon to selected sub-sectors within the UK critical national infrastructure (CNI) market.
Crossword said the partnership would be publicly launched to clients by both parties within the next few weeks.
Stuart Jubb, Group MD and incoming CEO of Crossword, said: "This is a potentially transformational partnership for Crossword with a global scale, innovative defence and security partner with an outstanding reputation. This Rizikon partnership will enable us to help multiple, large scale CNI organisations make their supply chains more secure. This partnership will drive significant growth in Crossword's Rizikon revenue with the potential to generate several million pounds over the coming years."
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A major announcement from Crossword (mktcap: £6.85m) of a new partnership with a global aerospace/defense/security company. The deal should significantly bolster sales of Crossword's SaaS platform Rizikon Assurance within the UK CNI market. The name of the partner should be disclosed in the coming weeks. shares nearly doubled on the announcement, and have since consolidated around 6.75p or 65% higher than yesterday's closing price.
A number of recent high-profile cyber attacks have demonstrated the need for increased cybersecurity in the supply chain segment. said its partner has identified specific client needs across the CNI sector where companies need to minimise risks across 3rd party suppliers. This is where Crossword's Rizikon SaaS solution can shine.
The deal materially increases recurring revenue visibility, with "several million pounds" over the next few years identified by management. The expected uptick in sales should accelerate Crossword's path toward EBITDA and cash breakeven, which was last expected in H2 2024.
Crossword is well-positioned to reach its profitability target within this time frame and continue growing. The UK cybersecurity market size is worth US$15.72bn in 2024, and estimated to reach $US25.81bn by 2029 (Modor Intelligence), growing at a CAGR of 10.42%.
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