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Intercede shares jump on major expansion into the US public sector market

08:45, 26th June 2024
Victor Parker
Vox Newswire

Intercede (IGPFollow | IGP, a cybersecurity software company, announced a partnership with Carahsoft Technology for digital identity cybersecurity solutions for the US public sector market. Specifically, Intercede will offer its MyID Multi-Factor Authentication (MFA) and MyID Password Security Management (PSM) products.

Under the agreement, Carahsoft will serve as Intercede's 'master government aggregator', making IGP's products available to public sector entities through Carahsoft's reseller partners and NASA Solutions for Enterprise-Wide Procurement (SEWP) V, Information Technology Enterprise Solutions - Software 2 (ITES-SW2), and OMNIA Partners contracts.

Klaas van der Leest, CEO of Intercede, commenting: "We are particularly pleased to partner with Carahsoft to further enable Intercede in our strategic plan to expand our product portfolio into key markets of the U.S. With Carahsoft's depth and reach in the Federal, Local Government space and Educational market we look forward to developing and strengthening our new relationship."

Craig P. Abod, Carahsoft President, adding: "Joining forces with Intercede allows us to empower Government agencies with robust, cost-effective and user-friendly security options. Carahsoft and our reseller partners look forward to enhancing the cybersecurity landscape in the U.S., reinforcing our commitment to delivering top-tier technology solutions to our valued customers."


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Intercede announces a major expansion into the US public sector market, one of the largest markets for cybersecurity products in the world. IGP's MyID suite (MFA and PSM) and will be offered to all US public sector entities across all levels of government. The products are suitable for any public sector digital system.

Intercede's MyID Multi-Factor Authentication (MFA) product is tailored to meet the organisational requirements of large government entities, containing a wide range of cost-effective and simple-to-use MFA options, including FIDO passkeys. Simultaneously, the MyID Password Security Management (PSM) features a large and regularly updated database of breached credentials, facilitating continuous monitoring for compromised passwords, and easy changes to strong passwords. Both products should appeal to the US government as highly effective low-cost solutions.

Recent trading updates from IGP have shown growing sales momentum, with the group's revenue guidance for FY24 now at £20m - a 67% increase from FY23's £12m, ahead of market forecast at time of issue. Profitability was also expected to increase to £5.6m. The group had a comfortable £17.2m in cash on March 31, 2024 - more than double last year's £8.3m, and no debt.

Orders for MyID continue to climb, with the US government already a customer, adding to a significant revenue backlog for FY25. Among recent orders are a US Federal Government contract for MyID CMS totaling US$3.45m, a US$1.0m license order for a new client in the US intelligence community, and a subscription renewal for MyID PSM for NHS Trust in the UK worth £0.19m. IGP also recently announced a new customer in the UK with a large aerospace and defence integrator, servicing a new deployment within HM Government for MyID CMS.

The group has strong momentum into FY25 with a growing pipeline and accelerated conversion of its existing pipeline, rising recurring revenues, new product development, and a robust balance sheet. Management has continuously upgraded its guidance over the past few trading updates, reinforcing the current strong trajectory.

IGP shares moved 11.40% higher on today's announcement.

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