Intercede secures orders and renewals worth over $1.5m

2nd Sep 2024 12:06

(Sharecast News) - Cybersecurity software company Intercede Group announced the securing of contract orders and subscription renewals on Monday, exceeding $1.5m.

The AIM-traded firm said the orders included a significant one from a large US Federal government client for the MyID CMS system, amounting to $0.6m in licence sales and associated support.

It said the order also included a subscription component with a third-party embedded product.

Additionally, Intercede secured an order exceeding $0.8m for enhanced professional services from an existing US federal client to support the deployment of a large-scale MyID CMS system.

Further professional services had been ordered by another US federal client to assess and assist in a future MyID CMS deployment.

The company also received an order for a MyID CMS Enterprise licence from an existing European bank.

Its board said the orders and renewals, facilitated through Intercede's partners, solidified its revenue for the 2025 financial year, and contributed to its contracted revenue backlog for future years.

At 1135 BST, shares in Intercede Group were down 1.32% at 205.25p.

Reporting by Josh White for Sharecast.com.