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Tuesday 27 July 2021

Antin acquires Pulsant

pulAntin Infrastructure Partners has acquired Pulsant from Oak Hill Capital and Scottish Equity Partners.

With 10 data centres across seven UK cities delivering colocation, cloud and networking services, Pulsant is a logical investment for Antin, which is focused on backing infrastructure organisations. Other investments include CityFibre, Vicinity Energy, and Roadchef.

The acquisition from Oak Hill/Scottish Equity Partners is not unexpected; from a timing perspective, the move is logical.

With Antin fresh in, we expect to see some investment moves to support Pulsant’s position, which has developed increased clarity under current CEO, Rob Coupland. Unlike some other mid-sized firms with an infrastructure/cloud/network play, Pulsant is not focused on building out capability to move up the stack (e.g., Node4 and its recent acquisition of TNP). It’s staying focused on the infrastructure end of services, namely in networking, private cloud/hybrid, and colocation.

With Antin behind it, it’s likely we’ll see moves to expand Pulsant’s geographical presence (regionally) and/or build out its infrastructure assets. Edge is also very much on the horizon for Pulsant (it’s already pledged an £8m investment to create a high-capacity, low latency and agile network) and we’d be surprised if acquisitions didn’t play a role here too. 

For its first half of 2021, Pulsant’s performance has been resilient, and sales have grown over last year with an improved mix of revenue towards core portfolio services. Actions last year by Coupland to expand his leadership team will have helped, along with his increased focus on improving areas such as go-to-market, product streamlining, systems & tools, people & culture, and customer experience. 

We watch with interest to see what happens next.

Posted by: Kate Hanaghan at 09:45

Tags: acquisition   cloud   colocation   networking  

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Tuesday 27 July 2021

Solarisbank pockets €190m and snaps up UK rival Contis

ContisGerman fintech, Solarisbank, has acquired UK-based “banking as a service” rival Contis Financial Services, off the back of a €190m funding round. The funding was provided by Decisive Capital Management, the Swiss backer of leading insurtech, Wefox, and supported by a variety of new and existing investors including, Pathway Capital Management, CNP, BBVA and Vulcan Capital.

Founded in 2008 by Executive Chairman Peter Cox, Skipton-based Contis utilises API-technology to provide white-labelled, banking and payment card services. The fintech currently has around 200 customers and delivers embedded financial services to more than 2m end-users. Contis administers transactions worth around €10bn annually.

For its part, Solarisbank, currently valued at €1.4bn,  has bold plans for expansion in Europe and Asia, and sees the Contis deal as an important step on that path. The five-year old Berlin-based fintech reported annual revenue of €35m in 2020 and has indicated it expects the combined organisation to deliver revenue worth more than three times this prior to a possible public listing next year.

The acquisition of Contis and the optimistic predictions of Solarisbank are based on the rapid growth of the fintech ecosystem and an accelerating move away from the traditional providers of banking services. APIs, open banking and embedded finance are increasingly changing the landscape and whilst the established banks remain strong, take up is particularly strong amongst newer, online businesses.

Posted by: Jon C Davies at 09:41

Tags: funding   M&A   banking  

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Tuesday 27 July 2021

Civica helps develop NI vaccine certification app

Civica logoThe Department of Health Northern Ireland has launched a vaccine certificate app enabling users to apply for and show proof of COVID-19 vaccination. The CovidCertNI app replaces an interim vaccine certification system, which has struggled with demand.

The app was developed by Civica in conjunction with a range of other partners. These included Digital Health & Care NI (DHCNI), the data and technology lead to the Health and Social Care (HSC) system in Northern Ireland; the Digital Transformation Service (DTS), which is responsible for delivering the Northern Ireland Civil Service's Digital Transformation Programme; as well as a range of suppliers, including Big Motive, Expleo, ITGuarded, Kainos, MTI, and SureCert

It has been developed to deliver all the necessary information required to meet EU and WHO standards. It includes a secure QR code, to enable authenticity to be verified, and utilises facial recognition to ensure photos uploaded to the system match that of the user.

This is the third HSC COVID-19 app released in Northern Ireland, highlighting the importance of apps in the management of the pandemic. It follows the StopCOVID NI contact tracing app, which was developed by NearForm, and the COVIDCare NI app, developed by Civica and Big Motive. Although vaccine certificates have been available via the NHS App in England since May, certificates can currently only be accessed online or by phone in Wales and Scotland.

In launching the CovidCertNI app, the Department of Health emphasised it was for international travel purposes only. It remains to be seen if that stays the case in the future, or if its use will be extended to public transport, sporting and social events etc. The UK Government has already announced that it is planning to make full vaccination the condition of entry to nightclubs and other venues where large crowds gather in England.

Posted by: Dale Peters at 09:18

Tags: app   northern+ireland   healthcare   covid-19  

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Tuesday 27 July 2021

Consistent Q2 growth for Check Point

Consistent Q2 growth for Check PointCheck Point’s turnover for the quarter ending June 2021 expanded by its customary 4% year on year to reach US$527m. Subscriptions to the company’s SaaS-based advanced threat prevention, endpoint protection, VPN and URL filtering services showing particularly strong growth (up 12% yyoy to US$184m). While revenue from the sales of on-premise security products and software licenses dipped 3% to US$119m, Check Point still managed to grow the part of its business selling updates and maintenance to those solutions almost 6% yoy to US$223m during the period.

The acquisition of Israeli cyber security start-up Odo Security in September 2020 boosted Check Point’s secure access service edge (SASE) capabilities but delivered little revenue – the company’s growth has been modestly but consistently organic by our estimations.

Signs that a return to work for Check Point’s staff post pandemic may have impacted the company’s profitability are apparent though. Check Point’s net income dipped 5.6% to US$186m as operational expenses increased 6.7% yoy to US$304m. The cost of products and licenses, security subscriptions, and updates and maintenance all expanded, as did research and development, selling and marketing, and general and administrative costs.

This is likely to be a temporary blip as the company returns to “normal” trading patterns, but the contrast between Q221 and Q121 (when net income rose 2.4%) is apparent nonetheless. Either way, the company continues to do a good job of managing the decline of its on-premise products business by incubating slow but consistent growth in its SaaS and cloud hosted subscription revenue.

Posted by: Martin Courtney at 09:15

Tags: results   cybersecurity   Q221  

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Tuesday 27 July 2021

Ascential Raises £153m for further acquisitions

AscentialInformation, analytics and ecommerce optimisation company Ascential has raised £153m via a share placing to fund further acquisitions as it continues its pivot towards digital, away from live events. 

During FY 2020 Ascential lost £130m of revenue from its live events business due to COVID restrictions, to which it responded by restructuring around four segments, investing in the critical Digital Commerce business and disposing of non-core assets. Acquisitions are forming a key component of this restructuring. 

In April Ascential invested an initial $52m plus deferred payments that will take the total to $103m-$162m over four years, to acquire Perpetua Labs. The SaaS-based self-service ecommerce media optimisation business Perpetua, which helps independent sellers and agencies optimise the purchase of search and display advertising on Amazon and other marketplaces, will take Ascential’s Digital Commerce into new territory.

Most recently Ascential acquired a 51% stake in digital content optimisation provider ASR Group Holdings for an initial cash consideration of $122m. ASR Holdings provides digital content optimisation capabilities to help brands grow sales through eCommerce marketplaces, driving higher consumer engagement rates for marketplace content for featured brands. It will allow Ascential to directly connect professional independent content with brands' products at the point of purchase to improve the impact of marketplace advertising.

Ascential recently announced interim results saw revenue for H1 2021 increase 37% to £175.1m up from £127.9m a year ago. Driving the performance was a 25% surge in Digital Commerce revenue to £59.7m and Marketing sales more than doubling to £63.9m from £26.4m. Product Design sales dipped 1% to £44.3m. This represents a return to form for Ascential who reported a 31% decline in annual revenue to £264m in FY20 and pre-tax loss of £166m.

Posted by: Marc Hardwick at 08:30

Tags: software   placing   acquisitions  

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Tuesday 27 July 2021

Backers assume donor position in Walking on Earth’s yoga+ marketplace

logoAt first I thought it was a new David Attenborough documentary, but in fact Walking on Earth (WoE) is a ‘mental wellbeing’ start-up “committed to building the best team that walks this earth.”

To put it more simply, WoE is a practitioner marketplace targeted at employers wanting to offer ‘wellbeing’ benefits to their employees in the form of classes on yoga, nutrition and meditation.

Based in London and recently launched on the market, WoE has raised £3m in a seed funding round led by Octopus Ventures, with various healthtech luminaries throwing some dosh in the pot. WoE also has tech glitterati on their advisory board, including the omnipresent Brent Hoberman and Arianna Huffington.

WoE’s website waxes lyrical about how its practitioners have to pass all four stages of The Walking on Earth Test plus a personal session from one of its own ‘wellness experts to get onto the marketplace. However, it gives no clues as to how much of their fee WoE takes as commission nor how much they charge employers and employees to use the platform.

WoE joins a growing band of start-ups jumping on the employee wellbeing bandwagon. Some, like The Happiness Index (see The Happiness Index raises £1.035m) take a more holistic approach, with the broader aim of improving employee, well, happiness, I suppose. While WoE takes a more focused approach on selected disciplines, it is, when all’s said and done, a marketplace.

Posted by: Anthony Miller at 08:26

Tags: funding   startup   wellbeing   healthtech  

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Tuesday 27 July 2021

All credit to Musk and Tesla for record-breaking Q2

TeslaTesla’s Q2 results, announced last night, exceeded expectations. Revenues nearly doubled yoy to $11.96b in a quarter when it delivered 201,250 EVs. Only $354m came from the sale of carbon credits – much lower than in recent quarters. Tesla also made a quarterly profit of >$1b for the first time.

Although EV production dominates, Tesla is also in energy via its SolarCity operation. Revenues here were up 60% at $801m. They can’t produce enough of their energy storage units to meet demand, like the PowerWall, due to chip shortages. Musk said there was demand for 1m Powerwalls per year but deliveries were currently running at just 30,000 to 35,000 units per month.

Tesla also admitted it had lost $23m on its Bitcoin speculation.

As Musk said on the earnings call, ‘The amazing part is that Tesla didn’t go broke reaching large scale production because everyone [of the hundreds of other start-ups in the motor industry] did’. Tesla has pretty much been THE driving force behind taking EVs from an eccentric idea to the mainstream plans of every global automaker. In my annual ‘State of the Tech Nation’ speech ten years ago I had a slide hinting at that and also suggesting that most homes could go ‘off-grid’ both producing and storing their own energy. I think most of the audience thought I had ;lost it’! 

So, all credit to Musk and Tesla for turning pipedreams into reality.

Maybe Musk will get to colonise Mars too…

Posted by: Richard Holway at 07:06

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Monday 26 July 2021

Backers help Mindtech Global predict human behaviour. Hmmm.

logoHow do you train a surveillance system to recognise a shifty character in a department store?

You could use video footage of shifty characters who have been in the store before – assuming you recognised them as shifty at the time. Or you could use Sheffield-based Mindtech Global’s ‘Chameleon’ platform to create simulations of shifty characters in department stores and train the surveillance system using this ‘synthetic data’. What could possibly go wrong?

Launched in 2019, Mindtech Global has completed a £2.3m funding round led by NPIF – Mercia Equity Finance, part of the Northern Powerhouse Investment Fund (NPIF), with Deeptech Labs and In-Q-Tel participating.

Mindtech's top team are not  a bunch of ‘youngsters with a great idea’ – they are pretty much all tech industry veterans with a ‘great idea’. How you view the ‘great idea’ is up to you. On the one hand, I suppose Mindtech Global’s technology could be used, say, in an industrial setting as a ‘health & safety’ training tool to simulate and then spot potentially dangerous activities that could cause serious injury.

On the other hand, I suppose it could be used to train citizen surveillance systems to spot – well, that would be up to the government to decide what it is they want to spot.

Minority Report comes a step closer?

Posted by: Anthony Miller at 09:35

Tags: funding   startup  

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Monday 26 July 2021

NHS SBS seeks intelligent automation suppliers

NHS SBS logoNHS Shared Business Services (NHS SBS) has published a contract notice for a framework covering the provision of intelligent automation products and services for healthcare organisations.

Established in 2005, NHS SBS is a joint venture between the Department of Health and Social Care (DHSC) and Sopra Steria. The organisation's main priority is to provide the NHS with modern corporate services that improve efficiency, and deliver time and cost savings, which includes the provision of a range of framework agreements.

The organisation has been pioneering the use of robots in the NHS. It deployed its first robot in 2018 and RPA is now a standard part of its Finance & Accounting service. Working with UiPath, robots now carry out more than 250 of the c.850 financial processes carried out by the organisation.

The framework, which has a four-year duration and an estimated value of up to £250m, is intended to provide a commercial solution to support the adoption, implementation and on-going development of intelligent automation across the NHS, including in care settings. It covers a range of products and services within the remit of intelligent automation, including robotic process automation (RPA), no code/low code platforms, virtual assistants and chatbots, smart workflow, optical character recognition (OCR) and intelligent character recognition (ICR), natural language processing (NLP), text to speech and speech to text, as well as associated analytics and machine learning technologies. NHS SBS intends to provide the NHS with a choice of intelligent automation providers and solutions to support organisations wherever they are in their automation journey.

As we discussed in our Health Suppliers, Trends and Forecasts report, the need to improve effectiveness and efficiency has driven an interest in automation technologies in the NHS. The COVID-19 crisis has resulted in more NHS organisations seeking to accelerate their adoption of these solutions. Automation is a potential game changer for the NHS and the new framework should play an important role in taking the technology from its current position of delivering pockets of tactical value to becoming a strategic asset underpinning genuine transformation in the NHS.

The closing date for applications is 19 August 2021 and the framework is scheduled to go live on 18 October 2021. Further details are available here

Posted by: Dale Peters at 09:19

Tags: nhs   automation   RPA   opportunity   healthcare  

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Monday 26 July 2021

Zilch borrows more to become BNPL lender of choice

ZilchZilch, the UK-based buy now pay later (BNPL) finance provider, has secured a total of $110m in debt and equity funding via its extended Series B round (see: Zilch secures $80m for BNPL push). The startup, which launched its app in 2019 is looking to grow the footprint of its point-of-sale finance proposition.

Zilch, is a FCA authorised credit provider and now claims more than 500k users. The company provides short-term credit to customers when making a purchase from a variety of retail partners (including Amazon and ebay). The finance provided by Zilch is underwritten by Mastercard.

Point of sale finance is a rapidly growing and increasingly competitive market, with early movers in the space, such as Klarna, demonstrating its significant potential (see: Cash injection propels Klarna to No. 1 spot). Zilch is straightforward and easy to use, whilst the ability of spreading the cost of purchases in an increasingly tough economic climate is understandably appealing to many.

Posted by: Jon C Davies at 09:07

Tags: funding  

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Monday 26 July 2021

Crowd sustains Clim8’s quest for sustainable investing

logoThere is a delicious irony that London-based ‘sustainable investment’ start-up Clim8 shares the same name as the French thermal clothing manufacturer, in so far as the latter aims to keep you warm while the former clearly wants to do quite the opposite!

Clim8 (as in the FCA-registered investment platform) has almost doubled its workforce since I wrote about them in November last year (see Crowd boosts Clim8’s quest for sustainable investing), and thankfully they have expanded their investment team, which now comprises two full-timers and three advisors. However, some of the key exec roles (CMO, CTO, CPO) appear to be filled by part-timers, so there’s still some hiring needed at the top of the tree.

Founded in 2019, Clim8 seems to be almost in a constant state of crowdfunding, with the latest round raising £2.85m in convertibles at an unspecified valuation. This adds to £5m of equity funding from VCs and retail punters, and “up to £2m in airtime for equity from Channel 4 Ventures”.

Clim8 offers a stocks & shares ISA and a general investment account, and punters can choose from one of three investment risk profiles for each. Their website shows ‘simulated’ returns for each profile, but given the portfolios were only established in August last year, you might wish to consult a crystal ball to gain greater insight.

Nonetheless, it’s all there on the website for everyone to see, so you pays your money and you takes your chances – and, who knows, you may even help keep yourself cool.

Posted by: Anthony Miller at 08:48

Tags: funding   startup   greentech   FinTech   climatech  

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Monday 26 July 2021

Speaking Opportunity

Join the debate with a speaker slot at our Autumn Breakfast Webinars 

We’ve transformed our annual event this year into a series of insightful webinars, delivered by our expert analysts across a range of topical areas including financial technology, sustainability tech, public sector & cyber security.

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Take advantage of a speaker slot during one of our webinars, and further cement your brand as thought leaders and innovators in your field. Slots are available to webinar sponsors, and are on a first come, first served basis.

For more information on the our webinars and the opportunities available, please contact Paula Miles-Mathewson on pmilesmathewson@techmarketview.com

Sponsorship Opportunities

Posted by: HotViews Editor at 07:06

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Monday 26 July 2021

*UKHotViewsExtra* The three Cs driving change across financial markets

Adrian IpThe financial markets sector currently accounts for around 17% of all SITS spend within UK financial services and in 2020 was worth in excess of £2.2bn. Against this backdrop, technology innovation is increasingly driving change as firms look to improve competitiveness via operational efficiency, ensure regulatory compliance and reduce costs, in particular in respect of post-trade processes.

Cloud, compliance and crypto are three of the major themes that have dominated the financial markets sector from a technology perspective of late. To discuss these topics and others, I caught up with Adrian Ip, the Director of Product & Technology Sales at Aquis Exchange PLC.

HVP

The three Cs drving change across financial markets explores the come of the changes that are afoot within the financial markets sector and discusses the key roles being played by the regulators and technology vendors. 

Subscribers to FinancialServicesViews can download this UKHotViewsExtra now. If you do not already have access but are interested in reading this or any other content, please contact Deb Seth for more information.

Posted by: Jon C Davies at 07:00

Tags: financialmarkets  

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Friday 23 July 2021

Gravitee.io raises $11m for API management platform

gravOpen source API management company, Gravitee.io, has raised $11m in a Series A investment round led by AlbionVC and Oxx.

Gravitee’s open source platform allows organisations to manage the lifecycle of their API ecosystem. The platform was based on the idea of creating a better way to “democratize” API management through “an intuitive solution based on a configure rather than code approach”. It was developed by a team of (frustrated) developers with CEO, Rory Blundell, taking over the reins from co-founder, Nicolas Géraudin, in November of last year. The firm is headquartered in Lille, France, but has a presence in London.

AlbionVC is the technology investment arm of Albion Capital Group LLP. It said that Gravitee’s position at the “intersection of open source, the API economy and developer tools” was the attraction. Other recent investments include Quantexa, Healios, and Panaseer. Oxx typically targets European B2B SaaS companies at the scale-up stage.

Posted by: Kate Hanaghan at 09:45

Tags: funding   API  

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Friday 23 July 2021

Interesting PSA progress for Unit4 with RSM extension

Unit4 logoFollowing the positive Q2 update released yesterday Unit4 has shared news of a five year extension of its Professional Services Automation (PSA) cloud contract with accounting firm RSM US who provides audit, tax and consulting services to the  mid-market. 

The size of the contract was not disclosed but we understand it is Unit4’s largest PSA contract to date; it will be deployed to c.6500 consultants across RSM. Earlier this month RSM announced that it had chosen Workday to manage part of its financial and human resources function. As Workday also has a PSA offering, RSM’s decision to extend the Unit4 PSA contract is interesting to say the least and will be a huge boost for the company. With all the developments around ERPx, we haven’t heard so much about the PSA part of the business at Unit4. 

In terms of impact, if RSM’s PSA investment indicates activity at the larger end of the market, PSA providers such as Workday, Kimble (who closed a significant growth investment with Accel-KKR in March) and FinancialForce will be very happy.

Posted by: Angela Eager at 09:41

Tags: contract   software   PSA  

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Friday 23 July 2021

Starling's revenues soar as losses shrink

StarlingUK challenger bank, Starling, has published its latest year-end financials, revealing strong revenue growth and a reduction in its losses. The digital bank, co-founded in 2014 by Julian Sawyer and CEO, Anne Boden, reached break-even point for the first time in October 2020 and has indicated that it expects to remain profitable going forward.

The latest numbers cover the sixteen-month period from December 2019 to March 2021 as Starling transitions to a new year-end (and direct comparisons with the prior year are not possible). The bank has reported revenue of £97.6m, up nearly 600% from £14m during its previous fiscal. The financials reveal that the majority of the bank’s revenue (£60m) came from loan interest. Meanwhile, Starling made a pre-tax loss of £31.5m, around half that during the prior period.

In March, Starling received a further cash injection of £272m as it prepared for the ending of the lucrative government backed loans schemes (see: Starling hopes for a soft landing). The bank has benefitted significantly from the UK government’s various businesses support schemes propping up the economy during the pandemic.

Starlings operating costs rose to £113m with the bank having invested £21 on its banking platform and risk analysis technology to support its lending operations. Meanwhile, at £77m, Starling’s growing headcount of more than 1,200 employees accounted for the majority of other costs.

With so much of Starling’s profitability tied to consumer lending, it will be interesting to see how the bank fares as the UK economy faces increasing challenges, including the threat of rising inflation and default risk. Starling is also likely to need to attract a significant number of new borrowers to in order to fill the void left by revenue from the various government support schemes.

Of course, unlike the bosses of many startups, Boden is not a newcomer to these challenges. Starling’s CEO is an experienced executive from the banking establishment. This should hopefully stand her and the bank in good stead to navigate the next phase of Starling’s development.

Posted by: Jon C Davies at 09:25

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Friday 23 July 2021

Stage 2 invests to take Sales Impact Academy to the next stage

logoBack in the day we used to call it ‘distance learning’. Today, there are any number of online courses to teach you all sorts of technical and professional skills, and much more besides.

Launched in 2019 and modestly billing itself as “the world’s leading go-to-market learning platform”, London-based Sales Impact Academy sort of ‘does what it says on tin’ – it’s a subscription-based online training service for sales professionals.

SIA runs hour-long, interactive courses (currently 20) led by a team of mostly external ‘coaches’ (currently 35), including ex-England Rugby coach Sir Clive Woodward (has anyone not yet seen him on the motivational speaker circuit?)  and various luminaries mostly from the tech sector.

The cast list also includes an operating partner from SIA’s backer, Vienna-based Stage2 Capital (aka Round2 Capital Partners), which led a $4m equity/debt seed funding round. SIA is Stage 2/Round2’s first UK portfolio company, which they actually brought on board in March.

SIA’s subscription fees start at £750 p.m. for start-ups and £1,250 p.m. for scale-ups, with a 12-month commitment and up to 15 users.

I really don’t see the necessity for meaningless claims to greatness from a start-up, especially when there are many longer-established online sales training companies in the market that you can find at the click of a search argument – such as Manchester-based (and now international) Pareto Law, which claims to have trained over 150,000 sales professionals in its 25 years of operation and over 5,000 who have taken an online course since April.

The sales training market is very fragmented and there is surely space for new players. But I have two main concerns about SIA’s business model. Do ‘industry luminaries’ and motivational speakers necessarily make good teachers? And will small companies, typically with very small sales teams, be prepared to commit upwards of £9k a year for their classes?

Posted by: Anthony Miller at 09:15

Tags: funding   startup   training   edtech  

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Friday 23 July 2021

*NEW RESEARCH* Cyber security in the public sector

Report Cover ImageThe UK public sector is a unique and important market for cyber security products and services. Cyber security is inextricably linked to national security, with most of the public sector coming within the formal definition of critical national infrastructure. It is a key pillar of defence and foreign policy, with cyber attacks considered a ‘tier one’ threat alongside war and natural disasters. The role of the Government and wider public sector in protecting citizens and the economy, and guarding the integrity of critical national infrastructure, make public bodies a target for nation state actors, terrorists and criminal gangs alike.

This report analyses the particular threats and vulnerabilities that public bodies must respond to, considering each sub-sector separately, along with current cyber security policy and procurement trends. It provides a list of top suppliers, an estimate of the current market size and recommendations for cyber security suppliers wishing to work with the public sector.

If you are an existing PublicSectorViews or TechSectorViews subscriber, you can read Cyber security in the public sector: challenges and opportunities now. If you’d like to discuss an extension to your existing subscription or would like details of how to subscribe to TechMarketView, please email Deb Seth.

Posted by: HotViews Editor at 09:08

Tags: research   government   cyber   public+sector  

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Friday 23 July 2021

H1 highlights from IFS point to cloud software momentum

IFS logoH121 highlights from IFS point to a company very much in its stride in terms of its cloud transition and its growth ambitions. 

One of the goals it has been working towards over recent years is an increase in the percentage of software revenue as it dials down the professional services aspect of the business. With software now representing 74% of revenue it has made considerable progress. Professional services revenue is around the 10% level for many enterprise software companies. 

All software revenue lines saw double digit growth during H1. IFS did not disclose many specific revenue figures but those that it did included overall software revenue of SEK 2.6bn which is a 20% yoy increase. It was driven by cloud revenue that increased 79%, now represents a strong 39% of software revenue, and has a firm base to work off following the launch of the important IFS Cloud platform. Recurring revenue rose 27% to SEK 2bn, 80% of software revenue. At 54% of the total, the proportion of licence revenue from net new customers shows demand for on-premise deployments, yet new customer wins are significant. 

These numbers are only part of the IFS story. The company benefitted from acquisitions such as Axios Systems which added to its rapidly expanding service management portfolio. It announced another acquisition yesterday too – Customerville, adding to its CX and “Moments of Service” capabilities. Determined efforts to build up its service management capability and focus on the quality of service its customers can provide to their customers, has been a notable feature of IFS’ progress and combined with ERP capability for a specific set of asset intensive industries, provides a notable element of differentiation.  

Posted by: Angela Eager at 09:01

Tags: software   tradingupdate  

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