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Tuesday 23 November 2021

Intercede sees 9% first half growth

Intercede sees 9% first half growthLutterworth-headquartered cyber security company Intercede continues to expand following the certification of its MyID digital identity solution under the FIDO2 standard in July.

Global revenue for the six month period ending 30th September grew 9% year on year in constant currency to £4.9m (up 14% yoy in the US, a market that accounts for over three quarters of the total) with reported profit up 22% to £539k. The company’s Connect Partner Programme covering Europe, the US, Asia, Latin America and Africa helped it sign a record eight new customers during the period.

Developed by the Fast Identity Online (FIDO) Alliance, the main objective of FIDO2 is to eliminate the use of passwords during end user login processes, helping to protect organisations against phishing and other threats using public-key cryptography to deliver secure, convenient authentication. The latest iteration of Intercede's product, MyID v12, also enables remote transaction approval from a mobile app using secure multi-factor authentication (MFA) including fingerprint, PIN, or facial matching.

TechMarketView anticipates significant ongoing demand for digital identity solutions which provide additional capabilities beyond MFA amongst public sector organisations, particularly in the US after the Biden administration issued an Executive Order on cybersecurity in May 2021.

Following the FIDO2 approval Intercede is now focussed on building an M&A pipeline to help it scale up and accelerate revenue growth by pushing into adjacent market segments. The company has gross cash balances of £8.5m to help it achieve that ambition, with no long term debt or external financing following the early retirement of convertible loan notes totalling £5m in February. With five consecutive periods of first half revenue growth behind it (turnover was up 6% in FY21), we would be surprised if Intercede does not now add a sixth through a combination of acquisition and organic revenue expansion.

Posted by: Martin Courtney at 08:40

Tags: results   cybersecurity   digitalidentity   H122   FIDO2  

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