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Aim listed Smarttech247 is a UK&I HQ'ed cybersecurity supplier we have tracked for some time, recently winning several key deals and posting strong double-digit growth in its latest filings. Earlier this week I caught up with Smarttech247 CEO, Raluca Saceanu, to understand more about the company’s latest results and where the business is targeting growth in the year ahead.
Smarttech247 reported revenues increased by 21% to €6.49m for the six months ended 31 January 2025, with a 32% increase in recurring revenue (vs. H124). Growth outpaced the previous year's performance of 17% as the business continues to demonstrate strong market traction for its MDR solutions. Smarttech247 recently announced it had won a multi-year cybersecurity framework agreement with a major international airport in London, with the aviation industry shaping up as strong growth opportunity, as well as an Endpoint Detection and Response (EDR) deal with a major hospital in Ireland (See - Smarttech247 awarded framework with major London Airport). Strong traction internationally, particularly in the US and in Europe, is also creating wider opportunities.
The cybersecurity supplier’s flagship platform VisionX continues to be a key investment focus, supporting the company’s three-pillar strategy: securing multi-year contracts with high renewal rates, expanding internationally, and developing strategic partnerships. There are several further strong drivers for the business, including ongoing investments in data security as well as a drive to further consolidate point security solutions. Saceanu highlighted that they are finding clients are looking for preferably one partner for multiple solutions and a single source of truth. That said, she also noted that sales cycles have lengthened considerably, with procurement departments taking a more central role in purchasing decisions.
"Data security is paramount right now. Every single conversation with clients revolves around protecting their data, particularly with concerns about AI being introduced into organisations" said CEO, Raluca Saceanu.
Unlike competitors who focus solely on endpoint detection and response (EDR), Smarttech247 positions itself as a holistic Managed Detection and Response (MDR) provider. "We look at networks, cloud, on-premises infrastructure, data security, every aspect of cybersecurity bridged into one platform," Saluca noted.
The business is positioning itself as more of a competitor to system integrators than to other security platform providers and has established partnerships with the likes of Palo Alto Networks, CrowdStrike, Wiz and Splunk. The company's sweet spot is serving organisations with complex security needs, including critical infrastructure operators requiring both IT and operational technology (OT) security expertise. At a time when many of the SI’s are struggling to find growth, Smarttech247 seems to be bucking the trend, proving secuirty spending remains resilient to the current market turmoil.
Posted by: Simon Baxter at 08:40