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Intercede says Authlogics deal for up to £5.5M increases market by 10X

Partnership with NextgenID adds capabilities to serve governments
Intercede says Authlogics deal for up to £5.5M increases market by 10X

Intercede has acquired multi-factor authentication and password security management software provider Authlogics to give it a ten-times larger addressable market.

The acquisition allows Intercede to expand its product portfolio to cover all of what it refers to as the ‘authentication pyramid,’ from passwords to public key infrastructure, according to a company announcement. This expanded focus and the intellectual property Intercede picks up expands the company’s addressable market, and improves its ability to meet new regulatory requirements.

The deal also gives Intercede additional annual recurring revenue of £500,000 (approximately US$552,000). Revenues for Authlogics grew by 61 percent from the end of its financial year on June 30, 2018 to June 30, 2021, with a small after-tax profit in the last year.

Authlogics owners will receive initial consideration of £2.5 million ($2.76 million), £2 million ($2.2 million) when adjusted for net debt and working capital, with conditional staged earnout payments of up to £3 million ($3.3 million).

PKI and FIDO authentication are at the top of Intercede’s pyramid, but can be too complex for some organizations to deploy, the company says. Authlogics MFA enables the use of one-time passwords using Yubikeys or mobile devices for those organizations.

The newly expanded Intercede product portfolio is available for new and existing customers, and the company says its integrated offering can help large customers managing multiple authentication technologies, or need to comply with the FIPS 201-3 standard and SP 800 63-B guidelines.

Intercede announced it was entering phase 2 of its turnaround plan when announcing the results for its fiscal year ended March 31, 2022.

Remote identity proofing launched with NextgenID

Intercede has also formed a partnership with NextgenID to build its MyID Credential Management System into the latter’s biometric Supervised Remote Identity Proofing (SRIP) solutions.

Following in-person or self-service enrollment with NextgenID, the digitally signed and encrypted data is sent to MyID for review and approval, as well as the issuance, management, and maintenance of government-issued credentials.

“NextgenID’s ability to securely collect, qualify, and deliver all required enrollment data, across all assurance levels and platform types, greatly simplifies how MyID receives incoming enrollment, credential activation, and credential management requests,” comments Klaas van der Leest, CEO of Intercede. “No other solution can seamlessly support complete credential lifecycle management across all assurance levels.”

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