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Intercede: quarterlies, annuals, SEC actions

Record results for Intercede on boost from US government contracts
Intercede: quarterlies, annuals, SEC actions

June 20, 2024 – Intercede is reporting best-ever annual results in revenue and net profit from sales of its digital identity software for its full-year fiscal 2024, which ended on March 31.

The year-end results include 20.0 million pounds (US$25.4 million) in revenue, up over 65 percent from fiscal 2023, and £6.0 million ($7.6 million) net profit, a marked increase from £1.3 million last year.

Intercede attributes its big year in part to a pair of contracts with U.S. government clients, and also notes the integration of Authlogics software into its MyID product family as an important milestone from the past year.

2 US government contracts expected to ‘significantly’ lift 2024

Jan 3, 2024 – Intercede says it has sold a $1 million software license to a new, unnamed buyer in the U.S. intelligence community. The agency also bought an annual software subscription valued at $200,000.

Intercede‘s enterprise software is intended to prevent user credentials being compromised. This deal and a somewhat larger sale announced last month will push revenue “significantly” above market expectation for fiscal 2024, which ends in March, according to the company.

The market forecast stands at £18 million (US$24 million) in revenue and an adjusted Ebitda of £5.2 million ($6.6 million), according to the company.

The December sale was valued at about $8 million in one-time licenses and support contracts – Intercede’s largest-ever deal. It went to a “U.S. federal agency” that also went unnamed. Intercede will replace the agency’s credential software with the vendor’s MyID credential-management software.

Intercede partnered with Aware to add face biometrics to the MyID Credential Management System in 2021.

Intercede revenue, profit rise for just-completed fiscal 2023

June 22, 2023 – Digital ID cybersecurity firm Intercede has reported an operating profit of £571,000 (US$727,810), or £0.023 per basic share ($0.029 per share), on revenue of £12.1 million ($15.4 million) for fiscal 2023, ended March 31. That compares with an operating profit of £390,000 ($497,100), £0.013 per share ($0.017) revenue of £9.9 million ($12.6 million).

The company says it has invested in the IT infrastructure backing its digital identity software, and that its financial position is strong and unleveraged.

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

Oct 10, 2022 – Intercede has acquired multi-factor authentication and password security management software provider Authlogics to give it a ten-times larger addressable market. 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. Read more about both deals here.

Intercede enters phase 2 of turnaround plan

June 20, 2022 – Intercede reports revenue of £9.9 million ($12.1 million) from its digital identity, derived credential and access control services for its fiscal year ended March 31, 2022.

The company executed the first phase of a turnaround plan in 2021, and is now pursuing scalability and consistent revenue growth during phase two. That includes upgrades to its MyID Credential Management Software.

“It has been a promising year of financial and operational progress and Intercede is now very well positioned for further growth,” states Intercede Chairman Chuck Pol. “We enter FY23 with positive momentum and lots of opportunities. When I look at the various elements of this business; particularly the experienced management team, the high growth cybersecurity market, the blue-chip customer base, the pipeline and the resilient response to market conditions in the last two years, I remain confident of the Group’s future prospects.”

Intercede picked up a pair of initial orders from U.S. federal agencies in the last quarter of the fiscal year to deploy digital identities to mobile devices, in the form of derived PIV credentials, through MyID CMS. Intercede also signed up 16 new deployments during the year, double its sign-up rate for 2021.

Additionally, Nitil Patel replaced Andrew Walker as CFO of Intercede in April.

Aware partnership targets large enterprises, federal agencies

March 21, 2022 – Aware is partnering with cybersecurity solutions provider Intercede to address digital security concerns with the integration of biometrics into the latter’s credential management system. Read more here.

Intercede reports $2.8M follow-on order

Nov 27, 2021 – Intercede has reported revenues of £4.8 million (US$ million) in the first six months of its fiscal 2020 year, up 9 percent from £4.4 million in the first half of 2019.

Increased operating profits and cashflows resulting in higher gross cash balances demonstrate the relevance of Intercede’s MyID Platform, company Chairman Chuck Pol said in the announcement.

The company launched its new MyID mobile authentication service during 1H 2020.

The company has also announced a follow-on purchase order of $2.8 million in digital identity software licenses, along with development and professional services, support and maintenance.

The order comes from a contract win as part of a successful bid, along with partner Guidehouse, to build an Identity Management System (IDMS) solution for the U.S. State Department and its customers that is compliant with Homeland Security Presidential Directive 12 (HSPD-12)/U.S. federal government standard FIPS 201. A progress order under the same contract was reported by the company in August.

The contract is included in Intercede’s expectations for the current financial year.

More financial and industry news about Intercede here.

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