Drumz plc (LON:DRUM) have announced that they made an investment in Acuity Risk Management Limited resulting in the Company holding 20% of the issued share capital of Acuity, with an option to acquire a further 5%. Acuity’s business is the supply of its proprietary software, STREAM™, and services for cyber security and risk management, used by organisations globally for customers’ ISO 27001, GDPR, NIST Cyber Security Framework and other programs.
Certain members of the Drumz management team have been working with Acuity since July 2019. Since then, the commercialisation of Acuity’s offering has continued with STREAM™ being sold predominantly on a SaaS basis. In addition, sales and marketing activities have been overhauled with new price lists and terms for customers, the sales team has been strengthened and a new digital marketing programme managed by a specialist agency has been introduced. There have been several significant customer wins including a leading utility company and a major department of the UK Government.
The results for the year to 31 March 2020 show substantial year-on-year improvement with a 60% increase in revenues to £1.38m (2019: £0.86m).
First quarter revenues for the current year were in line with budget but second quarter revenues were impacted by COVID-19 with buyers deferring their orders. Pleasingly however, the sales pipeline stood at £850,000 as at 16 November 2020 (2019 £300,000).
More information on Acuity can be found via the following link www.acuityrm.com
Angus Forrest, Chief Executive of Drumz plc, commented:
“Everyone at Acuity is working hard to exploit STREAM™’s potential. It is an established and well regarded player in the fast growing global cybersecurity market. There are many opportunities to improve and grow the business but we believe these early signs are an encouraging start to achieving our objective of transforming the value of Acuity. ”