Global 50 Financial Services Contract
The Board is pleased to announce that it has been appointed as the preferred supplier of cyber security services to a Global 50 Financial Services organisation, after a highly demanding and competitive selection process amongst numerous major cyber security vendors. The duration of the contract is for a minimum two year period. This initial phase is valued at circa £250,000 with significant growth potential and expansion opportunity into further territories.
MidGARD Managed Service Update
The MidGARD managed security service ‘proof of concept’ (POC) phase has been successfully completed on time, with commercial roll-out now in process. Clients are now being on-boarded to our industry leading platform which is comprised of our own intellectual property and third-party technologies. Early adopting clients are now converting to full implementation with more enterprise class clients in active negotiation to receive the full MidGARD service under multi-year contracts. The strong pipeline of potential clients provides the Board with high levels of assurance of doubling the number of current managed service clients within the next quarter. The MidGARD managed service benefits from high margin, strong cash generation and a significant level of automation. Annual contract values under such multi-year contracts are expected to be typically between £50,000 and £300,000 dependent on individual customer requirements and services delivered
Mike Read, Falanx Group Ltd Chairman and CEO, commented: “Since taking over as CEO and conducting a far-reaching review of our business, I am pleased to report Falanx continues to grow and remains in-line with the Boards expectation to move into break even within our financial year.
The contract wins announced today provide visibility of high quality recurring revenue, which is further supported by our strong pipeline of MidGARD clients on-boarding now and in the future.
I have taken measures to strengthen the Board and a new, full time, AIM experienced Financial Director will join the Board in January. I have also agreed with the Board to accept the appointment of Chief Executive Officer on a permanent basis as we look to the future with great confidence.”