Falanx Group Ltd (LON:FLX), the global intelligence, security, and cyber provider, has today provided an Operational Update prior to the period end.
· Significant new sales contracts with recurring revenue. Remain on course for operational breakeven this financial year.
o Business on track to reach breakeven during the financial year with sufficient cash to see all current operations through to profitability.
o Falanx Cyber business has secured a new Security-as-a-Service contract with a leading UK-based IT Service Provider, worth more than £200k.
o Falanx Assynt has won new multi-year contracts for ‘Embedded Analysts’ with a large US-based Insurance company and a global high street Retailer of beverages.
· Launch of full MidGARD capability
o MidGARD is our proprietary Advanced Threat Detection Platform.
o MidGARD is part of our Managed Detection & Response service and underpins our monitoring capability.
o MidGARD Pilot over the last six months is now complete.
o MidGARD v2 – latest and most advanced iteration of the platform and based on the latest open source components – completed on schedule and ready for main launch. Pre-launch briefings and social media campaigns have begun. www.falanx.com/technology/midgard/
o The full MidGARD service will be launched to the market at the UK’s leading Cyber Security Conference, 44CON 2017. [ www.44con.com ] from 13th to 15th September at the ILEC Conference Centre, Earls Court, London. [www.ilecconferencecentre.co.uk ]
o The board believes this highly exciting, disruptive and long-awaited technology will redefine Managed Cyber Security Services. [ www.falanx.com/44con-emerge-shadows/ ]
· Falanx Intelligence Business Rebranded as Falanx Assynt
o Falanx’s highly regarded Intelligence organisation continues to grow and retain the confidence and business of a raft of Blue-Chip companies.
o Today, Stirling Assynt has been rebranded Falanx Assynt to provide more visible joint identity and cross-selling opportunity with other Falanx businesses.
· New London HQ Opens Today and change of registered address
o In the heart of the City of London, our new HQ at Five Kings House is the new home of Falanx Group and our intelligence business, Falanx Assynt.
o New HQ is close to our financial services clients and provides improved client reception and sales facilities, and more capacity to meet demand across our lines of business.
· New subsidiaries established in USA and Spain
o New USA subsidiary established to capture, and provide local service for, US clients.
o New Spanish subsidiary established to support Falanx CyberTech and the growth of our software development team, sourcing talent from Spain and wider Europe.
Stuart Bladen, Chief Executive Officer of Falanx Group Ltd, commented: “It has been an incredibly busy time at Falanx, with key milestones delivered that underpin our business performance going forward. Falanx has secured significant new business contracts with ongoing revenue streams that provides us with confidence to reach operational breakeven during the financial year with sufficient cash to see all current operations through to profitability. We are also delighted to launch both MidGARD and our US service this month whilst our new sales, new HQ and new Falanx Assynt Brand are all key steps in the rapid evolution of our business.”