Smarttech247 Group plc (LON:S247), a multi-award-winning provider of AI-enhanced cybersecurity services providing automated managed detection and response for a portfolio of international clients, has announced it has partnered with Cisco to deliver a complete security solution for threat prevention, detection, investigation and response.
Cisco Systems Inc. (NASDAQ: CSCO) delivers software-defined networking, cloud and security solutions to companies worldwide and recently completed its acquisition of cybersecurity firm Splunk Inc., which had already entered into its own strategic partnership agreement with Smarttech247 in October 2023. This new partnership will see Smarttech247 integrate Cisco’s security technologies into its AI-enhanced cybersecurity services, offering clients an even more comprehensive and robust defence against evolving cyber threats.
Cisco’s range of security technologies for network, device, user and cloud security will integrate with Smarttech247’s existing suite of cybersecurity solutions. These technologies, combined with Splunk’s cybersecurity capabilities gained in the recent acquisition, will enhance Smarttech247’s VisionX platform, allowing organisations to proactively secure their digital assets and mitigate risks effectively.
Raluca Saceanu, Chief Executive Officer of Smarttech247, commented:
“We are delighted to partner with Cisco which, following its acquisition of Splunk, has become one of the largest software companies globally. This collaboration underscores our commitment to delivering top-tier cybersecurity services and reinforces our position as a trusted cybersecurity partner for organisations worldwide. Together with Cisco, we are well-equipped to provide our clients with the security they need to navigate the digital world with confidence.”
Smarttech247 Group plc (LON:S247), a multi-award-winning provider of AI-enhanced cybersecurity services providing automated managed detection and response for a portfolio of international clients, has announced its strategic partnership with Google.
This partnership aims to extend Smarttech247’s existing suite of solutions by integrating cutting-edge technologies from Google into its flagship platform, VisionX as part of its comprehensive MDR offering.
VisionX is Smarttech247’s managed detection and response platform which provides around-the-clock security orchestration, rapid incident response, and monitoring capabilities to global clients. As part of this partnership, Google’s advanced SIEM (Security Information and Event Management) and SOAR (Security Orchestration, Automation, and Response) capabilities will be available on Smarttech247’s VisionX platform.
Google Chronicle is a cybersecurity company which forms part of the Google Cloud Platform. It is a cloud-native, AI-powered service that is designed to help businesses analyse, retain, and search large volumes of data to detect cyber threats. By integrating Google Chronicle’s SIEM and SOAR capabilities, organisations will have access to threat detection, response, and automation functionalities, leveraged by Google’s technology, ensuring proactive defence against sophisticated cyber threats, enabling swift and effective incident response.
Raluca Saceanu, CEO of Smarttech247, commented:
“In today’s rapidly evolving threat landscape, having robust threat detection capabilities is crucial for organisations of all sizes to maintain operational resilience.
“Smarttech247 remains committed to delivering innovative security solutions, and our collaboration with Google reinforces our commitment to staying at the forefront of cybersecurity excellence.”
Smarttech247 Group plc (LON:S247) Chief Executive Officer Raluca Saceanu caught up with DirectorsTalk for an exclusive interview to discuss their new multi-year contract, the reasons why people are choosing the company, and what investors can expect in the coming months.
Q1: This is obviously great news for Smarttech247 Group. Raluca, could you just tell us a little bit more about the contract and how you’ll be helping this global packaging company?
A1: We are absolutely delighted to have won this contract. The company in question is impressive, they are leaders in terms of sustainable packaging and in many ways their company values match our company values.
The client was unhappy with their previous provider and after a thorough evaluation of the process, they decided that our value proposition, our services, our approach, and our company values were a much better fit than their previous provider.
We will be offering them with 24/7 Managed Detection and Response where we will be using our platform VisionX for both their IT and OT environment. They have very specific requirements as they operate in a fast moving environment and we proved to them that we are 100% able to match these strict cybersecurity requirements.
Q2: You mentioned that they were unhappy with their previous provider. Is this a common theme these days? What were some of the reasons why they decided to go with the Group?
A2: 95% of the conversations that we are having with prospects relates to the fact that they are unhappy with their current provider, and there are a few reasons for this.
Number one, a lot of MDR providers have a very reactive approach to service delivery rather than a proactive approach. The reason why this doesn’t work is because the cybersecurity industry is constantly evolving, it’s very dynamic, and as an MDR provider, you’re constantly on the front lines of cybersecurity. So, this means that you need to make sure that you prioritize initiatives that look at continuous improvement, risk management and holistic threat intelligence understanding.
Secondly, there’s a massive lack of transparency in the MDR space. Organizations don’t get full visibility into what their MDR provider is doing for them, there’s a lack of reporting and a lack of commitment to transparency. Lack of flexibility is also another reason why organizations are not happy with their MDR providers. And generally the main reason is that the service and the capabilities are poor.
Our clients choose us because we make it our mission to provide them with operational excellence, with full transparency and a great platform that helps them really reduce their risk.
We’re always committed to ensure, firstly, a really good onboarding process, which is important, and secondly, we’re committed to be proactive rather than reactive. Thirdly, and this is really important, we form a partnership with our clients, no client of ours refers to us as a supplier, they refer to us as a partner.
This is important to us. We understand their business intimately, we understand the risks that they have, and most MDR providers don’t focus on reducing their clients risk in a quantifiable way. With us, we make it our mission. We have a promise that we help them reduce their risk by 50% in the first 180 days.
Q3: Finally then, what can investors expect to see from Smarttech247 Group in the next few months?
A3: Well, we’re working on securing more contracts like this one, they are multi-year contracts and include our VisionX platform.
We’ve also launched some incredibly exciting features in our platform VisionX, where we’re using more artificial intelligence to make our clients’ operations easier and to focus on risk reduction. As a matter of fact, I’m just back from New York City where we had some fantastic meetings, we’re growing our operations and we’re aiming to increase our client base on the East Coast.
We’re actively helping our clients navigate complexities of, for example, NIST2 and DORA, which is an area that’s growing for us as well so lots of new exciting things happening.
Smarttech247 Group (LON:S247) CEO Raluca Saceanu joins DirectorsTalk Interviews to discuss a new contract with a global packaging company, worth approximately €1 million over three years.
In this interview Raluca tells us more about the contract, how they will be helping the packaging company, why the company chose S247 and what investors can expect over the coming months.
Smarttech247 Group is a multi-award-winning MDR (Managed Detection & Response) company and a market leader in Security Operations. Trusted by global organizations, our platform provides threat intelligence with managed detection and response to provide actionable insights, 24/7 threat detection, investigation, and response. Our service is geared towards proactive prevention and we do this by utilizing the latest in cloud, big data analytics and machine learning, along with our industry leading incident response team.
Smarttech247 Group plc (LON:S247), a multi-award-winning provider of AI-enhanced cybersecurity services providing automated managed detection and response for a portfolio of international clients, has announced it has secured a new contract with a global packaging company, worth approximately €1 million over three years.
The agreement, with a new client, utilises both Smarttech247’s VisionX platform as well as NoPhish, underscoring their versatility and advanced capabilities. VisionX is Smarttech247’s flagship AI-enhanced Managed Detection and Response (MDR) platform, designed to safeguard both Information Technology (IT) and Operational Technology (OT) infrastructures and its NoPhish email security tool offers instant feedback to the user based on analysis algorithms to evaluate the content and legitimacy of reported emails. In an era where the convergence of IT and OT systems is increasingly critical for industrial and manufacturing sectors, this partnership represents a strategic and forward-thinking approach to cybersecurity.
The VisionX MDR platform leverages sophisticated AI and machine learning algorithms to offer real-time threat detection, rapid incident response, and continuous monitoring whilst NoPhish takes proactive measures by automatically removing emails from the user’s inbox which are deemed suspicious or malicious. By extending its protection to both IT and OT domains as well as emails, these platforms ensure our clients are guarded against diverse and evolving cyber threats across all digital touchpoints.
Raluca Saceanu, CEO of Smarttech247, commented:
“We are delighted to win this new contract, which serves as a strong endorsement for both our AI-enhanced VisionX MDR platform’s capability and our NoPhish email security tool to secure both IT and OT environments.
“This collaboration ensures our client will have a robust defence mechanism for its extensive digital operations, encompassing everything from corporate data to critical operational processes and email security.
“This agreement with a new client is a significant milestone for us and we remain committed to supporting all our existing and new clients on their journey towards a secure and resilient digital infrastructure.”
Smarttech247 Group plc (LON:S247) recent contracts and underlying positive momentum has impressed Equities Head, Gervais Williams of Premier Miton, in a recent DirectorsTalk interview about his investment trust, The Diverse Income Trustplc (LON:DIVI).
DirectorsTalk asked:
Cybersecurity stocks have been a hot investment area for a few years now. We’ve seen the rate and sophistication of attacks increasing with AI deep fakes and state led attacks. Now Smarttech247 Group are holding a very strong position within the cybersecurity market and have ambitious expansion plans yet the share price at the end of January 2024 was around 19p – its lowest point since listing in December 2022.
Gervais Williams of Premier Miton commented:
Yes, that’s right. The share price drifted lower in 2023, but then so many market caps have. I know you might say that the mega caps of the US are going up, but the market caps in the UK are not participating at the moment. They will in future. I’m not worried about that. But specifically, I think the key for this one is that their VisionX technology has been endorsed by third parties.
What we really like is the three-year extension they’ve had for a global pharmaceutical company. That’s the kind of scale of organisation which is very careful about its partners and has chosen Smarttech247 Group plc for its cyber protection.
They’ve gone on to various platforms with some very impressive US corporations as well. They have still got cash from the issue so the company is safe, and it’s generating some profits.
So, the net effect is that we’re just still at a slightly early stage. Perhaps, share prices came off a little bit, but the underlying momentum in the company remains good, and that’s why we’re invested. When they come right, they don’t just come right in this area, technology stocks, when they come right, they can come right with a very substantial upside, and that’s really the nature of small micro caps.
The whole point is that they have a core option value and you can make 30% or 50% on your share price if things are successful but sometimes if you’re lucky, you can make three times or five times your money, and that’s the nature of this company. That’s the nature of many of the companies in the micro caps sector.
As long as they have the ability to trade through in the short term with cash and they don’t need additional capital, then the upside comes through in the share prices.
The Group is a multi-award-winning Managed Detection & Response company and a market leader in Security Operations.
SmartTech247 Group plc (LON:S247) Chief Executive Officer Raluca Saceanu caught up with DirectorsTalk for an exclusive interview to discuss what NoPhish does, integration with Google Mail, how it’s used and why investors should consider the company for their portfolios.
Q1: So, we’re talking today about your tool called NoPhish, can you just explain for us what NoPhish does?
A1: NoPhish is our own email security product, and it was created to help organisations around the world minimise the risk of phishing attacks effectively.
Phishing is a massive problem in this industry and it’s a problem for every single organisation, regardless of how much they invest in security, and everyone deals with phishing problems, particularly when it comes to business email compromise, CEO impersonation and credential theft. These are the top risks that businesses face when it comes to social engineering.
We created NoPhish to help organisations detect phishing in real time and really eradicate the threat quickly before it harms their systems.
So, most organisations have email solutions in place, email filtering solutions, and these solutions usually stop spam and they stop phishing content but 5-7% of malicious emails really still make their way through, putting the organisation at risk.
What NoPhish does is it helps defend against targeted attacks, it helps defend against those 5-7% of phishing attempts, and it really helps to remove the threat from the environment immediately. It’s a great solution for organisations that don’t have the resources in place to investigate every single phishing attempt on their company, as NoPhish does it automatically, both the investigation side and also the removal of the threat.
So, just to summarise, NoPhish provides threat analysis, it provides investigation and it also provides response capabilities for our customers and it acts as an extension of their existing security team.
Q2: The tool was previously only available on Microsoft Outlook, why is integrating with Google Mail an important development for SmartTech247 and cybersecurity more general?
A2: Well, we wanted to make the tool available to as many organisations as possible as the threat of phishing really affects everyone, as I mentioned earlier. We know that there are numerous organisations that use Google Mail as their main mailing platform so it was important for us to have a wider addressable market.
Q3: How do organisations find NoPhish to use with Google Mail?
A3: We have an extension available that you can find on Google Chrome Web Store. And we also offer demos and trials of organisations use Google Mail as their main platform and if they want to avail of the product.
So, the simplest way is to Google NoPhish for Gmail or to reach out to our teams who were more than happy to give a demo of the platform.
Q4: Now, for investors looking to broaden their portfolios, why should they consider SmartTech247 Group?
A4: Ever since we listed on the London Stock Exchange, we’ve been on a continuous growth journey.
We have ambitious expansion strategies, really exciting innovation plans and we’re winning more and bigger contracts with blue chip organisations across the world. I’m very happy to say that our customer retention rate is 100%, and we have a track record of robust revenue growth, profitability, and prudent financial management.
Finally, our goal is really to set the standard for technological excellence and for innovation, and this is what investors can look forward to when it comes to SmartTech247.
Smarttech247 Group (LON:S247) CEO Raluca Saceanu joins DirectorsTalk Interviews to discuss the expansion of its NoPhish tool to users of Google Mail.
In this interview Raluca explains what NoPhish does, why its an important tool for organisations and why its integration with Google Mail is an important step for both Smarttech247 and the wider cybersecurity sector in general. Raluca also provides a compelling argument for why investors looking to broaden their portfolios should consider Smarttech247 Group.
Smarttech247 Group plc is a multi-award-winning Managed Detection & Response company and a market leader in Security Operations.
Smarttech247 Group plc (LON:S247), a multi-award-winning provider of AI-enhanced cybersecurity services providing automated managed detection and response for a portfolio of international clients, has announced the expansion of its NoPhish tool to users of Google Mail.
NoPhish, Smarttech247’s email security tool, previously only available on Microsoft Outlook, is designed to empower users in the fight against phishing and other email-based threats. By integrating with Google Mail this expansion provides comprehensive email security solutions for a wider audience.
NoPhish, which won Email Security Solution of the Year at the 2023 Computing Awards in London and is available for immediate use with Google Mail, enables users to report suspected emails with ease, playing a crucial role in enhancing individual and organisational cybersecurity.
Upon reporting, NoPhish employs advanced analysis algorithms to evaluate the content and legitimacy of the reported emails, offering instant feedback to the user. In cases where an email is identified as suspicious or malicious, NoPhish takes proactive measures by automatically removing the email from the user’s inbox, thereby mitigating the risk of accidental exposure to harmful content.
Raluca Saceanu, CEO of Smarttech247, commented:
“We are delighted to bring NoPhish to Google Mail users. Our mission has always been to provide cutting-edge, user-friendly cybersecurity tools and by making NoPhish available on one of the world’s most widely used email platforms, we are taking a significant step towards making the digital world safer for everyone.
“The integration signifies major advancement in email security, as Google Mail’s extensive user base can now benefit from Smarttech247’s phishing detection and response technology. This expansion is part of our ongoing efforts to adapt and evolve in the face of ever-changing cyber threats, ensuring users across various platforms can enjoy a safer email experience.”
Smarttech247 Group plc (LON:S247), a multi-award-winning provider of AI-enhanced cybersecurity services providing automated managed detection and response for a portfolio of international clients, has announced its audited final results for the 12 months ended 31 July 2023.
Operational highlights
· Admitted to trading on AIM in December 2022, raising £3.7 million via a placing of new ordinary shares
· A number of new contracts have been won during the period, and since the period end, spearheaded by the Group’s Managed Detection and Response (MDR) platform, VisionX
· In April 2023 the Company announced its participation in Managed Security Service Provider Program by its partner, Forcepoint, a global security leader
· Named as Cybersecurity Company of the Year by Chambers of Ireland InBusiness Recognition Awards in May 2023
· In July 2023 Smarttech247 partnered with SentinelOne, a cybersecurity platform company, to deliver cybersecurity solutions
· The Group has expanded, with headcount increased significantly, to be positioned to deliver growth and develop new products
· Continued development of new products, including new VisionX features with further development of ThreatHub and NoPhish
Post-period end
· Listing of VisionX on the Amazon Web Services (AWS) Marketplace in August 2023
· Strategic partnership with Abnormal Security, a leading behavioural AI-based email security platform in August 2023
· In October 2023 Smarttech247 announced a strategic partnership with Splunk, a cybersecurity platform company, to deliver automation-driven and human-led MDR capabilities to global clients
· Won a tender contract from an existing Government of Ireland department client and secured a contract renewal with AutoNation, the largest automotive retailer in the United States, in October 2023
· New three-year contract secured with a global pharmaceutical solutions organisation in November 2023
· Ranked as a Deloitte Fast 50 Technology Company and won the ‘Email Security Solution of the Year’ at The Computing Security Award 2023 for the Company’s NoPhish product
· Announced the launch of Aio, a new AI Assistant and the launch of the Company’s Mid-Market MDR solution for its VisionX platform in January 2024
Financial highlights
· Revenue increased by 19.3% to €12.18 million (31 July 2022: €10.21 million)
· Gross profit increased by 22.7% to €6.81 million (31 July 2022: €5.55 million)
· Adjusted EBITDA increased by 36% to €2.70 million (31 July 2022: €1.98 million)
· Adjusted operating profit of €2.15 million (31 July 2022: €1.76 million)
· Cash of €6.06 million at the period end (31 July 2022: €2.36 million)
Raluca Saceanu, CEO of Smarttech247, commented:
“I am pleased to announce our first, full-year results as an AIM-quoted company, marking a major milestone for Smarttech247. We have entered into several new contracts during the period, and since the period end, with large, international organisations, and hope to continue this momentum with our larger sales capacity to further increase our revenue and profit growth going forward.
“The year under review, and the period to date, has been marked by significant strides in our Research and Development as well as forming strategic partnerships with top companies like Forcepoint, SentinelOne, Abnormal Security, and Splunk. These synergies have empowered us to offer our clients a comprehensive security ecosystem, one that is not only robust, but also dynamically tailored to meet the evolving demands of their unique business landscapes.
“Smarttech247 now has the platform in place to support and accelerate its growth in the cybersecurity sector. We are confident as we enter 2024 and look forward to updating the market on our further progress in due course.”
The Annual Report and Accounts for the financial year ended 31 July 2023 will be available to download from the Group’s website via: https://www.smarttech247.com/aim-rule-26/
Chairman’s statement
Introduction
Smarttech247 Group plc is a public limited company whose shares are quoted on the AIM market of the London Stock Exchange. The Company is a multi-award-winning provider of AI-enhanced cybersecurity services providing automated managed detection and response for a portfolio of international clients. It has four directly and indirectly owned subsidiaries, Zefone Limited, Smart Systems Security Limited, Smarttech 247 Cyber Security Sarl incorporated and Smarttech Sp z.o.o.
We are pleased to report our results for the year to 31 July 2023.
Highlights
The key highlights for the year are as follows:
Year ended
31 July 2023Audited
31 July 2022Unaudited
Change
€000
€000
%
Revenue
12,180
10,206
+19.3
Gross profit
6,806
5,545
+22.7
Gross profit margin
55.9%
54.3%
Operating costs
6,981
3,850
Adjusted EBITDA (Note 6)*
2,698
1,984
+36.0%
Operating profit
303
1,756
Profit before tax
204
1,534
As at
Cash
6,062
2,358
Net assets
11,483
4,533
* Adjusted EBITDA is a non-IFRS measure and has been reconciled to the underlying IFRS numbers in Note 6
· Listing achieved on the London Stock Exchange, raising £3.7 million
· Revenue and profits continue to grow strongly
· A number of new contracts have been won during the period, spearheaded by the Group’s Managed Detection and Response (“MDR”) VisionX
· A number of significant partnerships have been entered into with leading players in the industry
· The platform has been expanded and headcount increased in order to be in a position to deliver growth and develop new products
· New sales capacity established to increase the rate of revenue growth
· New products are being developed including a new VisionX product with further development of ThreatHub and NoPhish
Review of the year
2023 has had a transformational year for the Group with a listing being achieved on the London Stock Exchange in December 2022 and funds successfully raised from new investors. At the same time, the business has continued to grow significantly, building out its platform and headcount to service demand.
The Group now has the platform in place to support and accelerate its revenue growth. We have also launched new products and won multiple new contracts with major global companies and institutions. These contracts are important as they provide clear validation of the service that we provide and clear reference points for new customers. We are often competing with global companies to win new business and succeeding, more details on which will be covered in the Chief Executive Officer’s (“CEO”) Statement.
We firmly believe that our listing will give Smarttech247 greater visibility and credibility in overseas geographies, including the USA and Europe, and will support our growth plans in the short and long term. I am extremely proud of the team that we now have in place and would like to thank them for their hard work and dedication in getting the Group to its current position. I would also like to welcome our new investors.
Outlook and strategy
Cyber-attacks continue to increase with serious implications for the companies concerned. There is no simple solution to defend an organisation against everything that it can be exposed to but our combination of managed detection and response capabilities can help to significantly reduce the impact of an attack and manage the situation. We therefore see clear opportunities for future growth.
We have started FY2024 well with more contracts being won and a number of existing contracts being renewed so we are very much looking forward to continuing this progress in FY2024.
Ronan Murphy
Executive Chairman
26 January 2024
Chief Executive Officer’s statement
During the year under review, the Group made notable progress on a number of fronts. It has focused on building out its platform and launching new products and is now extremely well-placed to grow revenue. As we embark on a new era at Smarttech247, we are pleased with the Group’s prospects and the strategic advances that we are making.
Products
To support its extensive capabilities for Managed Detection and Response (“MDR”), the Group launched its VisionX technology during the year. This technology, together with our award-winning capabilities and expertise, provides 24/7 proactive threat detection and response, using cloud data analytics, machine learning and an incident response capability.
This AI-enabled platform is used in tandem with human-led monitoring from Smarttech247’s expert team, empowering organisations to leverage AI and intelligent automation to enhance their security operations.
During the year, we have also embarked on the development of a new version of the VisionX product. This offers a very different functionality in that it is multi-tenancy and has a completely new User Interface – this is a very important element of the VisionX platform as it is heavily relied upon by product users to enable them to assess the effectiveness of their security operations in real time. This new design offers users an intuitive approach that simplifies complex security operations. With improved functionality, advanced analytics, threat hunting and customisable dashboards, customers will gain unprecedented insights into their organisation’s security posture.
Post period end in August 2023, the Group also announced that its VisionX platform is available on the Amazon Web Services (“AWS”) Marketplace. AWS’s well-established, trusted platform allows us to showcase VisionX to a wider range of customers, demonstrating our commitment to delivering leading security solutions to a global audience.
The Group is continuing to develop its threat and vulnerability software called Threathub. Threathub has attack surface intelligence management features which allow organisations to manage their risk continuously by providing them with automated threat modelling and dynamic risk governance capabilities based on their internal and external attack surface.
We are progressing with the revamping of our Managed Phishing Response Platform, NoPhish, underscoring our steadfast commitment to addressing the dynamic landscape of cybersecurity threats. The latest developments represent a pivotal advancement, facilitating expeditious responses to phishing incidents through a streamlined and intuitive user experience. This enhancement is poised to significantly contribute to the efficacy of our platform by minimising response times and optimising operational agility.
Contracts
Smarttech247 holds a strong position within the cybersecurity market, and we are pleased to be able to deliver revenue and adjusted EBITDA growth. Just prior to joining AIM, the Group won a three-year contract with a total sales value of US$800,000 with a Fortune 150 leading automotive retailer in the USA with annual revenues of over US$20 billion. This was followed by a three-year agreement with a large US tech company headquartered in Massachusetts and a two-year agreement with a prestigious university in Ireland worth circa US$400,000 and US$450,000 respectively over the length of the contracts. All these contracts are centred on the Group’s MDR platform, VisionX.
In July 2023, the Group announced that it had received an order from an existing client, a global, automotive technology company, worth in total circa US$3 million over three years. This order includes the provision and implementation of the Group’s cutting-edge security intelligence technology, VisionX to provide enhanced visibility and threat detection. Once integrated, it provides a unified and proactive security solution by combining real-time threat monitoring, rapid incident response and advanced analytics. This will enable the digital resilience of the client’s assets to be strengthened thereby safeguarding them more effectively.
Post period end in August 2023, as part of Smarttech247’s partnership with Abnormal Security a multi-year contract worth nearly €400k, over two years, was won with a global organisation within the aviation industry sector.
In October 2023, the Group won a tender contract from an existing Government of Ireland department client, worth circa €400,000 over two years. This deal will see Smarttech247 leverage its strategic partnership with IBM to provide its IBM QRadar Security Information and Event Management (“SIEM”) solution. The technology is designed to provide security teams with centralised visibility into enterprise-wide security data. This resource empowers Smarttech247 clients with actionable insight into the most critical threats, enabling more effective threat management, near real-time visibility and the production of detailed data access and user activity reports.
Smarttech247’s client, and the largest automotive retailer in the United States, AutoNation, has recently extended its existing partnership for a further three years. This will allow Smarttech247 to continue supporting this Fortune 150 global enterprise in its cybersecurity solutions and is a testament to the success of the ongoing partnership. Furthermore, AutoNation’s Vice President and CISO, Chip Regan, recently explained in a recent case study why Smarttech247 was the obvious choice when it came to its cybersecurity needs and specifically how partnering with Smarttech247 has allowed AutoNation to achieve a granular level of security and monitoring on a scale that suits such a large, global enterprise.
In November 2023, the Group announced that it had signed a new deal with a global pharmaceutical solutions organisation, based in the USA, worth approximately €900,000 over three years, deploying its AI-enhanced VisionX platform.
Combining the VisionX MDR platform with the managed services offering creates competitive differentiation for the Group. Major new customers have highlighted factors like this as the reason for selecting Smarttech247.
Smarttech247 currently has multiple contracts with leading global organisations. The majority of these contracts are multi-year thereby providing greater certainty of revenue. Also, with contracts now in place with such prestigious organisations, this represents an excellent source of reference for new business.
Partnerships
In the dynamic field of cybersecurity, our strategic technology alliances play a pivotal role in providing best-of-breed solutions to our clients. These collaborations and integrations with our platform VisionX represent a proactive approach to addressing evolving threats, incorporating cutting-edge technologies such as Secure Access Service Edge (“SASE”), Data Loss Prevention (“DLP”), autonomous security, and AI-driven email protection.
In April 2023, the Group announced its participation in the newly released Managed Security Service Provider Program (“MSSP”) by its partner, Forcepoint, a global security leader. The program is centred on Forcepoint ONE SSE cloud-native and Forcepoint enterprise data security solutions. As a partner of Forcepoint, Smarttech247 will be able to quickly incorporate Secure Access Service Edge (“SASE”) and DLP managed services into its offerings through the MSSP program. Partners of this service can also benefit from flexible consumption of Forcepoint converged, cloud-delivered security solutions, update customer configurations and offer multi-tenant services, all with a few clicks.
With the Group’s hosted and managed services centred on Forcepoint ONE SSE cloud-native and Forcepoint enterprise data security solutions, this will allow today’s enterprises to manage risk holistically and simplify security operations. This is a potential game-changer when adversaries are constantly finding new ways to steal confidential data.
In July 2023, the Group announced that it had joined forces with SentinelOne (NYSE: S), the autonomous cybersecurity platform company, to deliver comprehensive cybersecurity solutions to businesses of all sizes.
SentinelOne, a recognised leader in protecting endpoints, cloud, networks and identities in an intelligent, holistic way. Its technology is at the forefront of the industry and combined with Smattech247’s expertise in cybersecurity consulting and MDR services, businesses can be provided with a complete security solution that can adapt and scale with their changing needs.
The partnership combines Smarttech247’s expertise in cybersecurity consulting, MDR services and threat intelligence with SentinelOne’s market-leading autonomous security technology to provide a comprehensive security solution that protects against cyber threats.
Smarttech247 will maximise the benefits and value of SentinelOne’s leading technology for its customers with specialist-managed endpoint protection and response services, whilst SentinelOne will provide Smarttech247 with access to its latest threat intelligence and research.
Post period end, in August 2023, the Group announced a strategic partnership agreement with Abnormal Security, a leading behavioural AI-based email security platform. Unlike traditional secure email gateways, Abnormal Security takes a different approach to stopping email attacks. The cloud-native API architecture ingests thousands of signals across multiple platforms to build a baseline of the known-good behaviour of every employee and vendor in an organisation based on communication patterns, sign-in events and thousands of other attributes. It then applies advanced AI models including natural language processing (“NLP”) and behavioural analytics to detect abnormalities in email behaviour that indicate a potential threat and prevent attacks from reaching end users.
Abnormal Security will be integrated into Smarttech247’s comprehensive MDR service, VisionX, to provide a unified and proactive security solution.
In October 2023, the Group announced a strategic partnership agreement with Splunk Inc. Splunk Inc. (NASDAQ: SPLK), a cybersecurity and observability leader, helps make organisations more digitally resilient. Businesses use Splunk’s unified security and observability platform to keep digital systems secure and reliable. This partnership brings together Smarttech247’s automation-driven and human-led VisionX MDR capabilities and Splunk’s powerful SIEM technology solutions.
The Group also works with a number of other leading industry players whose products can be incorporated within its MDR platform as required. Such partners include Microsoft, IBM and Crowdstrike among many others.
People and platform
During FY2023, the Group has increased its headcount significantly in order to provide the capacity for future revenue growth. This in itself is a significant achievement given the demand for suitably qualified high-quality personnel. This has also been implemented against the background of tight control over costs to maintain existing margins.
During FY2023, one key area of focus was to build out the Group’s sales capability and operations. Investment has now been made in this area and progress achieved which will support the Group’s revenue growth going forward.
Also, during the period Paul Garvey was appointed to the Group’s Advisory Board. Paul Garvey is currently Vice President and Head of Global Accounts at Check Point Software Technologies Ltd, a leading provider of cyber security solutions to over 100,000 global customers, where he oversees the entire Go To Market capability for Check Point’s largest customers. Subsequently, and post period end, Sascha Maier was also appointed to the Group’s Advisory Board. Sascha is currently the Group Chief Information and Security Officer at SV Group, a leading hospitality and catering group in Europe. In this role, he oversees the Cyber Resilience strategy for the entire group, including all brands, subsidiaries, and the foundation.
Awards and profile
On 9 March 2023, the Group hosted its annual Zero Day Con conference at the Dublin Convention Centre, bringing together leading technology firms, industry experts and government officials to allow business leaders to learn more about the latest cybersecurity trends. This year, over 500 international cybersecurity industry leaders attended, and speakers included senior professionals from the FBI, the Government of Ireland, and top cybersecurity and medical companies.
In May 2023, the Group was named Cyber Security Company of the Year by Chambers Ireland InBusiness Recognition Awards 2023. This is a prestigious award and an important recognition for Smarttech247 to receive in its first year as a publicly quoted organisation.
The Group has once again been nominated as a Deloitte Fast 50 Technology Company for 2023. Deloitte Fast 50 is one of Ireland’s foremost technology award programs, each year highlighting the 50 fastest-growing technology companies across Ireland.
The Group also secured the ‘Email Security Solution of the Year’ title at The Computing Security Awards 2023 for its product ‘NoPhish’. This cutting-edge solution operates in real-time, detecting and responding to phishing attempts. By analysing reported emails and identifying malicious elements, such as attachments or URLs, NoPhish enables organisations to stay ahead of cyber threats. Phishing remains a critical concern for companies globally and NoPhish offers clients a defence through its proactive approach and intelligence. The ‘Email Security Solution of the Year’ award signifies Smarttech247’s commitment to innovation and the security of its clients.
Furthermore, Smarttech247 has been recognised as a finalist for the ‘Scale Up of the Year’ award at the prestigious Tech Industry Alliance Awards and has also received a nomination for the ‘Cyber Security Solution Provider of the Year’ award at the 2023 EU Cyber Awards. Smarttech247 was also shortlisted for the ‘Best Newcomer’ Award at the AIM Awards 2023, for seven awards at the Computing Security Awards 2023 (these include New Product/Solution of the Year, One to Watch Security and Data Protection as a Service Provider of the Year) and for Tech Scale up of the Year award at the Tech Industry Alliance Awards in October 2023.
Financial commentary
In terms of financial performance, the revenue of the Group increased by around 20% over the prior year as a result of winning several new contracts during FY2023. Gross profit margins improved slightly leading to a gross profit increase of around 23%.
Operating costs increased significantly, principally as a result of the costs of the Company’s Initial Public Offering on AIM (“IPO”) and other costs incurred during the year. Underlying operating costs, after adjusting for IPO related and other costs increased during the period reflecting the increase in the scale of operations and the commencement of amortisation of certain of the Group’s new products.
Underlying adjusted EBITDA (as reconciled in Note 6), after adjusting for certain costs and amortisation/depreciation, grew by over 36% during the period. The Group’s underlying cash generation was strong, providing cash to deploy in the development of new products which is fundamental to a business like Smarttech247.
The Group’s financial position also improved significantly over the period as a result of the conversion of the convertible loan note and the funds raised at IPO. Consequently, the Group is very well positioned to fund future growth.
FY2024 has started well with both new contracts being won and a number of existing clients renewing their contracts.
Smarttech247 Group plc (LON:S247) Chief Executive Officer Raluca Saceanu caught up with DirectorsTalk for an exclusive interview to discuss what the company does, what’s driving demand, highlights from 2023, opportunities, and what investors can expect going forward.
Q1: First off, could you just provide us with a brief overview of what Smarttech247 does?
A1: We are a global cybersecurity organisation, and we help secure some of the world’s largest companies.
We specialise in complex security operations and we are focused on helping our clients reduce their risk. This is done with our platform which is called VisionX which is an AI-enhanced MDR platform, MDR stands for Managed Detection and response.
We are ISO 9001 and ISO 2701 certified and we were recently awarded ‘Cybersecurity Company of the Year’ as well as Top 50 Tech Company by Deloitte.
Just to give you a little bit more information the business and a little about our clients. Our biggest clients are multinationals, Fortune 500 and Fortune 120 companies from a wide variety of industries including financial, manufacturing, healthcare, pharmaceuticals, and many others.
Our core product that I mentioned earlier is VisionX, this is the prefect blend of people, process, and technology. Our capability is led by human expertise and this is quite important to note, cybersecurity is a complex industry and we have to deal with thousands of cyber incidents daily.
So, we leverage our platform, which has in-built automation but at the end of the day, humans are the ones that hold the hands of our customers throughout their security journey. It’s important to note that although we use artificial intelligence and automation, the human aspect and the human layer of our capability is crucial.
When you look at process, we’ve invested heavily in creating a model that is based on quality and operational excellence, and there’s no margin for error in this industry which makes quality and the way we run our operations really important at the core of everything that we do.
In terms of technology, we underpin people in process with the MDR platform which enables faster detection and better response for our customers. So, our platform sits on top of existing security investments that our clients make and to put it simply, it enhances them.
Q2: Cybersecurity has grown massively as an industry, what are some of the challenges organisations are regularly facing and what’s driving demand for your products?
A2: This industry has grown rapidly and there are no signs of slowing down, and this is primarily driven by the escalating threats that organisations are facing.
So, if we were to summarise the key challenges, there would be threefold:
One, the sophistication of cyber-attacks. We are seeing attackers using advanced malware, sophisticated ransomware, and really well-crafted phishing techniques. There is a growing concern that more and more cyber criminals are leveraging artificial intelligence and particularly, to create social engineering attacks that are difficult to defend against.
The industry is incredibly worried about the prevalence of deepfakes as well which are now more adopted in the types of attacks that I mentioned earlier. We’re not just looking at the sophistication of attacks but also the rate at which, for example, the number of vulnerabilities is growing year on year, and it’s quite alarming to see.
We’re seeing organisations being completely overwhelmed with a high count of vulnerabilities that they need to fix, and it really is impossible for them to address everything at once. So, more and more companies are seeking help in managing and prioritising these vulnerabilities.
That’s the first problem.
The second problem and the second challenge is that the cybersecurity ecosystem is becoming more challenging. What I mean by that is that we are seeing a lot of organisations with complex ecosystems facing more breaches, this is related to third parties. So, every organisation has an ecosystem of partners, suppliers, and vendors, and the larger this ecosystem is, the more cybersecurity risks it poses.
There’s a very interesting report that was recently released by the World Economic Forum and it states that 41% of organisations that have suffered a material incident in the past 12 months say that it was caused by a third party.
The third challenge is the massive skill shortage that we’re facing. Companies cannot find the necessary talent to deal with the cybersecurity challenges and when they do, they can’t retain them.
Q3: You must be delighted with the business growth and progress from 2023, could you talk us through some of the highlights?
A3: We are holding a very strong position within the cybersecurity market, and we’ve had a steady growth in 2023.
We announced various deals last year including a $3 million order with a customer in the automotive space.
We also announced a multi-year contract worth nearly £400,000 over 2 years with a global organisation in the aviation industry.
In October of last year, we won a tender with an existing government of Ireland department client and this was worth approximately €400,000 over 2 years.
Furthermore, our client AutoNation, a Fortune 150 US company has extended their existing contract with us for a further 3 years, this was really as a result of a very successful partnership with us.
Towards the end of the year, we also announced that we signed a new deal with a global pharmaceuticals solutions organisation, this organisation is based out of the US and this deal was approximately worth $900,000 over 3 years, this is for our VisionX MDR capability.
Q4: You have got ambitious plans to grow revenue and product in 2024, where do you see the opportunities and what can investors expect from Smarttech247?
A4: Yes, we are looking at expanding our operations in North America as well as in the UK, they are both existing markets. We are also looking at new geographies such as the Middle East and we’re very excited about the fact that we’re currently evaluating various companies with a view to acquiring them. So, M&A is a strong element of our scaling strategy.
We also want to grow our business by engaging with large strategic tech partners across different sectors . We’ve secured numerous partnerships over the last 2 years and we’re continuing with that, these tech partnerships are really important to us and we’re constantly exploring opportunities to expand our solutions and diversify our portfolio.
From an innovation perspective, we have recently announced the latest feature leveraging artificial intelligence that will be added to our VisionX platform. This feature is an AI assistant called Aio, and this will help our clients understand their security posture faster and it will also enable them to reduce the risk, just simply by having better and quicker access to valuable security data. Not only that, but it will also help them remediate gaps and provide added context around security weaknesses.
One of the other features that we’re looking at is in relation to what I mentioned earlier, understand the security gaps that third parties pose in your environment. We’re also working on creating more features for our other products and we have a really exciting roadmap ahead.
Right now, we’re all very excited about our upcoming conference Zero Day Con which is taking place on March 6th in Dublin, and we’re expecting over 500 senior executives in attendance. We have speakers from the FBI, NCIS, from very large organisations such as Microsoft and Aptiv, and we’re really really looking forward to welcoming everyone at the conference.
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Smarttech247 Group plc (LON:S247), a multi-award-winning provider of AI-enhanced cybersecurity services providing automated managed detection and response for a portfolio of international clients, has announced the launch of its Mid-Market Managed Detection and Response (MDR) solution as part of VisionX.
VisionX is Smarttech247’s MDR platform which provides around-the-clock security orchestration. This latest solution is specifically designed to protect mid-sized businesses (companies of 50 to 2,000 employees) from the ever-evolving cyber threats faced by all companies. The product combines proprietary AI technology with a 24/7 incident response team including annual cyber readiness exercises and reporting.
Forrester Consulting estimates that the VisionX product can provide customers with more than 300% ROI within six months.
Raluca Saceanu, CEO of Smarttech247, commented:
“With this launch, Smarttech247 is extending its robust cybersecurity framework to wider markets, whilst also contributing to the overall resilience of the digital economy as mid-sized businesses, who often lack resources, can now benefit from the same level of security which is often only available to larger enterprises.
“Our newest solution will allow our existing and new mid-sized customers to access cybersecurity capabilities without the need to invest in expensive technologies to set up their own Security Operations Centre as we continue to invest in our goal of democratising advanced cyber security solutions.”
Smarttech247 Group Plc (LON:S247) CEO Raluca Saceanu joins DirectorsTalk Interviews to discuss the increasing demand for cybersecurity and its plans for 2024.
In this interview, Raluca provides an overview of the company, discusses the challenges faced by businesses and the demand for Smarttech247 products. She also talks about the company’s growth and progress in 2023, and outlines the ambitious plans for revenue growth in 2024.
Smarttech247 Group is a multi-award-winning Managed Detection & Response company and a market leader in Security Operations.
Smarttech247 Group Plc (LON:S247), a multi-award-winning provider of AI-enhanced cybersecurity services providing automated managed detection and response for a portfolio of international clients, has announced the upcoming launch of Aio, a brand new AI Assistant in its VisionX platform, during Q1 2024.
VisionX is Smarttech247’s managed detection and response (MDR) platform which provides around-the-clock security orchestration. Aio will provide enhanced AI features including risk analysis into potential security threats, faster and more efficient rapid incident responses, in-depth vulnerability information, advanced threat hunting and personalised security recommendations, an intuitive user interface and real-time cybersecurity updates.
This AI-enabled MDR platform will be used in tandem with human-led monitoring from Smarttech247’s expert team, empowering organisations to leverage AI and intelligent automation to enhance their security operations.
Raluca Saceanu, CEO of Smarttech247 Group, commented:
“We are delighted to announce the upcoming launch of Aio, VisionX’s new AI Assistant during Q1 2024. Aio demonstrates Smarttech247’s continuing commitment to innovation and its proactive approach to meet the ever-evolving demands of cybersecurity. Aio is designed to transform how VisionX users engage with their cybersecurity systems, enhancing their ability to understand and respond to cyber threats effectively.”
Smarttech247 is a multi-award winning automated MDR (Managed Detection & Response) company. Its platform is trusted by international organisations and provides threat intelligence with managed detection and response to provide actionable insights, 24/7 threat detection, investigation and response.
The Group’s services are geared towards proactive prevention and it achieves this by utilising the latest in cloud, big data analytics and machine learning, along with an experienced incident response team. In recognition of its innovative technology, Smarttech247 was named by Chambers Ireland InBusiness Recognition Awards as Cyber Security Company of the Year 2023.
Smarttech247’s offices are located in Ireland, United Kingdom, Romania, Poland and the USA. The Company was admitted to trading on AIM on 15 December 2022.
