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Crossword Cybersecurity gains momentum with partnership deals

Snapshot

  • Cybersecurity technology firm
  • Has two products, Rizikon and Nixer
  • Nixer launched first product in November 2019
Crossword Cybersecurity PLC - Crossword Cybersecurity gains momentum as it eyes Nixer launch

Quick facts: Crossword Cybersecurity PLC

Price: 345 GBX

AIM:CCS
Market: AIM
Market Cap: £16.2 m
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Our staff numbers have increased by almost 40% in 2019, and along with the recent appointment of a very experienced group sales director strengthening the leadership team, gives us the power to deliver growth in 2020

Tom Ilube, chief executive

 

What it does

Crossword Cybersecurity PLC (LON:CCS)  has two main products: Rizikon Assurance, a risk assessment tool that helps companies evaluate their suppliers and other third parties and Nixer, a machine-learning-based cybersecurity tool.
 

How it’s doing

Revenues for 2019 are expected to come in at £1.3mln, in line with market expectations.

If achieved, the revenue figure would represent a 22% year-on-year increase, driven by a 51% increase from product and consulting revenue, reflecting Crossword’s shift from software development services.

Cash balances at the end of the year stood at £1.5mln.

Contracts continue to roll in with IT group Barron McCann the latest to sign up and will use Rizikon to automate its supplier onboarding process.

Rizikon will provide “a holistic risk overview” of its top 250 suppliers in order to “mitigate the potential risks originating from their supply chain”.

 

What the boss says: Jake Holloway, CPO for Rizikon

“By taking proactive measures to mitigate third-party risk, as Barron McCann has done, this prevents cyber-crime from flowing further up the food chain”.

“Crossword is now really getting traction with business customers for Rizikon Assurance. 

"Every business needs to do a better job of third-party risk management - and we believe that we have a unique system that helps them take control."

 

 

Inflexion points

  • Consulting division is racking up contracts in the legal, insurance and financial services sectors

  • Crossword’s Rikizon Assurance product is now used by the famous Cammell Laird marine engineering company to manage risk in its supply chain

  • In early January, the company appointed a new group sales director and a chair for its consulting subsidiary as part of plans to drive growth in 2020

 

 

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Crossword Cybersecurity's Stuart Jubb discusses significant new consulting...

Stuart Jubb heads up the consulting division at Crossword Cybersecurity PLC (LON:CCS) and spoke to Proactive London's Andrew Scott about several big new agreements they've just signed. They include three with companies in the legal, insurance and financial services sectors, to...

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