Intercede Wins Contract With UK Government Ministerial Department

LONDON (Alliance News) - Software company Intercede Group PLC said on Monday it has signed a ...

Alliance News 4 December, 2017 | 9:13AM
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LONDON (Alliance News) - Software company Intercede Group PLC said on Monday it has signed a contract with a UK government ministerial department in a deal potentially worth GBP750,000.

Under the agreement, Intercede will supply services to enable the government department, which it didn't name, to embed its password MyID product for employees into its network infrastructure. The new contract will generate revenue of around GBP250,000 in the current financial year and potentially up to GBP500,000 in the following year, Intercede said.

Intercede's MyID product will enable the government department to eliminate a reliance on the use of potentially insecure passwords for secure authentication, which Intercede said will allow the department to become more resistant to social engineering and other cyber-attacks based on compromising employee login details.

This makes it easier for the UK government to meet its international obligations for secure partnerships with other governments around the world, Intercede said.

"This contract was secured following a competitive tender process. Our success demonstrates that Intercede's MyID product and services remains the first choice for security aware customers seeking to replace password-based authentication with strong digital credentials. This deployment is similar to solutions previously sold to the Australian, Canadian and US governments," Chairman and Chief Executive Richard Parris said.

This news comes after Intercede said on Thursday last week it had signed a contract with an undisclosed large European bank to supply its password security product for over 10,000 employees, in a deal worth GBP250,000.

Shares in Intercede were up 8.5% at 32.00 pence on Monday.

By Gem Sofianos; gemsofianos@alliancenews.com

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Intercede Group PLC 36.10 GBX -2.96 -
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