Falanx Group Limited Contract Win and Managed Services Update (8361Z)
20 December 2017 - 6:00PM
UK Regulatory
TIDMFLX
RNS Number : 8361Z
Falanx Group Limited
20 December 2017
Falanx Group Limited
("Falanx" or "the Company")
Contract Win and Managed Services Update
Falanx (AIM:FLX), the global intelligence, security and cyber
defence provider, announces a multi-year contract win with a Global
50 company.
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 GBP250,000 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 GBP50,000 and GBP300,000
dependent on individual customer requirements and services
delivered
Mike Read, 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."
Enquiries:
Falanx Group Limited www.falanx.com
Mike Read, Chairman and
CEO
----------------------------- ----------------------
SPARK Advisory Partners
Limited
Nominated Adviser
Matt Davis / James Keeshan +44 (0) 203 368 3551
Turner Pope Investments
(TPI) Ltd
Joint-Broker
Ben Turner / James Pope
+44 (0) 203 621 4120
Beaufort Securities
Joint-Broker
Elliot Hance
+44 (0) 207 382 8300
IFC Advisory Ltd
Financial PR & IR
Graham Herring
Miles Nolan +44 (0) 203 934 6633
About Falanx
Falanx Group Limited, is a global intelligence and cyber defence
provider working with blue chip and government clients. The Group
listed on AIM in June 2013 under ticker FLX For more information:
http://www.falanxgroup.com/
MAR
This announcement contains inside information for purposes of
Article 7 of Regulation (EU) No 596/2014
This information is provided by RNS
The company news service from the London Stock Exchange
END
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