TIDMFLX
RNS Number : 1914O
Falanx Group Limited
16 May 2018
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
Falanx Group Limited
("Falanx" or "the Company")
CONTRACT WINS AND TECHNOLOGY DEVELOPMENT
Falanx Group Ltd ("Falanx", AIM:FLX), the global cyber security
and intelligence provider, is pleased to announce it has secured
new contract wins worth approximately GBP0.9m of new revenue since
the completion of the acquisition of First Base at the end of March
2018, and the impending release of our next generation of cyber
security technology.
Falanx Cyber - MidGARD Monitoring Service
Uptake of the MidGARD cyber security monitoring service has
continued strongly, securing further contracts to deliver cyber
protection to sensitive UK Government networks:
-- A major UK Government department has selected MidGARD for an
initial one-year period, extendable to five years, to provide
monitoring over a large network of UK Citizen data, with an initial
revenue value of GBP230,000 per annum.
-- MidGARD has been selected by an organisation within the
Ministry of Justice, working in partnership with ROC Technologies
which has been instrumental in transitioning many organisations to
cloud environments and will continue to do so with Falanx.
MidGARD Pipeline
Falanx is currently negotiating contracts with several highly
advanced MidGARD sales opportunities within sensitive elements of
the UK Government and the commercial sector for the protection
sensitive data, with a prospective total contract value of
approximately GBP700,000.
Falanx Cyber - Testing and Consultancy Services
Professional Cyber services has started the year strongly, with
a combined customer focus of Falanx Cyber and the recently acquired
First Base, achieving over 60 contracted customers in this
period.
-- New testing and consultancy contracts of GBP250,000 in revenue.
-- 10% of contracted business in this period has been entirely generated from new clients.
-- On the completion of the First Base acquisition in March
2018, an additional order book of approximately GBP400,000 of sales
was taken over, further helping to underpin our revenue
expectations for the current financial year.
Falanx Assynt - Intelligence Services
Falanx Assynt has also enjoyed a good order inflow in recent
weeks with several household name clients placing significant
orders for its managed intelligence services packages. These
include;
-- One of the 'big four' audit and consulting firms with an annual value of cGBP275,000
-- A leading global insurer with an annual revenue value of cGBP80,000
Falanx Technologies - Next Generation Development
Since the completion and launch of our MidGARD service, work has
been underway on the next generation of Falanx technology. The
MidGARD service has always been aimed at addressing the cyber
security needs of SME's and was never designed to address the
significantly larger scale challenges of FTSE and NASDAQ 250 type
companies.
Encouraged by the early success of MidGARD, our focus since has
been on taking our technology development forward in a way that is
accessible to these massive organisations with sophisticated
internal cyber security teams and infrastructure. All of which have
little or no appetite to outsource their security requirements to a
managed service.
Under the leadership of Dick Morrell, Falanx Group, CTO the
Falanx Technologies team is now in the final stages of creating our
new, innovative and openly accessible security software "stack"
that will be released this summer. Initially to a global early
adopter programme of DevOps teams within major commercial
organisations who manage their own cyber security.
Cloud ready, out of the box, this technology 'stack' can be used
in almost every industry vertical and is envisaged to displace
hugely expensive licensed monitoring technologies. It will also
simplify the complex and expensive data management and
architectural issues that often eat millions of pounds of code and
time and is expected to be significantly disruptive in the
enterprise space.
Mike Read, Chairman and Chief Executive Officer of Falanx,
commented:
"We are delighted at the momentum we are achieving in all our
operating subsidiaries which is a testament to the strong service
offering we provide. The contracts we have announced today provide
Falanx with a strong start to trading for the current financial
year. We are also extremely pleased with the advances our
technologies team have made since the autumn. Enabling adopters to
solve the security management of devices across manufacturing,
fintech, telecommunications, insurance markets and many more. We
look forward to updating shareholders on further progress in the
months ahead."
Enquiries:
Falanx Group Limited www.falanx.com
Mike Read, Chief Executive Officer
SPARK Advisory Partners Limited
Nominated Adviser
Matt Davis / James Keeshan +44 (0) 203 368 3551
Turner Pope Investments (TPI)
Ltd
Broker
Ben Turner / James Pope
IFC Advisory Ltd +44 (0) 203 621 4120
Financial PR & IR
Graham Herring
Miles Nolan
Zach Cohen +44 (0) 203 934 6630
About Falanx
Falanx Group Limited, is a global intelligence and cyber defence
provider working with blue chip and government clients. It operates
the MidGARD cyber monitoring platform for corporate and
governmental customers which utilises a combination of proprietary
and third party processes and technologies. For more information:
http://www.falanx.com/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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