Major New Contract with Large US Federal Agency

Intercede, the leading specialist in digital identity, credential management and secure mobility, is pleased to announce that the Group has secured the following new contract and associated licence order:

• Major new contract win with a large US Federal Agency;
• Purchase order received, via our partners, of perpetual licences worth approximately $6.6 million;
• Associated annual Support and Maintenance of approximately $1.4 million; and
• This is the Group's largest single order.

This order, with an aggregate value in excess of $8 million, with all the licence element of this contract being recognised in the Group's financial year ending 31 March 2024 ("FY24"), means that the Group now expects financial performance will be significantly ahead of market expectations for FY24*.

The Group wants to highlight that this contract is an exceptional order and deemed 'one-off' due to the large number of perpetual licences purchased which will be recognised in FY24.

This new customer contract was secured after a rigorous selection process, and work will commence immediately to replace the customer's existing, separate legacy platform with the Group's market leading MyID Credential Management Solution (CMS). The Group believes that this new relationship has the potential to develop further as the Group's solutions roll out across hundreds of locations.

Klaas van der Leest, CEO, commented:

"We are delighted with this new customer win in the US which underlines both our product leadership and our ability to strategically partner with the key system integrators in this market. During the bid cycle, MyID CMS was represented in multiple tenders again highlighting the markets' confidence in the software.

We look forward to a productive and deepening relationship with our teaming partners and new Federal customer. It is a testament to the hard work of the Group's employees to achieve this landmark contract win. Whilst we are conscious of the exceptional nature of this order our pipeline remains strong and we are confident about the Group's future prospects."

* The current market forecast for the year ending 31 March 2024 is revenue of £13.7 million and adjusted EBITDA of £1.8 million