Contract Orders and Renewals

Intercede, the leading cybersecurity software company specialising in digital identities, is pleased to announce continued momentum in the business with further contract orders and renewals worth over $5m in aggregate being signed during the month of December 2024.

These include the following new orders and renewals:

• A major licence order MyID CMS from a systems integrator for a new government end client based in Asia. The order is for c$0.9m with associated multi-year support and maintenance of c$0.56m;
• For the same client above, the maiden subscription licence order for MyID SecureVault of c$0.5m over a 2-year period;
• A MyID MFA licence subscription order for a leading airline in the Middle East (new logo) through a new partner focussing on airport security screening;
• A MyID MFA licence subscription order for a leading Kuwaiti Bank (new logo) contracted through Intercede's distribution channel in the region; and
• MyID CMS subscription licence order for an American publicly traded, government sponsored enterprise (new logo), contracted through a managed services partner: and
• The following renewals for MyID CMS:

o a support and maintenance renewal from a large US Federal Agency in excess of $1.4m;

o a support and maintenance renewal from a large US Federal Agency in excess of $1.0m;

o a support and maintenance renewal from a key US Federal Agency in excess of $0.15m.

In addition to the above licence orders and renewals, the Company also secured several professional services orders worth, in aggregate, c$0.4m to implement new installations and provide ongoing customer support.

These orders, combined with expected additional conversion of the existing pipeline in Q4 FY25, means that the Company now expects financial performance to be ahead of market expectations for FY25* and further underpins confidence looking forward towards FY26 and FY27.

Klaas van der Leest, CEO, commented:

"We are very pleased to secure new licence orders in the Rest of the World territory (excluding Americas), especially with a new government end client based in Asia which also includes the first subscription licence order for MyID SecureVault.

The orders were contracted through Asia's leading cyber security services provider, and once again, underpins our go-to-market strategy.

The Group continues to demonstrate its ability to address client needs quickly, efficiently, and commercially as the maiden order for MyID SecureVault shows.

The renewals and services highlight the critical nature of our software once in production and underpins the long tenure of our existing client base".

* The Board believes that the current consensus estimates for the year ending 31 March 2025 is revenue of £16.1 million and adjusted EBITDA of £3.3 million.