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Monday 15 April 2019

Crossword starts strong from small base

Crossword starts strong from small baseNewly AIM-listed Crossword Cybersecurity saw revenue rise 45% to £1.07m in its first annual statement as a public company, though associated administrative expenses pushed losses out to £2.1m.

Founded in 2014 Crossword focusses on developing and commercialising academic research-based cyber security projects. Its lead product Rizikon Assurance – a SaaS based cyber maturity and GDPR readiness platform – delivered the majority of its FY18 turnover, supplemented by a much small volume of consulting revenue.

Crossword has a second product Nixer – an application distributed denial of service (DDoS) platform – under development and says it has identified over 1,000 cyber security ventures from universities in the UK, Europe and USA which could potentially be commercialised.

Two of its projects with Coventry University (CyberOwl) and the University of Warwick (ByzGen) have already yielded new companies which have received investment of their own.

Despite the deadline for demonstrating GDPR compliance being last May, TechMarketView believes that many UK organisations are still not up to speed with the new regulation (see our Security, Networking and Cloud Predictions 2019 report), while Crossword estimates the potential addressable market for Rizikon Assurance alone at £300m across 10k companies.

The £4.16m raised for its AIM admission has been invested in growing headcount and accelerating sales and marketing activity for FY19. But given the pace and complexity of the cyber security market (read our Cyber Security Market Trends and Forecasts to 2021 report here), we think the long term test of Crossword’s success and future expansion is more likely to depend on how quickly it can bring those new, innovative products and services into play.

Posted by Martin Courtney at '09:48' - Tagged: results   GDPR   FY18   CrosswordCybersecurity  

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