Leicestershire cyber security firm wins $1m US contract

Lutterworth-based cybersecurity firm Intercede has won a $1m with a major US aerospace and defence contractor.

Intercede’s MyID platform will be used to issue and manage digital credentials for more than 100,000 entities including employees, computers and other devices. The deal with the unnamed firm is expected to generate approximately $1m of revenue over the next five years.

This further contract win follows the 5 April announcement that Intercede had secured MyID contract wins with a major US Federal Agency and a US-based world leader in medical care, research and education. In combination, it is expected that these previously announced wins will generate revenue for the Group of $1.5m over the next five years.

The Federal Agency agreement will encompass approximately 100,000 employees distributed across 300 physical facilities around the world. The first phase covers 60% of the workforce who need to use digital credentials to secure access to government networks and information assets. Within the healthcare organisation, MyID will be used to issue cryptographic tokens to enable secure network access for up to 60,000 people.

Richard Parris, chairman and chief executive of Intercede, said: “It is pleasing to report further progress in securing important contract wins within our core markets.

“The most recent award supports our view that the provision of digital trust is increasingly required by a range of critical industries where legacy password authentication systems will be replaced by digital provision.

“Led by the Government, emerging US best practice is expanding the addressable market place for the MyID platform into critical industries such as healthcare in addition to our core aerospace and defence base.

I am particularly pleased that Intercede has won these contracts in partnership with significant participants in the digital security space. Our ability to work with these companies and to embed our solutions within vital ecosystems provides a strong proof of concept for potential customers in new geographies and industries.”