London Stock Exchange welcomes Crossword Cybersecurity plc to aim
The Crossword Cybersecurity plc group of companies develops university research-based cyber security related software and undertakes cyber security consulting.
To date, the Group has worked with 14 research intensive university partners, including academics from Imperial College London, the Universities of Bristol, Warwick, Edinburgh, Surrey and South Wales, EPFL (Switzerland) and the Massachusetts Institute of Technology (MIT) to identify promising cyber security intellectual property from research that the Company considers meets emerging real-world challenges and has identified over 1,000 cyber security research projects from universities worldwide.
The Group’s current portfolio of products comprises Rizikon Assurance, a SaaS platform designed to help larger organisations manage third-party assurance at scale with a particular focus on cyber security and Rizikon Standard, a Cyber-risk and GDPR compliance assessment tool aimed at small to medium companies. The Group also has a third product, Nixer, a version of which is currently undergoing testing. Nixer is a machine-learning based product aimed at protecting against Application-layer DDoS attacks and the growing menace of automated attack tools.
Crossword’s team of expert cyber security consultants leverage years of experience in national security, defence and commercial cyber intelligence and operations to provide advice on cyber security risk and mitigation, strategy, assessment and transformation and other cyber security related matters.
The Company has raised gross proceeds of £2m through a placing of new Ordinary shares at a price of 290p per Ordinary Share. The funds raised will be used to expand the sales and marketing team, continue product development and provide additional working capital.
The Company believes that admission to AIM will enable the Company to access investors and raise funds for the development of the Group, provide the flexibility to raise capital for future corporate acquisitions and to use its quoted securities, as consideration for such acquisitions, help incentivise key employees through the issue of share options; and raise the profile of the Group and give confidence to its stakeholders.
Tom Ilube, Chief executive Officer, commented:
"I am delighted that Crossword has reached this important milestone and I would like to thank Crossword’s existing and new shareholders for their continued support as the Company continues to grow. AIM is an excellent platform for Crossword to achieve its ambitious growth plans over the coming years."