Intercede Group (IGP) Shares Surged 15.2% on Contract Renewals

The Intercede Group plc (LON: IGP) share price surged 15.2% after announcing its recent contract and renewal orders, demonstrating its continued growth and commitment to bolstering its global presence.

First and foremost, Intercede has received a substantial top-up license order for its MyID Credential Management System (CMS) from a well-established U.S. Defense and Aerospace manufacturer. 

The above order not only highlights the trust and satisfaction of existing clients but also underscores Intercede's pivotal role in safeguarding critical digital identities within the defence and aerospace sectors.

Expanding its reach in the Middle East, Intercede has welcomed a new Technology Client for its MyID Privileged Session Management (PSM) solution. 

Although the monetary value of the Middle East contract may be relatively modest, it significantly contributes to the Group's footprint in the region and reflects its commitment to addressing the unique cybersecurity challenges faced by organisations in the Middle East.

Further strengthening its presence in the Middle East, Intercede has also secured a contract with a new Government Agency for its MyID Multi-Factor Authentication (MFA) and Privileged Session Management (PSM) solutions. 

The strategic partnership extends Intercede's influence in the country, emphasising its dedication to providing advanced security solutions to governmental entities. In a testament to the company's excellence and the trust placed in its offerings, a major northern European Bank has chosen to upgrade its implementation of MyID CMS significantly.

Furthermore, Intercede is pleased to announce the renewal of a substantial Support and Maintenance contract with a prominent U.S. Federal Agency. Notably, this renewal reflects an approximate 45% increase in monetary terms, underscoring the enduring partnership and confidence clients place in Intercede's services.

Collectively, these contract and renewal orders amount to an aggregate contract value exceeding $1.4 million. These achievements not only solidify the Group's revenue stream for the fiscal year 2024 but also establish a contracted revenue backlog that bodes well for fiscal year 2025.

Klaas van der Leest, CEO, commented: “As announced at the start of September, our pipeline continues to strengthen and develop. With increased interest from existing and prospective customers in the US, EMEA and APAC, we believe the Group is well positioned, and we look forward to providing further information in our H1 results later this month.”

Intercede (IGP) share price. 

The Intercede Group (IGP) share price surged 15.22% to trade at 66.25p from Monday’s closing price of 57.50p.