The Lutterworth-based company named Digital Trust of Intercede Group has secured a loan of 5 million pounds to develop mobile security and cloud security applications. The company which offers digital identity software to corporate world said that it aims to build strong relationships with the likes of Microsoft, Intel, and Citrix by doing so.
As per the financial details available with us, the funding was raised through convertible loan notes worth £4.49 million. The financial terms, when converted, get to 68.8pound on a subscription of up to 877,192 ordinary shares of 1p at a price of 57p.
The loan was sanctioned based on the filing of the group which reported a 49 percent dip in revenue in the last six months to September 30th, 2016. The revenue was £5.51 million in April 2016 and fell to £2.8 million in September 2016.
Although the reduction in the profit margin is evident, Intercede Chairman said that he is confident that the takeaway market opportunities for the company.
In recent years, Intercede group heavily invested in Mobile Security software meant to secure tablets and smartphones.
Now, the company is thinking to use the loan to develop applications related to Cloud Security, seeing a visibly perpetuating market.
Companies like Lockheed Martin and Boeing are already clients of Intercede’s MyID Identity Software. The software eliminates the need to use passwords with smart cards and mobile apps.
The other products of Intercede include RapID and MyTAM which offer identity as a service solution enabling customers password be replaced by digital identity, thus, simplifying user authentication with increased security.
Speaking Specifically, Intercede is a cyber security company which focuses more on digital identities, derived credentials, and trusted application management to enable digital trust.
The sanctioned loan will help the UK-based company to evolve in its business more profusely. And its clients include companies from
