9th Aug 2021 14:17
(Alliance News) - Crossword Cybersecurity PLC on Monday said it has completed the acquisition of threat intelligence company Stega UK Ltd for GBP1.8 million.
Shares in Crossword were up 6.6% at 35.70 pence in London on Monday afternoon trading.
The risk-focused technology commercialisation company unveiled the acquisition late last month but withheld Stega's identity until the deal was signed.
The initial payment will comprise GBP760,000 in cash and GBP200,000 in Crossword shares, which are worth about GBP70,000 at their current market price.
Afterward, Crossword has proposed 12 and 18-month payments dependent on revenue growth of 24%.
At the deal's anniversary, Crossword will pay up to GBP295,000 cash and GBP125,000 shares if Stega achieves revenue growth target of 24%. The same applies for the transaction's 18-month mark on an annualised basis.
Crossword will make lesser payments for achievements of 50% and 75% of the growth target.
"Stega's threat intelligence and monitoring services are a great addition to Crossword's range of services which help to reduce cyber risks for our clients," said Crossword Chief Executive Tom Ilube.
"Stega, Crossword's second acquisition of 2021, will be an important part of our plans for continuing revenue growth."
By Josie O'Brien; [email protected]
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