16th May 2018 14:17
LONDON (Alliance News) - Falanx Group Ltd said Wednesday it won new contracts worth approximately GBP900,000 in new revenue.
The cyber security and intelligence provider, said it has secured further contracts to deliver cyber protection to UK government networks with its MidGARD cyber security monitoring service.
The company said a UK government department chose MidGARD for an initial one-year period, extendable to five years, to provide monitoring over UK citizen data, with an initial revenue value of GBP230,000 per year.
The monitoring service has also been selected by an organisation within the UK Ministry of Justice.
Falanx said it is negotiating contracts with a perspective total value of GBP700,000 in MidGARD sales opportunities within elements of the UK Government and the commercial sector for the protection of sensitive data.
Falanx Cyber - the group's professional cyber services - secured 60 new contracts alongside the newly-acquired cyber security testing and consulting business First Base.
These contracts are worth approximately GBP250,000 in revenue with 10% of them from new clients.
Falanx Assynt secured a GBP275,000 a year order for its managed intelligence services packages from a audit and consulting firm and a GBP80,000 a year order from a global insurer.
Mike Read, chairman and chief executive officer said: "The contracts we have announced today provide Falanx with a strong start to trading for the current financial year. We are also extremely pleased with the advances our technologies team have made since the autumn. Enabling adopters to solve the security management of devices across manufacturing, fintech, telecommunications, insurance markets and many more."
Falanx shares were trading at 5.65 pence on Wednesday, up 5.6%.
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