17th Aug 2020 10:55
(Alliance News) - Falanx Group Ltd on Monday announced it is to supply its Triarii cyber security platform to an unnamed UK public sector services provider in a strategic contract win.
The Reading-based provider of cyber security and strategic intelligence services said that while the immediate recurring revenue is "relatively modest", it is expected to grow over time.
In addition to the company's revenue growing alongside the increasing use of its platform, Triarii offers opportunities for supplementary services, such the company's Managed Endpoint Detection & Response offering, which would lead to additional recurring revenue.
Falanx Chief Executive Mike Read said: "We are delighted to have won this contract with such a prestigious supplier of services to the UK public sector. This is an important development as, not only does this open another potentially significant sales channel, it also provides further customer validation of Triarii following a stringent series of trials and technical evaluations. Triarii is now live and is servicing multiple customers."
Falanx shares were up 21% at 1.90 pence each on Monday morning in London.
By Greg Roxburgh; [email protected]
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