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Falanx Group celebrates succession of contract wins
Cyber security and intelligence provider Falanx Group announced on Wednesday that it has secured new contracts worth approximately £0.9m since its acquisition of First Base at the end of March.
The acquisition saw Falanx take over an additional order book of approximately £400,000 of sales for its testing and consulting services, which has been added to with new contracts worth £250,000 in revenue.
Meanwhile, the AIM traded company's new contracts for its MidGARD cyber security monitoring service include planned work to assist an organisation within the Ministry of Justice to a cloud environment and a contract with a "major UK Government department" who have signed on for an initial one-year period.
The latter contract is worth £230,000 per annum and is extendable to five years.
The company said it is currently in the process of negotiating more MidGARD contracts with a prospective total contract value of approximately £700,000.
Falanx's intelligence services Falanx Assynt has won contracts with a 'big four' audit and consulting firm and an international insurer, worth approximately £275,000 and £80,000 respectively
Mike Read, chairman and chief executive of Falanx, said: "We are delighted at the momentum we are achieving in all our operating subsidiaries which is a testament to the strong service offering we provide. The contracts we have announced today provide Falanx with a strong start to trading for the current financial year."
In the immediate future the company said it is focused on the development of a "new, innovative and openly accessible" security software "stack" that is scheduled to be released this summer.
As of 0831 BST, Falanx Group's shares were up 8.22% at 5.79p.