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Falanx Group's pipeline 'solid' during ongoing integration of new acquisition
Cyber security and intelligence firm Falanx Group reported on Wednesday that the integration of its newest acquisition, First Base Technologies, is progressing well with a "solid sales pipeline".
The strength of the pipeline, due to a mixture of new and existing clients, is particularly curcial as all of Falanx's cyber assessment services are being consolidated into the new acquisition, while staff transfers between the two companies are also being used to speed integration through skill transfer.
Profitable cyber security testing and consulting business First Base Technologies was acquired courtesy of a £3.2m cash consideration in March
Meanwhile, the company has enjoyed new client adoption and interest in its MidGARD managed service, which has experienced growth due to an increasing desire for cyber security outsourcing from organisations.
Thus far, client networks utilising the system have suffered no breaches and Falanx reports that "client satisfaction levels are high".
Mike Read, chairman and chief executive of Falanx Group, said: "It continues to be a highly active period at Falanx. We are building market traction with our MidGARD managed service as well as our other professional services as we actively progress the integration of First Base Technologies following its acquisition in March. The foundations of our full suite of managed cyber services is now very strong."
As of 1213 BST, Falanx Group's shares were down 5.85% at 4.43p.