Bracknell cyber security firm Authlogics acquired in multi million pound deal
Bracknell based Authlogics have been acquired by Intercede in a deal reported to be worth in excess of £5 million.
Authlogics are a multi-factor authentication and security software provider, who count governments among their client base.
Under the terms of the acquisition, cyber security firm Intercede confirmed an initial consideration of £2.5 million on a debt free/cash free basis; plus a further deferred conditional and staged earnout payment of up to £3 million.
Authlogics primary market is the Middle East, meaning expanded markets and expanded offerings to Intercede's existing customers.
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Authlogics revenue grew at a 61% compound rate in the three financial years ending 2021.
The acquisition adds approximately £500,000 in revenue to Leicestershire based Intercede Group.
With the announcement of the acquisition of Authlogics, Intercede expands its product portfolio to cover the entire range of authentication options from ‘Passwords to PKI.'
Intercede use an ‘authentication pyramid’ to describe the various levels of security that differing authentication mechanisms provide, with PKI and FIDO at the top of the pyramid as the most secure due to their combination of private/public key cryptography, secure hardware and multiple factors to identify the user.
Klaas van der Leest, CEO of Intercede Group, commented: “The acquisition of Authlogics enables us to deliver on the strategic vision that we have shared with investors of addressing the entire authentication pyramid.
"We believe that the addition of the Authlogics products will allow us to support our customers and prospects wherever they are in their authentication journey, and to embrace a wider set of use cases. The deal also increases our recurring revenue base.
"We are delighted to welcome the Authlogics team to the Group, along with their customers, partners and distributors.”
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Main image credit Istock
