- Falanx was appointed as the preferred supplier of cyber security services to a Global 50 Financial Services organisation, after a highly demanding and competitive selection process amongst numerous major cyber security vendors.

The duration of the contract is for a minimum two year period. This initial phase is valued at circa £250,000 with significant growth potential and expansion opportunity into further territories.

MidGARD Managed Service Update

The MidGARD managed security service 'proof of concept' (POC) phase was successfully completed on time, with commercial roll-out now in process.

Clients are now being on-boarded to our industry leading platform which is comprised of our own intellectual property and third-party technologies. Early adopting clients are now converting to full implementation with more enterprise class clients in active negotiation to receive the full MidGARD service under multi-year contracts.

The strong pipeline of potential clients provides the Board with high levels of assurance of doubling the number of current managed service clients within the next quarter.

The MidGARD managed service benefits from high margin, strong cash generation and a significant level of automation. Annual contract values under such multi-year contracts are expected to be typically between £50,000 and £300,000 dependent on individual customer requirements and services delivered.

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