- Cyber security group Falanx said Tuesday it had acquired cyber security consultancy Secure Storm for £0.1m in shares.

Secure Storm provides professional services and consultancy regarding cyber and cloud security, and the associated regulatory requirements such as GDPR.

For the year ended 30 June 2017, Securestorm had revenues of approximately £700,000, operating profits of £30,000 and net assets were approximately £20,000 at 30 June 2017.

The acquisition is expected to drive synergies around cost sharing, revenue enhancement and utilisation improvement, Falanx said.

Falanx said the consideration of £0.1m for Secure Storm would be satisfied by the issue of 2,222,222 Falanx new ordinary shares.

At 8:17am: [LON:FLX] Falanx Group Plc share price was +0.03p at 4.15p

Story provided by