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Crossword Cybersecurity plc acquires Verifiable Credentials Restricted

26 Could 2021 – London, UK – Crossword Cybersecurity Plc (AIM:CCS, “Crossword”, the “Firm” or the “Group”), the know-how commercialisation firm targeted on cyber safety and danger administration, is happy to announce its acquisition of the entire of the share capital of Verifiable Credentials Restricted (VCL), the supplier of Identiproof™, the World Large Internet Consortium (W3C) verifiable credentials suitable middleware and pockets know-how, with whom Crossword is already working.

Identiproof, VCL’s middleware know-how suite of merchandise, is a key element in verifiable credentials techniques akin to COVID-19 standing certificates and their issuer, verifier, and pockets purposes. Identiproof is presently being utilized in a UK Authorities funded trial of COVID-19 certificates for East Kent Hospitals College NHS Basis Belief (EKHUFT) which Crossword can also be concerned in, individually for a shopper within the leisure sector, and with one other shopper within the United Arab Emirates. Identiproof will grow to be Crossword’s third product, becoming a member of Rizikon and Nixer within the portfolio, as a cryptography primarily based cyber safety product.

Crossword Cybersecurity has agreed to pay a complete consideration of as much as £2.75m for Verifiable Credentials Restricted. The funds are structured as follows;

  • an preliminary fee of £100,000 money and £300,000 in Firm shares, issued in two tranches; £150,000 on completion and £150,000 on the primary anniversary of completion;
  • £100,000 in Firm shares payable on achievement of the primary VCL business licence deal to the NHS or one other UK Authorities organisation;
  • On the primary anniversary of the transaction, as much as £750,000 in Firm inventory payable on a straight-line professional rata foundation on achievement of income between £100,000 and £325,000 within the first 12 months submit acquisition;
  • On the second anniversary of the transaction, as much as £1,500,000 in Firm shares payable on a straight-line professional rata foundation on achievement of income between £250,000 and £625,000 within the second 12 months submit acquisition; and
  • All shares shall be issued at a worth primarily based on the typical mid-market worth for the three months previous to the date of situation.

Identiproof is a central know-how in purposes for the issuing of digital certificates and paperwork that can’t be cast or transferred, and that respect the privateness of the holders of these certificates. It does this by means of the method of selective disclosure, whereby the recipient requests the minimal of knowledge in conformance with GDPR. Identiproof is without doubt one of the first techniques constructed to the 2019 W3C suggestions: The Verifiable Credentials Knowledge Mannequin and Internet Authentication (FIDO2) – two new world internet safety requirements. This know-how has extensive ranging purposes together with digital ticketing, certificates, licenses, memberships, passports, proof of ownerships, and the listing goes on.

VCL achieved this early adoption of the W3C verifiable credentials commonplace as a result of Emeritus Professor David Chadwick, VCL’s CEO, is without doubt one of the six co-authors and editors of the usual – and a widely known knowledgeable within the discipline of digital identification and verifiable credentials. David Chadwick will be a part of Crossword as Product Director for verifiable credentials merchandise. David Chadwick included VCL in April 2019 and it has been assigned the mental property from the College of Kent. David shall be joined at Crossword by VCL’s specialist improvement workforce. VCL has efficiently bid for quite a lot of prestigious grants within the UK, the EU and abroad. For the 18 months ended 30 September 2020, VCL made a lack of £2,842 and had a deficiency of property of £2,742 at that date.

Crossword first began working with VCL when David Chadwick, as Professor of Info Techniques Safety on the College of Kent, introduced his educational workforce to take part within the InnovateUK / UKRI CyberASAP programme in 2019. Crossword was, and nonetheless is, a supplier of coaching to the cyber safety educational start-ups that undergo that programme. Jake Holloway, Crossword’s Chief Product Officer maintains shut relationships with the CyberASAP alumni, and it turned apparent that with the alternatives within the W3C commonplace and Identiproof, David Chadwick and his gifted workforce could be an unimaginable asset to Crossword for getting into this new and thrilling market.

Difficulty of Abnormal Shares
Crossword will situation the distributors 423,730 abnormal shares of 0.5p every (“Abnormal Shares”) at a worth of 35.4p per share in consideration of the preliminary fee of shares price £150,000.

Software has been made for the admission of the 423,730 Abnormal Shares to buying and selling on AIM (“Admission”), with admission anticipated to happen on or round 2 June 2021.

Whole Voting Rights
For the needs of the Monetary Conduct Authority’s Disclosure Steerage and Transparency Guidelines (“DTRs”), following Admission, Crossword could have 58,042,630 Abnormal Shares in situation with voting rights hooked up. Crossword holds no shares in treasury. This determine of 58,042,630 could also be utilized by shareholders within the Firm because the denominator for the calculations by which they’ll decide if they’re required to inform their curiosity in, or a change to their curiosity within the Firm, underneath the DTRs.

Tom Ilube, CEO of Crossword Cybersecurity plc, commented: “VCL has distinctive information and a unbelievable product within the new period of W3C verifiable credentials – which may and will energy COVID certificates in addition to all method of digital, safe and privacy-respecting credentials, certificates, tickets and proofs of possession. We all know Professor Chadwick and his start-up workforce properly from CyberASAP and consider Identiproof is an ideal match for Crossword as our third product. This acquisition comes at a time after we are experiencing nice success from methods to extend Rizikon market penetration, notably the launch of Rizikon Professional. Within the final 6 months this has elevated 10 fold, with the variety of Rizikon customers exceeding 250.”

David Chadwick, CEO of Verifiable Credentials Restricted, commented: “Identiproof is exclusive out there and with Crossword’s nice construction, connections and gross sales workforce – we’re anticipating to realize glorious income progress.”

The knowledge contained inside this announcement is deemed to represent inside info as stipulated underneath the Market Abuse Regulation (EU) No. 596/2014 which is a part of UK legislation by advantage of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside info is now thought-about to be within the public area.

Contacts
Crossword Cybersecurity plc – Tel: +44 (0) 20 3953 8460
Electronic mail: [email protected]
Tom Ilube, Chief Government Officer
Mary Dowd, Chief Monetary Officer

Grant Thornton (Nominated Adviser) – Tel: +44 (0) 20 7383 5100
Colin Aaronson / Lukas Girzadas

Hybridan LLP (Dealer) – Tel: +44 (0)203 764 2341
Claire Louise Noyce

For media enquiries contact:
Duncan Gurney, GingerPR
[email protected] – Tel: +44 (0)1932 485 300

About Crossword Cybersecurity plc
Crossword Cybersecurity plc focuses on the event and commercialisation of college research-based cyber safety and danger administration associated software program and cyber safety consulting. The Group’s specialist cyber safety product improvement and software program engineering groups work with its college companions to develop the analysis idea right into a fully-fledged business product that it’s going to then take to market. The Group’s intention is to construct up a portfolio of income producing, mental property primarily based, cyber safety merchandise. Rizikon Assurance, Crossword’s main product, is a SaaS platform that allows medium to giant firms to evaluate and handle all dangers from their suppliers. Nixer CyberML, Crossword’s most lately launched product, is a brand new instrument for companies that wish to clear up superior safety and cybercrime issues, akin to detecting and coping with compromised accounts, fraud, and in-application denial of service assaults. Crossword’s workforce of knowledgeable cyber safety consultants leverages years of expertise in nationwide safety, defence and business cyber intelligence and operations to offer bespoke recommendation tailor-made to its shoppers’ enterprise wants.

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