London based cybersecurity specialist expands portfolio with £1.5m threat intelligence acquisition
London based Crossword Cybersecurity PLC has announced its acquisition of Threat Status Limited, the provider of Trillion, a cloud based software as a service (SaaS) platform for enterprise-level credential breach intelligence for £1.529m.
Threat Status’s platform enables businesses and managed service providers to monitor data that has been stolen and shared on the dark web and criminal forums which could harm the security of their business or that of their customers.
Threat Status was founded in 2017 by Jon Inns. He was joined by Ian Nice, CTO, and was supported by a third-party fund. Jon, Ian, and their team of developers and apprentices will join Crossword to drive the continued commercialisation and development of Threat Status products.
For the 12 months ending on March 31 2021, Threat Status made a loss of £54,864 and had net assets of £75,586 at that date. Threat Status is reaching breakeven, with 90 per cent recurring revenue. Cross sell opportunities are being explored with the acquisition, alongside operating synergies.
Tom Ilube, CEO of Crossword Cybersecurity PLC, commented: “Crossword is pleased to incorporate Trillion and Arc into its product suite, completing our aim of having five products in the market by the end of 2022 and adding over twenty new recurring revenue clients.
“We welcome Jon, Ian and their team to Crossword and are excited about the opportunities Threat Status brings to Crossword and our clients, as we continue in our mission to reduce the cyber risks for our clients by providing a portfolio of innovative products and services.”
Jon Inns, CEO of Threat Status Limited, added: “Threat Status has developed one of the strongest and most advanced credential leak monitoring services in the market and we’re looking forward to leveraging the opportunities and synergies this acquisition by Crossword represents.
“With Crossword’s experienced sales team and growing client base, and our proven and trusted technology, we expect market penetration to accelerate, increasing revenue and client protection.”
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