CYBER1 To Acquire IntaForensics - Signs Exclusive Heads Of Terms Of Agreement
London United Kingdom – 5th March 2019 – Cyber Security 1 AB (Publ) (the “Company”) (“CYBER1”) (Nasdaq First North: CYB1), an international leader in Cyber Security, today announces the signing of exclusive Heads of Terms of Agreement pursuant to the acquisition of IntaForensics.
Since IntaForensics’ formation in 2006, the business has grown internationally to provide the widest spectrum of Digital Forensic and Cyber Security Services from its headquarters in England. One of the fastest growing Digital Forensic Services providers in the world, IntaForensics is one of only a handful of organisations that possesses the prestigious ISO/IEC 17025 Laboratory Standard. Also accredited to ISO/IEC 27001 and ISO 9001, the business is accredited by the PCI Security Standards Council as a Qualified Security Assessor and a PCI Forensics Investigator (QSA, PFI). The Company employs 35 full-time employees across its multi-disciplined solutions. IntaForensics owns and developed the award-winning LIMA Forensic Case Management solution, in use since 2009, enabling digital forensic, incident response and eDiscovery practices, regardless of an organisation’s size, to operate efficiently and effectively through its comprehensive end-to-end Case Management system. IntaForensics’ clients include major Police Forces & public and private sector organisations across the globe.
Lima helps manage a significant number of law enforcement and regulatory digital forensic laboratories across the United Kingdom, One Lima case study involves a national Police Force that, after facing case management challenges surrounding the archiving and tracking of paperwork, researched the market for an effective forensic Case Management System. Specifications included support with the archiving and storage of paperwork, in addition to the management and movement of exhibits. They aimed to find an auditable forensic Case Management System that could improve efficiency for tracking and sharing examination data thereby avoiding the necessity to physically hunt down files and examiner notes.
The force decided that IntaForensics’ “Lima” was the solution for these areas of concern due to its capabilities surrounding quality standards and the storage of data and access rights. Lima allows organisations to demonstrate compliance with the ISO/IEC 17025 Professional Laboratory Standard, assuring that the presentation and level of work is above standards sought by auditors. The storage of data is centralised, making for strong, highly visible representations, with configurable access rights. The force stated that these capabilities are of great benefit to them due to the impact it has on the sight and continuity of data.
Since Lima became the main digital forensic case management system for the force, the key issues they were facing on the management of workloads and assets have been resolved. IntaForensics’ Lima has made the department paperless as well as giving a visible insight into the workload of staff.
The full financial terms of the transaction, subject to contract, are to be released following Cyber1’s due diligence exercises, which shall be incepted immediately.
Nick Viney, Cyber1 Chief Executive Officer, commenting on IntaForensics’ acquisition:
“We are delighted to be working together to bring IntaForensics into the Cyber1 family. IntaForensics is a world-class digital forensics solutions provider and one of only a small, select handful of companies accredited to the ISO/IEC 17025 Laboratory and PCI Forensic Investigator Standards. This acquisition will have significant benefits for all parties, including our collective customers and the marketplace overall as we look to invest in and grow this exciting sector, rapidly. Andrew and his team have built up a strong client base and have an extremely complimentary culture to Cyber1. I’m confident our combined offering will be a very powerful one.”
Andrew Frowen, Founder and Chief Executive Officer of IntaForensics said:
“This is a tremendous opportunity for both Cyber 1 and IntaForensics and a testament to the tireless investment of effort and dedication from all the staff at IntaForensics since we created the company in 2006. I am incredibly proud of all that we have achieved on our journey to become one of the market-leaders in the delivery of accredited digital forensics, predominantly to UK Law Enforcement and PFI investigations and cyber security services wider afield. Our flagship Lima product suite continues to develop into a world-class case management solution in use worldwide by organisations seeking quality accredited standards. The acquisition of IntaForensics will provide the opportunity for Cyber1 to extend its global reach whilst increasing their portfolio of blended cyber security and digital forensic service offerings. My management team and all staff are readily looking forward to working with Nick and the Cyber1 team to develop new opportunities and challenges within the Cyber1 group of companies.”
Mangold Fondkommission AB is the Company’s Certified Adviser.
Telephone: +46 (0)8 5030 1550
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tim Metcalfe / Miles Nolan, IFC Advisory,
Investor Relations contact, CYBER1
Matt Glover or Najim Mostamand, CFA, Liolios Group,
US-Investor Relations contact, CYBER1
This information is information that CYBER1 is obliged to make public, pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 5th March 2019 at 17:00 CET.
CYBER1 is engaged in providing cyber resilience solutions and conducts its operations through physical presences in Sweden, South Africa, the UK, Kenya, Germany, Austria, Turkey, Greece, Italy, the Ukraine and the United Arab Emirates. Listed on Nasdaq First North (Nasdaq: CYB1.ST) and as an American Depositary Receipt (OTCQX: CYBNY), the Group delivers services and technology licenses to enhance clients’ protections against unwanted intrusions, to provide and enhance cyber resilience and to prevent various forms of information theft. CYBER1 had revenues of 44.54m EUR in 2018 and employed 239 personnel at the end of Q4 2018. For further information, please visit www.cyber1.com/investors
For further information, please visit: https://cyber1.com