Cyber security company Intercede Group, the Lutterworth-based supplier of Public Key Infrastructure Credential Management Software, has acquired Authlogics, a Multi Factor Authentication (MFA) and Password Security Management (PSM) software vendor.
Intercede will pay an initial consideration of £2.5 million (adjusted to approximately £2 million after net debt and working capital adjustments) plus a further deferred conditional and staged earnout payment of up to £3 million.
Authlogics is a UK headquartered business based in Bracknell and was founded in June 2015. The company’s products service over 50 customers with 44 annual recurring software contracts across the Finance, Government, Defence and Healthcare sectors.
Four of the current Authlogics staff will become Intercede employees, including the two Authlogics founders.
Klaas van der Leest, CEO of Intercede Group, said: “The acquisition of Authlogics enables us to deliver on the strategic vision that we have shared with investors of addressing the entire authentication pyramid.
“We believe that the addition of the Authlogics products will allow us to support our customers and prospects wherever they are in their authentication journey, and to embrace a wider set of use cases. The deal also increases our recurring revenue base.
“We are delighted to welcome the Authlogics team to the group, along with their customers, partners and distributors.”
