Drumz Plc Portfolio Update - Acuity Risk Management
November 25 2020 - 2:00AM
UK Regulatory
TIDMDRUM
This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014.
25 November 2020
Drumz plc
('Drumz' or the 'Company')
Update on Investment
On 7 September 2020, Drumz made an investment in Acuity Risk Management Limited
('Acuity') resulting in the Company holding 20% of the issued share capital of
Acuity, with an option to acquire a further 5%. Acuity's business is the supply
of its proprietary software, STREAMT, and services for cyber security and risk
management, used by organisations globally for customers' ISO 27001, GDPR, NIST
Cyber Security Framework and other programs.
Certain members of the Drumz management team have been working with Acuity
since July 2019. Since then, the commercialisation of Acuity's offering has
continued with STREAMT being sold predominantly on a SaaS basis. In addition,
sales and marketing activities have been overhauled with new price lists and
terms for customers, the sales team has been strengthened and a new digital
marketing programme managed by a specialist agency has been introduced. There
have been several significant customer wins including a leading utility company
and a major department of the UK Government.
The results for the year to 31 March 2020 show substantial year-on-year
improvement with a 60% increase in revenues to GBP1.38m (2019: GBP0.86m).
First quarter revenues for the current year were in line with budget but second
quarter revenues were impacted by COVID-19 with buyers deferring their
orders. Pleasingly however, the sales pipeline stood at GBP850,000 as at
16 November 2020 (2019 GBP300,000).
More information on Acuity can be found via the following link www.acuityrm.com
Angus Forrest, Chief Executive of Drumz, commented:
"Everyone at Acuity is working hard to exploit STREAMT's potential. It is an
established and well regarded player in the fast growing global cybersecurity
market. There are many opportunities to improve and grow the business but we
believe these early signs are an encouraging start to achieving our objective
of transforming the value of Acuity. "
For further information please
contact:
Drumz Plc www.drumzplc.com
Angus Forrest +44 (0) 20 3582 0566
WH Ireland (NOMAD & Broker) www.whirelandcb.com
Mike Coe / Chris Savidge 020 7220 1666
Peterhouse Capital Limited (Joint
broker)
Lucy Williams / Duncan Vasey 020 7469 0936
Note to Editors
Drumz plc
Drumz plc (AIM): DRUM) is an investing company focused on investing in and
acquiring established software businesses that own good technology, have
quality customers and which could better exploit their assets and accelerate
their growth with the injection of experienced management and new funds.
Drumz will, where necessary, make available some of its experienced management
team and provide finance to facilitate the necessary changes, so that the value
of the businesses in which Drumz invests will be transformed over a two to four
year period. In due course, the new Directors expect to dispose of such
businesses, in whole or in part, in order to realise value for Drumz and its
shareholders.
END
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