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What Crossword does

Crossword Cybersecurity PLC (LON:CCS)  has two main products: Rizikon Assurance, a risk assessment tool that helps companies evaluate their suppliers and other third parties and Nixer, a machine-learning-based cybersecurity tool.

How it’s doing

In January, Crossword Cybersecurity said it expects to report revenue growth and full-year results that are in line with market expectations despite what it said was a “challenging 2020”.

In a trading update for the year to December 31, 2020, the company said overall revenues are expected to show an increase of 25% to £1.6mln, within which product and consulting revenues are expected to expand by 39% reflecting its shift to a core of products and consulting sales from software development services.

Crossword said software and process development had continued during 2020 with the launch of its  Rizikon Pro software-as-a-service solution in July, noting that the product is “transforming the sales model” with a much shorter sales cycle and “impressively high conversion from trials to paying clients”

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Inflexion points

  • Consulting division is racking up contracts in the legal, insurance and financial services sectors

  • Crossword’s Rikizon Assurance product is now used by the famous Cammell Laird marine engineering company to manage risk in its supply chain

  • Sales progress with the new Rizikon supplier assurance platform aimed at SMEs