ECSC Group's MDR unit secures 'significant contract wins'

Cybersecurity services firm ECSC Group said on Tuesday that its managed detection and response division had inked two "significant contract wins" with a major rail company and an unnamed builder's merchant.

ECSC said the contracts, each of which was for an initial period of three years, had a combined revenue value of £580,000 and represent over 20% of the unit's current order book, with revenues to be recognised throughout the duration of the contracts.

The AIM-listed group also noted that it had delivered its first Nebula Cloud MDR service to another new client, utilising its same Kepler artificial intelligence technology on a monthly subscription basis.

Chief executive Ian Mann said: "These new contracts demonstrate the resilience of the long-established MDR service that has continued to grow throughout 2020 in line with our strategy to expand MDR recurring revenue as a proportion of overall revenue."

As of 0910 GMT, ECSC shares had shot up 15.15% to 74.85p.