Intercede wins contract with 'major' US aerospace and defence contractor

AIM-listed Intercede has been awarded a MyID contract from a "major" US aerospace and defence contractor.

Under the terms of the contract, Intercede's MyID platform will be used to issue and manage digital credentials for more than 100,000 entities including employees, computers and other devices. The supply chain for this project is through a long standing Intercede ecosystem partner and is expected to generate around $1m of revenue over the next five years.

Last month, the company announced that it had secured MyID contract wins with a major US Federal Agency and a US-based world leader in medical care, research and education. In combination, these previously announced wins should generate revenue of $1.5m over the next five years.

In full deployment, the Federal Agency agreement will encompass approximately 100,000 employees distributed across 300 physical facilities around the world.

Chairman and chief executive Richard Parris said: "It is pleasing to report further progress in securing important contract wins within our core markets. The most recent award supports our view that the provision of digital trust is increasingly required by a range of critical industries where legacy password authentication systems will be replaced by digital provision. Led by the Government, emerging US best practice is expanding the addressable market place for the MyID platform into critical industries such as healthcare in addition to our core aerospace and defence base.

"I am particularly pleased that Intercede has won these contracts in partnership with significant participants in the digital security space. Our ability to work with these companies and to embed our solutions within vital ecosystems provides a strong proof of concept for potential customers in new geographies and industries."

At 0840 BST, the shares were up 1% to 53p.