Technology commercialisation company Crossword Cybersecurity has acquired threat intelligence firm Threat Status Ltd for a total consideration of £1.53m.
Crossword made an initial cash payment of £500,210 for a business that suffered a loss of £54,864 in the 12 months ending on March 31, 2021, but the firm says Threat Status is reaching breakeven, with 90% recurring revenue.
Threat Status provides SaaS application Trillion and recently released product Arc, with its platforms enabling businesses and MSPs to monitor data that has been stolen and shared on the dark web and criminal forums. Crossword sell opportunities are being explored with the acquisition, alongside operating synergies.
CEO Jon Inns, who founded Threat Status in 2017, and CTO Ian Nice, along with their team of developers and apprentices, will join Crossword to drive the continued commercialisation and development of Threat Status products.
“Threat Status has developed one of the strongest and most advanced credential leak monitoring services in the market and we’re looking forward to leveraging the opportunities and synergies this acquisition by Crossword represents,” Inns said. “With Crossword’s experienced sales team and growing client base, and our proven and trusted technology, we expect market penetration to accelerate, increasing revenue and client protection.”
The acquisition of Threat Status takes Crossword’s portfolio to five cyber security offerings, alongside its cyber security consulting and managed services offerings.
“Crossword is pleased to incorporate Trillion and Arc into its product suite, completing our aim of having five products in the market by the end of 2022 and adding over 20 new recurring revenue clients,” added Tom Ilube, CEO of Crossword Cybersecurity plc. “We welcome Jon, Ian and their team to Crossword and are excited about the opportunities Threat Status brings to Crossword and our clients, as we continue in our mission to reduce the cyber risks for our clients by providing a portfolio of innovative products and services.”