CORETX Holdings PLC Investment in Cyber - Security Offering (8304O)

TIDMCOR

RNS Number : 8304O

CORETX Holdings PLC

24 August 2017

CORETX Holdings Plc

("CORETX" or "the Company")

Investment in Cyber - Security Offering

Launch of PACT to satisfy customer demand and drive organic growth

CORETX Holdings plc (AIM: COR), the mid-market network, cloud and IT managed services provider, today announces the launch of Protection Against Cyber Threats ("PACT"), a new business unit focused on cyber-security.

PACT has been created in response to increasing customer awareness of cyber-security threats and demand for comprehensive protection from a single provider. The Company is making an initial investment of GBP750,000.

PACT combines CORETX's proven managed services expertise, specialist security staff and new cloud-based security solutions.

At the core of the new business unit is a fully staffed security operations centre ("SOC"), providing 24/7 monitoring of security information delivered through a cloud based security information and events management ("SIEM") solution. PACT technical resources will correlate, classify and prioritise all security information generated by customer IT infrastructure and alert them on the severity impact and threat score of security events taking place across their estate.

PACT will also provide proactive, pre-emptive security planning and action through an Advanced Threat Protection ("ATP") solution, as well as manage endpoint security through next generation technology.

Paul Toms and Clive Atkins, both senior professionals within the industry, have been recruited as Security Services Sales Director and Security Services Technical Director, respectively. Paul has a track record of transactions within enterprise sectors, whist Clive has over 30 years' experience and a background of building strong vendor relationships and developing portfolios. Both have worked together previously, having founded a successful security and IT infrastructure business. The PACT business unit will be headed by Merlin Gillespie, Group Strategy Director, who also has a track record of building and managing cyber-security businesses.

Andy Ross, CEO of CORETX:

"We took the decision to invest up front to build a new practice, rather than pay a premium to acquire an existing cyber-security business, as this approach will quickly deliver best of breed solutions to our customers and create more long term value for our shareholders. The demand from existing CORETX customers is strong and we have already had our first contract wins. We expect the business unit to be profitable by the end of H1 2018, with at least 30 PACT customers signed up and on board by the end of 2018."

"In Paul Toms and Clive Atkins we have recruited excellent security industry expertise who, together with Merlin Gillespie, will form the new business unit's senior management team. We are already adding further external industry expertise to the team, as well as training existing staff and dedicating them to PACT. We expect the core team to be at least 10 strong by the end of 2017."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

 
 CORETX Holdings Plc       Tel: +44 (0)344 
  Andy Ross, CEO            874 1000 
  Julian Phipps, CFO 
 N+1 Singer                Tel: +44 (0)207 
  Nominated Advisor         496 3000 
  and Broker 
  James Maxwell 
  Liz Yong 
 
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This information is provided by RNS

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August 24, 2017 02:00 ET (06:00 GMT)