Intercede Share Discussion Threads

[wjccghcc] 20/7/2008 19:16

Detica also now being bid for.

That's the UK hardware security leader (NCH) and consultant security leader being bid for. IGP are UK leader and in the top 2 globally for the high-end CMS/IDMS space. It shows the large gap between the industry valuations and the current market caps for the sector.

[howdy do da] 20/7/2008 12:44

Thanks for the cheery news.

[rambutan2] 20/7/2008 00:36

i be wary of betting on anything new happening which involves the public purses and hasn't already been covered in this year's budgets. The govt is finally cottoning onto the fact that we are heading for recession and a ballooning public deficit. A spending freeze will commence. It's all looking pretty awfull.

Difficult to see how Sterling won't tank, which will just add to the inflation probs.

[boadicea] 19/7/2008 18:09

The rules for patentability are complex and I am no expert. However, the simplest explanation I have had is that a patent should be based on a non-obvious innovation, i.e. it requires an inventive step, a different way of doing something that has not been, and might not easily be, anticipated.
Less inventive developments that require a significant input of time and effort may still be protected under copyright or "topography right" laws. The topography here may refer to the circuit design embodied (inter alia) in a semiconductor device. Ip laws vary between countries and what, in GB and Europe(EPC)/USA generally, might be protected only by copyright/topography-right might be protected elsewhere (including some European states) as a lower grade (e.g. 'utility' or gebrauchmuster) patent.
One of the problems has been getting Eastern bloc and FE countries on board in an internationally recognised system.

A glance at the recently issued Annual Report produces this encouraging example which shows they are active and successful in protecting their position -

"This competitive advantage has been
reinforced by the award of US patent
7430773 to Intercede on 4 March 2008; UK
and EU patents having already been obtained
in previous periods. This patent for 'Secure
Multipart Authorisation', is critical to the
securing of remote registration and enrolment
of identities on distributed workstations.
Using this invention, any remote workstation
equipped with a smart card reader can
become a highly secure identity enrolment
and smart card issuing station. In particular
this technology, unique to Intercede,
enables strong and legally binding auditing
and non-repudiation of all management
functions undertaken by the operators of
our system. This enhances systems security
and reduces exposure to fraudulent usage
and is a necessary requirement of large
scale credential systems such as national ID
schemes or large corporate security projects."

[kent_paul] 19/7/2008 17:23

yeah but i dont see how a card system and database backend can be patentable.

[boadicea] 19/7/2008 17:01

k_p - The best defence is ip cover that enables prevention of infringement and the right to licence income.

[kent_paul] 19/7/2008 14:11

can you explain how their technology is defensible. i mean how much money and time did it take to build? is it much different to existing systems?

[howdy do da] 19/7/2008 10:30

Think we have a distressed retail investor selling. Everytime we see a buy, a similar sized sell seems to follow.

The current price bears no reflection on the current status and health of the firm.

To be fair a lot of investors have suffered recently so hopefully they will clear whatever they need to clear then we can see some progress again.

[jailbird] 19/7/2008 09:51

WCC,

nice find,


that could the one imprivata used with gemalto and intercede for the NHS.

2 factor strong authentication

i see imprivata single sign is very popular.

[wjccghcc] 18/7/2008 18:17

Digital ID for police moves closer to rollout

Officers will use smartcards for system login
Tom Young, Computing, 03 Jul 2008
Police at computers
Police will have single sign-on for IT systems

Single digital identities for police officers and criminal justice system workers came a step closer this week as procurement started for an identity and access management system.

The smartcard-based project will give workers single sign-on access to systems such as the police national database and prisoner management systems.

The tender from the National Policing Improvement Agency (NPIA) comes after a previous project, known as Unified Police Security Architecture was cancelled.

A digital identity for every police officer was mandated by the Association of Chief Police Officers (ACPO) in 2006, with the original scheme due for completion by April 2007. The NPIA cancelled the project after a review of the technology. The new contracts are due to be awarded by February 2009, with the system to go live in late 2009.

[felix99] 18/7/2008 12:54

Smart what do you base your ocnifdence on out of curiosity ?

[felix99] 18/7/2008 12:51

they will be buys - I was quoted 26.5 the other day for 10k and then day after price went up to to 27.

Was tempted but then suddenly I could get 50k for 27 so figure some stock around still

Just tried now. 50k on offer at 26.5

[smartmoney100] 18/7/2008 12:45

Well, the 10k just going through is most definately a buy @26.5p. First time I've added in quite a long while. Also just about as cheap as I've bought in 2 1/2 years.

I'm more confident than I've ever been in this company. Good luck all.

Smart

[237gmoney] 18/7/2008 12:26

Was that last trade a buy or a sell???? if 26.6p is a buy that is very cheap...values the company at under £10m mkt cap.....really is a silly valuation on a company with so much going for them....

[jailbird] 18/7/2008 09:48

a nice piece from RCG BB..coutesy of longsight


18 Jul 2008

Biometrics has been an increasingly popular means of identity management. As a consequence of offerings for national identity schemes, the demand for biometrics has been increasing and possibly replacing existing technologies. There are many means of identity establishing technologies such as passwords, barcodes, magnetic strip cards, PINs, tokens etc. But there are shortcomings to each of the technology such as lost tokens, forgotten passwords, damaged barcodes etc.

According to the Crosby Review contributed by a number of key industry players in UK such as British Airways, O2, identity schemes are providing social and economical advantages. The realization of new nation-wide identity schemes are expected to influence the existing transactions between customers and businesses. It is also expected that the scheme may further popularize among the market if proven successful.

The UK government has recognized biometrics technology for identity management nowadays, but there has already been wide acceptance of the technology tracing back to 2003, when a third of biometrics deployments were in the private sector. Successful deployments in the private sectors are from sizable enterprises including Disney, SAS, Manchester Airport, Pictet & Cie and a number of banks which adopted biometrics for securing transactions.

The future of biometrics is positive as a result of increasing exposure to the public. The success of the industry will depend on the optimization of existing technologies. Key developments should include the improvement in ergonomic design of readers, progress in multi-modal technologies, contact-less recorders, accuracy and efficiency for the matching process. Specifically to facial or iris recognition, the reading distance should also be maximized and performance be improved. Intensive research should also be conducted for emerging biometrics including gait, voice, hand and ear geometry, odour, retina or even brainwave.

As a conclusion to the development, biometrics is expected to further replace existing technologies as the key driver of identity management not only in UK, but also other parts of the world.

Source: financialtimes; Avoid being left behind in the identity stakes (Jun, 2008)

[kent_paul] 17/7/2008 20:45

well when is the price set and are other companies also being piloted?

[wjccghcc] 17/7/2008 20:22

Nope, the projects for the 15mm revenues are the top 10 ones they've already won. The actual rollout timetable may not (and is probably not) set in stone. The larger (and more complex) projects will go through a technical design stage, pilot study, operational readiness and finally roll out. This can take 1-3 years for the more demanding projects e.g. the Lockheed Martin project which is happening this year was won over 2 years ago.

Of course, it's possible for a project to be cancelled at any stage of the process but given the current global threats and the fact their client base are governments, public sector organisations, universities, armed forces, police and large corporates, this is reasonably unlikely IMHO (likewise bad debts) and in that case IGP would be compensated for the work they'd done.

[kent_paul] 17/7/2008 20:07

WJCCGHCC - 17 Jul'08 - 19:39 - 282 of 283

However, when they win the contracts they know roughly how many cards the project will ultimately involve and thus can tell you the total pipeline revenue, just not exactly when it will be received. Hence the top 10 projects currently underway should provide revenues of £15mm.



but when i read their statements they were worded in a way that suggested they are not signed and sealed, i.e. they are working on a project that might lead to revenue?

[howdy do da] 17/7/2008 19:54

There's your answer kent_paul, alias kentpaul alias terrytibbz. Good luck with your lottery ticket on GCM, I may even buy a ticket myself if it falls further.

Thanks for your patient and intelligent answer WJ. I am topping up here soon as the price represents an excellent risk/return profile now.

[wjccghcc] 17/7/2008 19:39

I won't ban you k-p as long as the discussion remains civil and not personal. Questions and reasoned negative views are fine (and healthy).

Regarding earnings guidance, it's still hard to do at this stage in their development. With 99% gross margins and a stable cost base, pretty much all revenues fall straight to the bottom line, so any contract delays (of which there are always some on the more complex projects) would make any earnings guidance meaningless.

However, when they win the contracts they know roughly how many cards the project will ultimately involve and thus can tell you the total pipeline revenue, just not exactly when it will be received. Hence the top 10 projects currently underway should provide revenues of £15mm.

Over time, the impact of the larger projects should diminish as they establish a larger base of issued cards and partners. Remember they average 20% annual maintenance on the licenses so that 15mm of license revenues over the next 5 years will also provide 3mm of annual revenues thereafter.

[kent_paul] 17/7/2008 18:59

Howdy Do Da - 17 Jul'08 - 18:43 - 280 of 280

Would love some earnings guidance though (in more detail than the £15m quoted over next 5 years).


you have to sell stuff for money to be able to predict earnings howdy. when is IGP expected to do that again?

(please dont ban me from the thread i am only asking questions)

[howdy do da] 17/7/2008 18:43

Thales? Interesting. Well we all know IGP is a gem. Let's see how it develops.

Also, let's see if we have seen the bottom of the equity turmoil. Todays move if consolidated will bring investors back and the risk/reward profile for IGP is better than ever.

Would love some earnings guidance though (in more detail than the £15m quoted over next 5 years).

[felix99] 17/7/2008 12:35

well if anyone wants 50k its being offered at 27 online

[237gmoney] 17/7/2008 12:01

A 120% premium to our current price would still not be enough for IGP....And with Thales flogging out £0.5m everytime they do a deal with IGP it may better to buy them outright now that it will be profitable in 12 months time.....

[wjccghcc] 17/7/2008 10:56

Agreed. Thales is one of their biggest partners (ex-US). My understanding is they're working together on projects in the Middle East and Australia as well as Europe and the UK.

Of course, management would need to be in favour of any takeover and the price would need to be significantly north of here.

But then, Thales just paid a 120% premium for NCH ...