Intercede Share Discussion Threads

[rambutan2] 13/6/2006 23:14

wouldnt trust those incompetants at the home office to have got their act together by the autumn.

it's the stateside newsflow that i'm looking forward to following.

[igoe104] 13/6/2006 22:26

from the sunday telegraph. the uk identity card may be delayed, the procurement to set which companies develop various elements of the scheme has been pushed back to september.
so september, october, are going to be very interesting months.

[rambutan2] 08/6/2006 00:48

june's The Banker mag features its annual tech awards and one of the winners is thales safesign for a Bank ID System in sweden...


and which seems similar to this one...


but im not sure whether igp kit involved or not.

[wjccghcc] 07/6/2006 16:17

They're certainly represented through Oberthur where they've built a national ID card demonstrator at their site in Tewksbury. Not sure about the others but I'd guess Verisign and perhaps G&D and/or Gemplus.

[garth] 07/6/2006 15:49

Interesting document this one - but IGP do not appear to be entered directly. Any guesses who they might be represented through?

[wjccghcc] 07/6/2006 12:43

This is interesting. A job search for six security analysts to support a major UK client - I'd guess it's government related since they need government security clearance vetting. If you scroll down the list of technologies required, the bottom entry is Intercede MyID. Looks like a major project to me.


Position/Title: Sr. Security Analyst
Position Type: Permanent F/T
Closing Date: 2006-06-09
Job Description: Reference No. SF-150

Company International Consulting Organisation

Location London

Salary £45,000

Package Flexible package worth 19% of base salary

Start Date ASAP

No. Required 8

The Role

Working Pattern

Core hours are 9am to 5:30pm but 24 x 7 service is provided via "Committed Cover", On-call and early / late shifts.

Job Description

There is a requirement to recruit six Information Security professionals to be part of the Core Security Team supporting a major client. The principle tasks include the maintenance of reference technical security standards, operating system hardening standards, managing and monitor security systems, security operational and user acceptance testing and vulnerability alerting. The role is focused on delivering a security service and additionally dealing with security issues that arise as a result of escalated problems and security alerts.

Technical Skills required:

Mandatory:

• Unix & Windows NT / 2K / XP Administration

• Knowledge and experience in IT Network Security

• Experience in use of Intrusion Detection and Prevention systems, management, response of alerts

• Internet Security

• Vulnerability Awareness / Understanding.

• Experience in implementing / developing security policies and technical documentation.

• Security incident response.

• Technical documentation.

• Understanding of ITIL concepts(foundation level).

Desirable:

• Experience in configuring / managing firewalls

• HMG Security Standards and Processes

• IP Networking

• Desirable Qualifications: GSEC, CCNA, CISSP

Technologies required :

• Checkpoint Firewall 1 on Solaris and Nolia appliances

• Cyberguard Firewalls, PIX firewalls

• IDS/ IPS (Sourcefire and ISS)

• Bluecoat Proxies, ISA Server, Juniper VPN concentrators, Nessus Scanner, Unicert PKI Specialist

• MS active directory, Intercede MyID.

The successful applicant will be subject to Government security clearance vetting

[igoe104] 01/6/2006 09:59

nice to see a mention of large heathcare initiatives, in the report today.
gremplus and oberthur, have both been given the contract to supply the french healthcare, with cards. gemplus supply will be 8m, and oberthur have been given a muti-year contract,( amount of cards unknown.)they has got to be, a great chance of a igp involvement.
cards will be issued in the 4th quarter.

[wjccghcc] 01/6/2006 09:31

The results seemed pretty much as expected IMHO. H2 revenues were 900k (down from 1,240k in H1) but about flat if you include the $500k payment received from RSA that was received in January but to be booked in this year's accounts. I think the operating cash inflow of 347k is a better measure of how they're doing. Assuming the accruals, trade creditors and other creditors are the same as last year, then deferred income has risen to 940k (will need to wait for the annual report to confirm this) which means they've already done over 40% of this year's revenue but haven't booked it as income yet.

On the downside, it seems they're becoming more reticent on releasing contract details - I assume this increased confidentiality is a condition of many of their OEM agreements, so in future we're only likely to get information on the contracts outside these agreements e.g. John Lewis.

Also, it seems clear they're positioning themselves as the global smart card systems provider of choice with target payback in 2008/9, which means increased investment in staff and resources to train their partners now, probably at the cost of short-term profitability.

An indication of the potential rewards are that the Forrester report indicates ten fold increase in physical/logical security convergence spending over the next 3 years. Assume IGP see only a five fold increase in sales at 95% margin with a 50% increase in staff costs and you're looking at PBT of 6.6mm by 2009 with EPS of 13p (post conversion). Put that on a PE of 20 and you've got a share price of 260p which is an annualised return of 105% over 3 years or 72% over 4 years if it takes a year longer.

With funding now secure and the OEM partners reading like a whos who of the physical/logical access world, it works for me.

[wjccghcc] 01/6/2006 09:02

It's a tough one spooky. I suspect the recent market turbulence made them realise that new funding from the market might be tricky (and expensive - fees alone would be 200k minimum I'd guess) and I suspect they need to show a strong balance sheet for their prospective OEM partners so a plain loan would not be acceptable. From the noteholder's perspective, they saw the share price dip to 24p so they drove a harder bargain.

Short-term I agree with you, but longer-term, I suspect the 12% dilution versus the increased business from removing any funding concerns is probably worth it.

[igoe104] 01/6/2006 08:56

the outlook for this IT security market, shows how much growth there going to be between 2005 and 2008, $1.1bn to $11.36. in three years, there going to be a 10 fold increase. in the european and north amercian markets.
it just shows the huge growth in this type of market.

[spooky] 01/6/2006 08:14

I am not very happy with the terms for the convertible loan stock extension,it removes the potential funding worry but it is generous in the extreme.

[garth] 01/6/2006 08:01

"In my report last year, I indicated that the market for MyID would continue to
accelerate as the use of smart cards and digital identities increases around the
world. I am pleased to say this has proven to be the case. Long project lead
times have delayed the immediate revenue benefits and disguise the impressive
achievements of the last 12 months in terms of market penetration and
accreditation. Despite this, we have nevertheless grown revenues and further improved our gross margins"

[rambutan2] 01/6/2006 07:54

Intercede, a leading developer of identity management software, today announces
its preliminary results for the year ended 31 March 2006.


SUMMARY

- Sales increased by 18.6% from #1.8m to #2.1m, with sales of core MyID licenses up 21%.

- Further improvement in gross margin to 95% (2005: 94%).

- Operating loss reduced to #0.3m (2005: #0.4m), notwithstanding increased
investment in sales and after-sales staff.

- Full year cash inflow of #0.4m (2005: cash outflow of #0.4m). Cash balances of #1.1m (2005: #0.7m) at financial year end.

- Convertible loan stock extended through to 31 May 2009.

- Licences granted to date will enable the issue of more than 1 million smart
cards.

- $0.5m of advance licence fees secured from the delivery of products compliant
with the US Government's Homeland Security Presidential Directive- 12
("HSPD- 12").

- RSA Security, SafeNet and VeriSign added to growing OEM partner list, which
now includes most of the world's leading industry participants.

- Growing worldwide corporate and governmental awareness of the need for
technological solutions to major security issues.


Richard Parris, Chairman & Chief Executive of Intercede, said today:

"We are close to the point where the need for suitably robust systems to protect
employees and citizens is no longer a matter of choice for large organisations
and governments. The debate over the UK National ID Card Scheme and the US
Government's HSPD- 12 are only two examples of many around the world. We are
sure that there will be more and more investment in this area and we believe we
are well placed to benefit from the anticipated market growth."

[smartmoney100] 31/5/2006 22:21

Tech Co's are great at making deals, partnerships, alliances, etc etc. Lets hope in this case they can turn it into revenues! I took a look through an old edition of Techinvest mag recently and it dawned on me that all the Tech Co's were doing was making deals with each other. There never seemed to be an end user in sight!

Keeping the faith....Smart

[igoe104] 31/5/2006 21:33

its also worth noticing, that (amag) is a gold partner of mirosoft. (which means they are mirosofts closest partner) mirosoft are looking to bring out a id card to stop on-line fraud. so hopefully intercede could be involved, in what could be a huge contract.
ps if you can remember mr parris, did drop a hint about mirosoft, in his interview with the wallstreet reporter.

[igoe104] 31/5/2006 16:33

LASTEST RNS. gemplus has been, selected to deliver french healthcare cards.
could be good news, if there is a (igp) involvement.
ps just back from portugal. and the amag deal, looks like the golden ticket into the american mega buck market.

[wjccghcc] 30/5/2006 14:33

Yup, I'd call that a bit keen since although we should get the AMAG news, I doubt there'll be any news on PIV contracts until nearer October. Happy to be proved wrong though :-)

[sheik yerbouti] 30/5/2006 14:23

Someone's keen before the results, I take it that VW trade for 20k is a buy.

[rambutan2] 30/5/2006 10:36

lucky james bond was on duty and in top form!

[rambutan2] 30/5/2006 10:20

ho hum.

well im still convinced it was SMERSH who were trying to pinch igps world leading tech for their evil means!

[wjccghcc] 30/5/2006 08:52

Back up now. I guess it just went down late Friday afternoon when the tecchie had left early for the bank holiday weekend. I enjoyed my conspiracy theory though :-)

Results should be this week.

[rambutan2] 30/5/2006 00:00

might be of interest...

Dear simon

Based on the huge success of last year's Biometrics e-Symposium (over
1,500 delegates from 86 countries) the International Biometric Industry
Association (IBIA), the International Association for Biometrics
(iAfB), the European Biometrics Forum (EBF) and the Biometrics Institute (BI)
will be hosting the second 1-day Biometrics e-Symposium on the 31st May
2006, www.biometrics.e-symposium.com and you are invited to register FREE OF
CHARGE.

Tune in live, online and from your office to listen to world-leading
experts sharing the latest thinking and advice on the deployment of
biometrics for governments, financial services, retail, law
enforcement, airports and travel.

If you haven't registered FREE OF CHARGE already, simply visit

Feel free to e-mail this link to colleagues.

We look forward to welcoming you online.

Best regards,

Biometrics e-Symposium
Delegate Relations
[e-mail]
www.biometrics.e-symposium.com


site still down. so i'm all set for some news tomorrow.

[amorruso] 27/5/2006 00:49

This thread makes good reading guys, so thanks for the info. Not a holder yet but on the watch list for now.

Amo

[rambutan2] 26/5/2006 16:12

yes, i was wondering same, and can't find anything via googling.

perhaps results set for tues along with said info?