Intercede Share Discussion Threads

[wjccghcc] 16/2/2012 08:36

Not entirely unexpected given the nature of the large ID projects where timing is always uncertain. The transition to SaaS will reduce this effect and increase visibility though will probably take 2-3 years. Cash is ahead of expectations which is nice.

Here's Finncap:

"Intercede has issued a trading update highlighting that a combination of revenue transition from licence to subscription, and the likely delay of some licence deals, means that we now expect revenue to be in line with prior year performance: the order book stands at a similar position to this time last year. While we downgrade forecasts to suit refreshed expectations, the move from licence to subscription revenue, in keeping with SaaS models, improves revenue visibility looking ahead. Net cash of £7m is ahead of our year end expectations. Identity and credential management remains an important part of large enterprise and government security management."

[daz] 16/2/2012 08:32

It's likely the reluctance to place orders will continue for a while, so it's odds on that next years figures will be downgraded as well.

Still at least the long term position looks good.

[smartmoney100] 16/2/2012 08:22

Not a very inspiring update! Still looks ok for the future though.

[looby loo] 09/2/2012 11:30

rambutan2,

Intercede were supposed to be involved with the security for the Olympics:



"Intercede Group PLC
Final Results
25 May 2007

.... In Europe and Asia our partner networks are starting to generate revenues from a wide range of customers and this is expected to accelerate. Closer to home, substantial opportunities for Intercede are also likely to emerge to support the UK National ID Card scheme, as well as to provide security for the construction and operational phases of the 2012 London Olympic Games .... "


I've no idea how far they got with this. The subject does not appear to have been mentioned in any announcements since.

[igoe104] 09/2/2012 09:25

A project to keep a eye on.

[igoe104] 08/2/2012 08:33

LOOks that way ram.

Jamie Smith - United Kingdom | LinkedIn
Leicester, United Kingdom - Technical Analyst at Intercede
Location: Leicester, United Kingdom; Industry: Computer & Network Security ...
Technical Analyst. Intercede. Public Company; 51-200 employees; LON:IGP;
Computer ... Jamie Grainger-Smith, Working with the Olympic Legacy Company ...

uk.linkedin.com/pub/jamie-smith/19/340/595

[rambutan2] 08/2/2012 02:18

Are IGP involved in any of the Olympic security?

[igoe104] 07/2/2012 15:51

Good stuff looby.

I looks like igp are in for a good two years or so.

[looby loo] 07/2/2012 13:00

Richard Parris is doing well, building a good relationship with Trade and Investment Minister, Lord Green:

[pyman] 03/2/2012 08:02

god bless america

[igoe104] 02/2/2012 12:23

Beginning in fiscal year 2012, U.S. government agencies must upgrade their physical and logical access control systems to provide federal employees and contractors with more secure and reliable forms of identification using Personal Identity Verification (PIV) credentials.

These credentials must leverage smart card and biometric technology in accordance with National Institute of Standards and Technology guidelines embodied in FIPS 201. These upgrades must be completed before federal agencies may use development and technology refresh funds to complete other activities.


--------------------------------------------------------------------------------

Until recently, upgrading to FIPS 201 standards was a difficult and expensive process that involved a number of suppliers and consultants. It also generally required a wholesale replacement of the current physical access control system (PACS) infrastructure, including head-end servers, panels and door control hardware.

This has all changed. With the advent of modular hardware solutions and turnkey implementation strategies, agencies can establish a clear migration path from existing credentials and preserve investments in their existing PACS infrastructure. This also allows them to support changing security requirements and enable cost-effective enhancements down the road.

Understanding FIPS 201 requirements
HSPD-12 set a clear goal to improve physical access control security and reliability through the use of government-wide standards. The FIPS 201 standard went further to define the specific characteristics of an interoperable identity credential to be used throughout government. Another important document, share price 800-116, introduced the concept of "Controlled, Limited, and Exclusion" areas, and required agencies to employ risk-based PIV authentication mechanisms for different areas within a facility (see Fig. 1).
This is now possible using a modular hardware approach that delivers a high level of flexibility for future modifications. Agencies can install a combination of enhanced readers and FIPS 201 authentication modules that operate with existing components in the current PACS infrastructure. It is easy to deploy and eliminates the need to acquire a complicated mix of expertise, technologies and suppliers.

At the core of this solution is a reader that must feature EAL5+ Secure Element hardware. This ensures tamper-proof protection of keys and cryptographic operations. Additionally, the reader should use the industry-standard Open Supervised Device Protocol (OSDP) communications specification to establish a secure bidirectional link with FIPS 201 authentication modules.

To achieve compliance, agencies simply deploy the new readers and install authentication modules between the readers and the existing PACS panel. This upgraded access control system can now perform PIV authentication tasks across all PIV permission levels, with a validation server providing centralized control of assurance level settings and the distribution of validation data. This modular compliance system performs all necessary PIV authentication steps, beginning at the time of enrollment.

When a credential with the appropriate assurance level is presented to a corresponding reader, the authentication module validates the card according to the assurance level setting. The authentication module then extracts the FASC-N or UUID from the card and passes it on to the PACS panel for an access decision and logging. To prohibit access by revoked cards, the system retrieves and checks the card revocation status from the issuing certification authority or hotlist.

To validate visitor PIV cards, authentication modules use the Server-based Certificate Validation Protocol (SCVP) to establish a chain of trust through the Federal Bridge. Vendors must have first successfully completed cross-certification to the PIV-I standard via the CertiPath Bridge, which ensures interoperability across government agencies and with non-government members of the Federal Bridge. For invalid cards, the authentication module is configurable to send a preset badge ID to the PACS panel (for logging and investigation) and/or close an output relay (to trigger a video camera, for instance).

In the case of communications interruption in the validation process, authentication modules maintain an updated validation data cache that enables them to function "offline." Meanwhile, strong authentication continues at the door.

Other features further improve simplicity and flexibility. By capturing cardholder data the first time a card is presented for validation to a reader connected to an authentication module, this data can be shared with other authentication modules. This feature delivers several benefits. It makes it possible to use existing access control enrollment functionality and it enables integration with an identity management or card management system. It also enables the use of third-party enrollment packages.

Meeting current and future compliance needs
Until recently, agencies faced with the mandate to upgrade their physical access control system to FIPS 201 compliance were required to work with multiple vendors and often had no choice but to replace their entire PACS infrastructure. The latest, modular solutions give agencies a single point of responsibility and accountability for achieving compliance without a wholesale rip-and-replace upgrade.

The solutions also provide the means to support many compliance needs, including PKI-at-the-door mandates as well as PIV-I and PIV-C requirements for cards issued by non-federal entities. For these and other challenging compliance requirements, today's modular solutions give agencies a migration path that protects their current PACS investments while enabling them to employ risk-based security levels in selected areas, as required, and to leverage ongoing improvements in access control technology.

[igoe104] 27/1/2012 08:24

Latest news.

[rambutan2] 23/1/2012 14:45

I still like the Microsoft angle - am sure good things t/c from it in 2012. And then there's the HP angle and numerous other angles. Yes, I was always angling for a transformative 2012!

[pyman] 23/1/2012 14:14

what is exciting is that we are about to break old highs!

[yump] 23/1/2012 14:03

Well I reckon there's been more buying than selling, although nowadays even that's not 100% certain ;-)

[pyman] 23/1/2012 13:33

hmmm. what is up indeed? there's something brewing. Who is clever at reading the trades ?

[igoe104] 23/1/2012 12:21

Anyone fancy a quid with-in two weeks ?

[yump] 23/1/2012 11:03

Come on, own up, who's up to something ?

Well, I'm glad I didn't ever sell any on the worry-dips - its a scary share for unpreditably jumping back up.

[aphrodites] 16/1/2012 16:50

igoe

I am indeed gutted but I still have a small holding and despite selling a major proportion around the 62p level, believe it or not, I have been buying a few back on the strength of the recent rise.

Sometimes it is useful to play a few cloak and dagger games on these boards as one never knows who is reading it!!!

Incidentally, my post last year which pointed out how easy it would be for say Herald I.M. or IGP itself to buy a few more shares and push the price higher has proven spot on. The price is 30% higher on quite small volume.

And it could be 30% lower on even smaller volume if anyone wanted to sell in size.

But at least we can see some better shareholder value and the options the CEO and his wife awarded themselves is working very well for them both!!!

Was this a defensive move after all?

Were they really scared that in the face of a takeover they would not be suitably rewarded? I.e. would an agreed take out price be too low?

And if a takeover does come about who will be the first to accuse someone of insider dealing? Certainly not me.

[gdp2] 16/1/2012 16:30

Invested here over the last few days...Frustrated to miss out on NCC so looking at IGP as our primary play on CyberSecurity / Technology Markets - GDP Capital.

Good luck to all - FYI my brief thoughts -
Bull Points:

+ £6m Cash

Ø Plenty of organic opportunities

Ø Possibility of opportunistic acquisitions

Ø Will be willing and able to invest in R&D

+ Revenue

Ø Spread over numerous geographies, public and private

Ø Underlying revenues up 25% YoY

Ø HP Deal struck – new contracts in the US can be expected this year

Ø Contracts struck will lead to jumps in the SP, where as no realized contracts will only be negatively realized on results day if revenue hasn't maintained underlying growth

+ Technology

Ø Moving into mobile platforms & market leading technology in its current markets

Ø Zuckerberg, Google & Microsoft all pushing how mobiles will effectively do everything in the near future – the Microsoft link and ambitions in this sector positively reflect on management and the direction of the co.

+ Market & Management

Ø Mgt. look capable – the market is undeniably a boom market and the most recent break-ins to corporate systems have been the result of password failures, something which MyID overcomes

Ø $60bn will be spent on cyber security this year worldwide

+Exit

Ø PWC estimate acquirers will pay two too three x revenue for cyber security businesses (x3 £7m = £21m plus £6m cash = £27m > £10m less than the current market cap). However, management strategy is too grow sales extensively this year so the underlying benefit of this strategy is a potentially higher bid price, especially given the companies margins.

Ø There was over $10bn in M&A activity in the first half of 2011 in this sector

Ø Growing public awareness of the threat and market should lead to increasing coverage and popularity of the stock



Bear Points:

Ø Size – Will a major out-resource Intercede in its market and reduce the competitiveness of their technology, especially worth consideration given the high gross margins as you would expect competition to be nearby

Ø Lumpy revenue is apparently reflected in the share price, with a PE ratio of 20

Ø Staff are at the centre of the business and given the market is booming, their price and relative quality and availability may deteriorate in the near-term

Ø What if Boeing or Lockheed get hacked, but they have been using myID...this would be cataclysmic for the company and is thus an ongoing, major risk worth considering.

[ianhamo] 16/1/2012 16:29

The recovery in the share price seems to have started shortly after the HP deal. I'm hoping a take-over battle breaks-out between Microsoft and HP.

[spooky] 16/1/2012 16:01

The price appears to go up every time someone sells some which in my experience means someone somewhere is desperate to buy them and doesn't want the shares sold to go to any other buyer.Strange but nice while it lasts :-o)

[igoe104] 16/1/2012 15:35

Something seems to be going on, the company havent made any annocements for a while, but the share price keeps going up in poor markets.

NO smoke with-out fire.

[boadicea] 16/1/2012 15:26

Any significance, I wonder, in the 1:30 pm timing of today's rise - e.g. trans-Atlantic interest?

This could be an effective counterbalance to Euro-gloom.