Crossword Cybersecurity, a company focused on cyber security and risk, has acquired Threat Status Limited (“Threat Status”), the threat intelligence company and provider of software as a service (SaaS) platform for enterprise-level credential breach intelligence for £1.529 million.
The acquisition of Threat Status takes Crossword Cybersecurity’s portfolio to five cyber security offerings, alongside its cyber security consulting and managed services offerings. Threat Status’s platform enables businesses and managed service providers to monitor data that has been stolen and shared on the dark web and criminal forums which could harm the security of their business or that of their customers.
The platform is quick for onboarding new clients, with no complex integrations needed, allowing rapid delivery of customer value, company executives said. Tom Ilube, CEO of Crossword Cybersecurity Plc, commented:
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 twenty new recurring revenue clients. This is our third acquisition in less than a year and shows the extent of our ambition to provide a portfolio of subscription-based, enterprise-class products and services.
Threat Status was founded in 2017 by Jon Inns, who is the CEO of the business. He was joined by Ian Nice, CTO, and was supported by a third-party fund. Jon, Ian and their team of developers and apprentices will join Crossword to drive the continued commercialisation and development of Threat Status products.
Jon Inns, CEO of Threat Status Limited, said: “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. 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.”
Threat Status’s more recently released product, Arc, protects the users of customer-facing applications from the threat of Account Takeovers. For the 12 months ended 31 March 2021, Threat Status made a loss of £54,864 and had net assets of £75,586 at that date.
Threat Status is reaching breakeven, with 90% recurring revenue, according to company executives. Cross sell opportunities are being explored with the acquisition, alongside operating synergies, officials said.