Drumz acquires further 5pc of Acuity Risk Management

Drumz has exercised its option to acquire a further 5% in Acuity Risk Management, it announced on Monday, in which it already has a 20% shareholding.

The AIM-traded firm said the increase in its shareholding to 25% was for a cash consideration of £0.13m.

It described Acuity’s product ‘Stream’ as an integrated risk manager software product, used by private and public sector clients to manage their cybersecurity and other enterprise risks.

Drumz noted that research and advisory outfit Gartner identified Acuity and Stream in major reports in 2021 thus far.

It also said Acuity had launched a significant upgrade to Stream, offering enhancements for productivity, workflow, user management, security and audit.

Additionally, it had secured ISO 27001 status, the international standard for management and protection of information assets and security.

Additionally, Acuity had been shortlisted for ‘Cyber Security Solution of the Year’ in the National Technology Awards 2021.

Acuity’s business was continuing to expand, Drumz said, adding that there had been two recent new business wins with a value of about £0.25m.

“Cybersecurity continues to grow in importance as organisations transform using digital products and services,” said chief executive officer Angus Forrest.

“We are pleased with the progress made by Acuity since our initial investment, all aspects of the business have been strengthened with further developments in progress.

“Increasing Drumz’ shareholding represents a further endorsement of the management team at Acuity and I am greatly encouraged that expert commentators such as Gartner continue to rate Acuity’s Stream product extremely highly.”

At 1400 BST, shares in Drumz were up 4.35% at 0.6p.