Falanx announces new multi-year contract wins

Intelligence, security and cyber defence provider Falanx announced a number of multi-year contract wins on Wednesday.

The AIM-traded company confirmed it won a new MidGARD service contract with a total revenue value of £0.7m.

It said an unnamed, “award-winning” UK top 20 international law firm had signed a three-year managed service contract with Falanx to deliver advanced security monitoring of its entire global estate.

The chief information security officer of the firm said it was “delighted” to sign up to the MidGARD service.

“We believe we're disrupting the traditional approach to security in the legal sector with regard to information security,” the CISO commented.

“Falanx was set apart from their competitors because of their market leading technology and business partnering approach.”

The board also announced a newly-awarded three-year managed cyber security service contract.

It said the contract was an expansion of the existing estate of a valued client, resulting in its value growing from £0.25m to generate more than £0.38m of revenues.

“I am delighted to report the continuing sales momentum of our highly regarded MidGARD service, further enhancing visibility of recurring revenues over the next three years,” said Falanx chairman and CEO Mike Read.

“Our pipeline of similar opportunities continues to grow and I look forward to announcing further contracts in the near future.”