Intercede makes first sale of MyID software

Digital identity service Intercede has recorded the first sale of its MyID credential management software to an end customer in South East Asia.

Intercede received an order totalling $500,000 from a new, unnamed partner with offices in Singapore, Hong Kong and Malaysia.

The AIM-listed group told investors on Thursday that the order covered software licenses, associated support and maintenance, as well as development and professional Services - some of which will be recognised as revenue beyond 2019.

Intercede also anticipates the contract to lead onto further business in the region in the future.

The cybersecurity group revealed back in November that its losses had narrowed in the first half following a fall in operating expenses.

In the six months to 30 September, Intercede's operating loss reduced to £600,000 from £3.1m as revenue rose 14% to £4.2m. New wins in the period included license orders from new and existing customers and involved both new and traditional technology.

Operating expenses in the half declined by 29% to £4.7m following a cost-cutting review.

As of 0810 GMT, Intercede shares had fallen 5.13% to 21p.