Defenx banking on strategic partnership in 2016

The AIM-traded mobile security software company was only admitted to the AIM in December, raising £2.1m before expenses in the process.

It said its financial results for the year ended 31 December 2015 were in line with management expectations, with revenues in the region of €4.3m (£3.27m) representing 80% growth year-on-year.

Defenx said it had now sold more than 2.9m security software licenses, which reflected what it believed was continued strong demand from channel partners and end-users.

Its strategic relationship with Memopal - a Rome-based cloud storage provider - was still developing, the company said. Memopal shareholders invested more than €1m in Defenx's IPO.

The Defenx board said it believed the relationship provided the group with significant cross-selling opportunities due to what it described as the "complementary nature" of its product offerings.

"The group is already engages with Memopal's key customer and anticipates launching Defenx security products with them in the coming months", the board said in a statement.

"In addition, several of the group's channel partenrs have expressed a strong interest in Memopal's solutions, which will sell under the Defenx brand, sharing revenue with Memopal", it added.

Looking forward, Defenx said its trading conditions remained positive, and it was confident 2016 would show continued growth in revenue and product driven by the launch of new products.

At 1413 GMT, shares in Defenx were trading at 116.5p.