LONDON: Acuity RM Group plc (AIM: ACRM), the risk management software group delivering GRC SaaS solutions, announced its wholly owned subsidiary Acuity Risk Management Ltd has acquired the Rizikon product including software, IP and customer lists from Crossword Cybersecurity plc for a cash consideration of £15,000.
Rizikon is an automated Third Party GRC software product which allows organisations to track, manage and report on supplier compliance with company policies by providing risk scorecards and compliance dashboards to report on third-party risks, improving third-party assurance and risk management through automated, secure and standardised systems leading to increased visibility of suppliers.
For the year ended 31 December 2023 Rizikon generated revenues for the Seller of £252,000.
One of the most important elements of the acquisition, in addition to the expected material resultant growth in Acuity’s revenues and customer base, is the opportunity it affords Acuity to significantly increase its connectivity and potential customer partnership with major organisations.
In particular, as a result of the acquisition of the Rizikon assets, an opportunity has immediately arisen for Acuity to enter into direct commercial negotiations with two significant organisations as partners to distribute both Rizikon and Acuity’s STREAM products.
These potential new partners of Acuity, one of which is a major defence contractor, have the capability to enable Acuity to grow new customer numbers and revenues materially, over and above the Rizikon assets’ anticipated contribution to Acuity’s overall future performance.
Angus Forrest commented: “I am delighted to announce the acquisition of the Rizikon software product. It should bring significant additional revenues as well as new customers and partners; it also offers opportunities for upsell to current and ex customers of Rizikon as the Company seeks to accelerate its growth of Acuity. This is the first step in building the business by using a focused acquisition to supplement the organic growth.”