GRC International partners with Saracens Rugby Club

21st Dec 2018 14:26

(Sharecast News) - IT governance, risk management and compliance product supplier GRC International Group announced a three-year partnership with reigning Gallagher Premiership champions, Saracens Rugby Club, to deliver cyber risk and privacy management solutions.The AIM-traded firm said the contract would be delivered through its wholly-owned subsidiary IT Governance.As part of the agreement, GRC International would grant Saracens the right to subscribe to 100,000 shares of its ordinary share capital if, at any point between the date of signature of the letter of intent on 19 December and 2359 GMT on 30 June 2023, the market price of GRC's shares reached 500p, in which case Saracens would purchase 50,000.If the market price reached 700p per share, Saracens would purchase the remaining 50,000 of them.The price at which Saracens purchased the shares would, at all times, be fixed at the market price of GRC's shares at 1700 GMT on the date of signature of the letter of intent, the board explained."We are thrilled to become part of Saracens' commercial partner family," said GRC International chief executive officer Alan Calder."As cyber threats grow and new regulations come into force, organisations need to change the way they tackle cyber security."We are pleased that Saracens has recognised the need for cyber resilience and look forward to helping them on their continuous improvement journey."