Shearwater subsidiary wins two significant contracts

4th Jan 2024 11:22

(Sharecast News) - Cybersecurity, advisory, and managed security services provider Shearwater Group announced two significant contracts won by its subsidiary Brookcourt Solutions on Thursday.

The AIM-traded firm said the first contract, valued at $3.15m, would span over three years with a renowned global bank.

It said the agreement would encompass comprehensive security and cybersecurity services, including previously deferred contractual spending from the client.

Brookcourt would play a pivotal role in bolstering a critical segment of the bank's global security infrastructure, enhancing its core databases' protection and audit capabilities.

Additionally, following its inaugural contract win with a government department in October, Brookcourt secured a second three-year contract valued at £0.84m.

The company said the achievement followed a rigorous one-year trial and would involve the delivery of an extensive threat intelligence solution encompassing threat, geopolitical and brand intelligence, solidifying Brookcourt's foothold in the government sector.

"We are delighted to be awarded these two contracts, highlighting the value and expertise of Brookcourt Solutions' offering," said chief executive officer Phil Higgins.

"It is especially pleasing to see further previously delayed client spend from last year flow into the current period.

"Additionally we are excited to see deeper expansion for the group into central government."

At 1048 GMT, shares in Shearwater Group were up 8.15% at 49.75p.

Reporting by Josh White for Sharecast.com.