Crossword Cybersecurity

Crossword Cybersecurity provides cybersecurity consulting and risk management services through its Rizikon Assurance cyber risk analysis and third-party assurance product that detects potential vulnerabilities across an organization’s supply chain. The company also offers protection against credential stuffing attacks through its Nixer Cyber ML product, and Identiproof zero trust verifiable credentials. Nixer CyberML leverages advanced machine-learning and user behavior analytics to detect and respond to credential stuffing attacks and suspected account takeovers in applications.

Crossword Cybersecurity acquired the threat intelligence platform Stega for nearly USD 2.5 million in August 2021. Stega leverages its in-house platform to provide managed security services across organization security, threat protection, and data security against internal and external threats.

Crossword Cybersecurity also acquired the threat intelligence company Threat Status for nearly USD 2 million in March 2022. The consideration represented an annual recurring revenue (ARR) multiple of ~5.3x. Threat Status provides credential leak monitoring services and breach intelligence through its subscription-based SaaS platform, Trillion. The company also protects users against account takeovers through its Arc platform. Threat Status helps to monitor data (usernames, passwords, etc.) that has been stolen and shared across criminal forums and on the dark web, potentially harming an organization’s security posture.

The company operates in the UK, Poland, and Oman.

Key customers and partnerships

As of September 2022, the company served more than 200 customers. Notable customers include Nuvia, Cammell Laird, Agria Pet Insurance, and Barron McCann.

Funding and financials

In September 2022, the company raised GBP 3.6 million (USD 4.1 million) in an oversubscribed funding round. The funds were utilized to accelerate product development, increase sales and marketing, and for working capital requirements.

During the same period, Gresham House Asset Management invested GBP 2 million (USD 2.3 million) in exchange for 18.8% of the company’s issued share capital.

Crossword Cybersecurity expects a 50% year-over-year (YoY) revenue growth to GBP 6 million in 2023.

In April 2023, Crossword issued GBP 375,000 (~USD 467,000) in convertible notes, mainly to CEO Tom Ilube, replacing expired loan notes held previously. Proceeds of the issue were to be used for product development, and to expand working capital.