Crossword Cybersecurity has announced the acquisition of Stega for a total consideration of GBP 1.8 million (USD 2.49 million) comprising an initial payment of GBP 760,000 (USD 1.05 million) in cash, and GBP 200,000 (USD 277,000) in shares of Crossword. The transaction also involves a maximum contingent consideration of up to GBP 590,000 (USD 817,000) in cash and GBP 250,000 (USD 346,500) in shares payable in two tranches, subject to meeting performance targets during the first twelve and eighteen months following the transaction.

Founded in 2016, Stega leverages its in-house platform to provide cybersecurity solutions including threat intelligence, monitoring, compliance, incident management, security reporting, security forensics, and professional services. For FY2020 ended November 30, the company recorded a revenue of GBP 605,000 (USD 838,200) and had net assets worth GBP 49,667 (USD 68,811).

Following the acquisition, Crossword Cybersecurity will integrate Stega’s threat intelligence and monitoring solutions into its platform.

Phil Ashley, the CEO of Stega, his team, and 30 new consulting clients, mostly in the financial sector, will join Crossword Cybersecurity under the new ownership.

Founded in 2014, Crossword Cybersecurity provides cybersecurity consulting and risk management services. The company provides cyber risk analysis and third-party assurance through Rizikon Assurance 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.