First half-year report 2016 – Strong underlying growth driven by continued investments

Cognosec AB (publ) (“Cognosec” or “The Company”), a leading supplier of solutions within Cyber Security with operations in Europe, Africa and the Middle East, today announces its first half-year report for 2016.

First half of 2016 showed strong underlying revenue growth with revenues of EUR 8.9m, up 37% on the previous year at constant foreign currency rates. Performance was particularly strong in South Africa and the Middle East, with revenues emerging in the newly created European businesses. Growth was driven by continued investments in the operational, technical and sales capabilities of the Group with headcount rising 33% versus previous year. Underlying operating profit (excluding European operations and at constant foreign currency rates) was EUR 0.593m.

January – June 2016 

  • Underlying revenues grew EUR 2.44m to EUR 8.91m, up 37% year on year
  • Gross profit margin increased to 38% (H1 2015: 36%)
  • Underlying operating profit was EUR 593k (EUR 692k), assuming no foreign currency exchange differences
  • Currency effects impacted revenues negatively with EUR 1.69m
  • Total Group loss, including all new entity costs, amounted to EUR582k (H1 2015 profit EUR694k)
  • Earnings per share amounted to EUR -0.0027 (H1 2015 EUR 0.0021)
  • The Group remained debt free
  • Awarded Intel Partner of the Year EMEA 2015, announced at Intel’s annual EMEA conference
  • New European sales pipeline at multi-million Euro levels from a zero base

Cognosec completes INTACT SOFTWARE DISTRIBUTION acquisition

  • COGNOSEC completes the acquisition of 100% of the shares of INTACT SOFTWARE DISTRIBUTION – 22nd September 2017
  • INTACT generated revenue of EUR506k and EBITDA EUR18k in 2016 and revenue of EUR745k and EBITDA of EUR38k in 2017 and possesses extensive cyber-specific distribution expertise
  • Consideration EUR235k comprised EUR47k cash & EUR187k value COGS shares satisfied by the issue of 550,000 shares at EUR0.341.

Cognosec AB (publ) (“Cognosec” or “The Company”), (Nasdaq: COGS), a leading supplier of cyber security solutions with operations in Europe, Africa and the Middle East, has completed its acquisition of South Africa-based INTACT SOFTWARE DISTRIBUTION. The acquisition is in line with Cognosec’s strategy to expand business areas to cover the sale and distribution of software technologies over the internet.

Cognosec AB today announces the completion of the acquisition of INTACT SOFTWARE DISTRIBUTION (“INTACT”) pursuant to previous directives published 16th June 2016 and as at 22nd September 2017, the acquisition of 100% of the shares of INTACT.

INTACT is an SA-registered company with offices in Cape Town & Johannesburg. The transaction has been completed by Cognosec AB and will be injected into subsidiary, Credence Security.

INTACT is a specialist Digital Software Distribution Business, speciailising in providing cyber solutions from tier-one vendors by portal and established by pioneers of digital software distribution. The business is well established and EBITDA positive recording revenues of over EUR506k and EBITDA of EUR18k in the full financial year 2016 and revenues of over EUR745k and EBITDA of over EUR38k in the full financial year 2017.

The acquisition of INTACT improves Cognosec’s competitive advantage for both vendors and customers alike. This addition also expands Credence Security’s current product portfolio to incorporate cyber security solutions for secure operation centers, network operation centers, SIEMs, datacenters, mobile platforms, virtualized environments as well as providing critical fraud prevention solutions into the technology, media, telecommunications, financial and also our burgeoning public sector business.

Commenting upon the acquisition of the business by Cognosec AB, Simon Campbell-Young, INTACT’s Co-founder & CEO, says “We are delighted that the INTACT Team will be joining this tremendously exciting phase of growth within the Cognosec family. We have spent many years building our business within the territories and we can now escalate and accelerate our offerings through the enviable synergies that are now offered as part of a much larger Group.”

Patrick Boylan, Group MD of Cognosec AB commented – “The acquisition of INTACT is a strategic and wholly positive addition to our family and provides our expansive businesses with improved access to proven vendor relationships directly in our core horizontals and also enhances our vertical sector strengths with a broader pool of vendor relationships for our clients to chose from.”

The transaction included the acquisition of 100% of outstanding shares for a cash consideration of EUR47k and EUR187k value Cognosec AB satisfied by the new issue of 550,000 shares at EUR0.34 resulting in 257,729,500 issued shares from 257,179,500 previously and a dilution of 0.2%. Change in Share Capital 1,375SEK and Share Capital at today’s date 644,023.75SEK. The acquisition has been funded from internal resources. No external debt has been required to complete this transaction. There will be no other impact on Cognosec AB’s balance sheet.

1 This transaction completed in ZAR. At the time of this release, the conversion rate 1ZAR = 0.0632786EUR


Resolutions from Annual General Meeting in Cognosec AB on June 28th 2017

The following resolutions were made at the AGM:

Adoption of the Financial Statements and the Annual Report for 2016

The Annual General Meeting of Cognosec AB (publ) resolved to adopt the submitted income statement and balance sheet, the consolidated income statement and the consolidated balance sheet for 2016. The AGM also adopted proposed dispositions of the Company’s result as presented in  the  Company’s Annual  Report for 2016.  No dividend  will be declared for 2016.

Discharge of Directors and CEO from liability for financial year of 2016

The shareholders represented at the AGM, voted in unity to discharge all Directors and the Company’s CEO from liabilities for the financial year  of 2016.

Election of a new Board of Directors, Auditors and decision on fees to Directors and Auditors

The AGM resolved to re-elect Directors; Lord David Blunkett, Patrick Boylan, Daniel Holden, Neira Jones, Kobus Paulsen and newly elect Lord Antony St John Bletso. Kobus Paulsen was re-elected as Chairman. Bjorn Elowsson, Anna Petre, Magnus  Stuart and Dusyant Patel  had announced that they were not available for re-election.

Lord Antony St John  Bletso,  born  1957,  is  a  politician,  businessman  and  solicitor,  member  of  the  House  of  Lords  and  represents the  British Govenment in African affairs. Lord Antony  St John  Bletso is a  Director of African Business Solutions, Non-Executive Director  of Albion  Ventures  LLP and  Chairman of the Governing  Board of Certification International.

PricewaterhouseCoopers AB was re-elected as Auditors, with Martin Johansson as responsible auditor until end of the Annual General Meeting 2018.

Director’s fee was resolved to  SEK 65,000, for Chairman SEK  100,000.  The Auditors will be paid in accordance to approved invoicing.

Guidelines for remuneration to senior management

The  AGM resolved to adopt  the proposed guidelines for remuneration to senior executives.

Authorization of the Board of Directors to issue new shares, etc

The AGM decided in accordance with the proposal, to authorize the Directors of the Board to issue, at one or more occasions, with or without deviation from shareholders preferential rights, up to 50,000,000 new shares, convertible bonds and / or warrants.

Nomination  Committee

The AGM resolved to adopt the proposed principals  for formation of a  Nomination  Committee.

All resolutions from the Annual General Meeting are set out in the minutes from the meeting, which are available for download at  www.cognosec.se/agm


Cognosec enters exclusive agreement to acquire INTACT SOFTWARE DISTRIBUTION

  • Cognosec to acquire 100% of INTACT, subject to contract
  • INTACT is specialist in Digital Software Distribution – Cyber Security solutions by portal
  • In 2016 revenues of €563k1 and EBITDA of €19k1
  • Consideration €255,000 comprises €51,000 cash and €204,000 COGS shares

Cognosec AB (publ) (“Cognosec” or “The Company”), (Nasdaq: COGS), a leading supplier of cyber security solutions with operations in Europe, Africa and the Middle East, has signed an exclusive agreement with Intact Software Distribution, a South Africa-based company specialising in the sale and digital distribution via innovative portal technologies of cyber security solutions, products and services. The acquisition is in line with Cognosec’s strategy to expand business areas to cover the sale and distribution of software technologies over the internet.

Cognosec AB today announces the signing of Heads of Terms of Agreement pursuant to the acquisition of Intact Software Distribution, which is expected to close in Q3, 2017 subject to legal, financial and technology due diligence exercises.

Intact Software Distribution is a South African registered company with offices in Cape Town and Johannesburg. The transaction will include the acquisition of 100% of outstanding shares for a consideration of approximately €255,0001 comprised of €51,000 cash and €204,000 Cognosec AB new issue shares. The transaction will be completed by Cognosec AB subsidiary, Credence Security. There will be no other impact on Cognosec AB’s balance sheet.

Intact Software Distribution is a specialist Digital Software Distribution Business, distributing cyber security solutions by portal and established by pioneers of digital software distribution. The Company provides a focused approach to support and technical knowledge transfer in association with the distribution channel. Where required, the Company can provide assistance with implementation of the products. Intact Security is specifically focused on customer satisfaction, providing and all-round peace of mind scenario which results in collaborative engagements facilitating each client’s needs and requirements.

Intact Software Distribution complements the recent acquisition of A-TEK DISTRIBUTION by Cognosec and is positioned as a New Age Distribution Business, enabling global access to the vast Enterprise & SME markets with Pay-as-you-Use and Software-as-a-Service cyber security solutions. The technology platform provides significant scalability and global advantages through innovative distribution methodologies.

Intact Software Distribution recorded revenues of over €563k1,2 in FY2016 and EBITDA of €19k1,2.

The acquisition of Intact Software Distribution improves Cognosec’s competitive advantage for both vendors and customers alike. This addition also expands Credence Security’s current product portfolio to incorporate cyber security solutions for secure operation centers, network operation centers, datacenters, mobile platforms, virtualized environments as well as providing critical fraud prevention solutions into the technology, media, telecommunications, financial and public sectors.

Commenting on the acquisition of the business by Cognosec AB, Simon Campbell- Young, Intact Software Distribution’s Co-founder & CEO, says that – “This will provide Intact Software Distribution the opportunity to scale on many different levels, both in terms of addressing enterprises’ critical requirements for cyber defenses and, through adding established geographical presences through the Cognosec and Credence Security networks.”

Patrick Boylan, Group MD of Cognosec AB commented – “The acquisition of INTACT SOFTWARE DISTRIBUTION provides COGNOSEC AB with further unique selling propositions and strengthens our core positioning versus the competition in this exciting and dynamic environment. This is a perfect combination and natural fit which will create tremendous growth, synergy along with enhanced streams of profitability.”

Note 1 – The transaction will complete in ZAR so the approximation is for the EUR:ZAR exchange rates which were taken at mid- market on 15th June 2017, 1EUR=14.3347ZAR.

Note 2 – Intact Software Distribution uses ZAR as reporting currency.


Cognosec completes A-TEK DISTRIBUTION acquisition

  • COGNOSEC acquires 100% of the issued share capital of A-TEK – 12th June 2017
  • A-TEK is EBITDA positive with extensive cyber-specific distribution expertise
  • Consideration €275,000 comprised €44,000 cash & €231,000 COGS shares at €0.25 strike price

Cognosec AB (publ) (“Cognosec” or “The Company”), (Nasdaq: COGS), a leading supplier of cyber security solutions with operations in Europe, Africa and the Middle East, has completed its acquisition of UK-based A-TEK DISTRIBUTION LIMITED. The acquisition is in line with Cognosec’s strategy to expand business areas to cover the sale and distribution of software technologies over the internet.

Cognosec AB today announces the completion of the acquisition of A-TEK DISTRIBUTION pursuant to previous directives and as at 12th June 2017, the acquisition of 100% of the issued share capital of A-TEK.

A-TEK DISTRIBUTION is a UK registered company with offices in Manchester and Johannesburg. The transaction has completed by Cognosec AB and will be injected into subsidiary, Credence Security.

A-TEK DISTRIBUTION is a specialist Digital Software Distribution Business, speciailising in cyber solutions by portal and established by pioneers of digital software distribution. The business is positioned as a New Age Distribution Business, enabling global access to the vast Enterprise & SME markets with Pay-as-you-Use and Software-as-a-Service cyber-specific solutions. The technology platform provides significant scalability and global advantages through innovative distribution methodologies.

A-TEK DISTRIBUTION recorded revenues of over £88,000 in FY2016 and EBITDA of £42,000.

The acquisition of A-TEK improves Cognosec’s competitive advantage for both vendors and customers alike. This addition also expands Credence Security’s current product portfolio to incorporate cyber security solutions for secure operation centers, network operation centers, datacenters, mobile platforms, virtualized environments as well as providing critical fraud prevention solutions into the technology, media, telecommunications, financial and public sectors.

Commenting on the acquisition of the business by Cognosec AB, Simon Campbell- Young, A-TEK’s Co-founder & CEO, says that – “This will provide us with the traction that is required in this heavily fragmented market, to move quickly and expeditiously towards solving our communities’ needs with rapid supply solutions to ever increasing demands, internationally.”

Patrick Boylan, Group MD of Cognosec AB commented – “The acquisition of A-TEK gives us the further strength and security of building upon man-years within the cyber industries from a hugely diversified group of existing and potential vendor offerings.”

The transaction included the acquisition of 100% of outstanding shares for a consideration of approximately €275,000 comprised of €44,000 cash and €231,000 Cognosec AB new issue shares at €0.25 strike-price. The acquisition has been funded from internal resources. No external debt has been required to complete this transaction. There will be no other impact on Cognosec AB’s balance sheet.


Cognosec AB (publ): Notice of Annual General Meeting

Shareholders of Cognosec AB (publ), 556135-4811, are hereby summoned to Annual General Meeting on Wednesday, June 28, 2017 at 09:00, (CET), in Cognosec office, Birger Jarlsgatan 12, Stockholm. Registration will commence at 08:30 (CET).

NOTICE

Shareholders who wish to attend the AGM must:

–           Be registered in the Euroclear Sweden AB share register, no later than June 21, 2017 (the record date)

–           Latest by Monday June 26, 2017 at 16:00 give their notice of own attendance and of any appointed counsel, to the Company, either in writing to Cognosec AB, P.O. Box 3416, 103 90 Stockholm, Sweden; or by e-mail toolle.hillbom@cognosec.com , stating the full name, personal or corporate identity number, address, daytime phone number and, if applicable, information about appointed representative, proxy or assistant.

To facilitate registration at the AGM, notification should, where appropriate, be accompanied by a power of attorney, registration certificates and valid authorization documents. Proxy forms will be available on the Company’s website www.cognosec.se and can be sent by mail to shareholders who so request. The power of attorney must be presented no later than the registration at the meeting.

Shareholders who have trustee-registered shares must, in order to be entitled to participate in the Annual General Meeting, request a temporary entry in the Company´s shareholders register maintained by Euroclear Sweden AB. Shareholders must inform their nominee of this, well before Wednesday June 21, 2017 when such entry latest must be executed.

PROPOSED AGENDA

1. Opening of the Meeting

2. Election of Chairman of the Meeting

3. Preparation and approval of voting list

4. Presentation and approval of the agenda

5. Election of two persons to approve the minutes

6. Determination of whether the Meeting has been duly convened

7. Statement by the President

8. Presentation of the annual report and the auditor’s report and consolidated financial statements and consolidated audit report

9. Resolutions on:

a. Adoption of the income statement and balance sheet and consolidated balance sheet;

b. Allocation of results according to the adopted balance sheet;

c. discharge of the directors and the CEO

10. Determination of the number of Directors and Deputy Directors

11. Determination of fees to Board members and auditors

12. Election of Board members and Chairman

13. Resolution on guidelines for remuneration to the executive management

14. Resolution on mandating the Board on decision of emission of new shares

15. Resolution regarding principles for appointing the Nomination Committee

16. Closing of the meeting

PROPOSED RESOLUTIONS OF THE ANNUAL GENERAL MEETING

Item 2: Election of Chairman of the Meeting

Company proposes Jur Kand Stefan Mårtensson as Chairman of the Annual General Meeting 2017

Item 10: Determination of number of Board members

The Company publishes its proposal for AGM decisions no later than on June 7, 2017.

Item 11: Establishment of fees to the Board and auditors

The Company publishes its proposal for AGM decisions no later than on June 7, 2017.

Item 12: Election of Directors and Chairman of the Board

The Company publishes its proposal for AGM decisions no later than on June 7, 2017.

Item 13: Resolution on principal guidelines for remuneration to Company management

The Company proposes to the AGM that resolves to approve the Company’s proposed guidelines for remuneration to senior executives in Cognosec (“the Group”) as follows. The Company’s proposal is broadly consistent with the guidelines of the Swedish Code on remuneration for senior executives. The Board elects among its directors, a remuneration subcommittee to prepare and to review, subsequent decisions regarding remuneration and terms of employment for company management, are all made by the full Board. The Company shall provide remuneration conditions of such level to allow the Company and its subsidiaries to recruit and retain skilled personnel. The Board shall be entitled to deviate from these established guidelines when called for by special reasons.

Item 14. Resolution on mandating the Board on decision of emission of new shares

The Board proposes that the AGM resolves to authorize the Board, during the period until the next AGM, at on one or more occasions, with or without deviation from the shareholders preferential rights, to resolve on issues of shares, convertibles and / or warrants. Payment shall be made in cash, by contribution in kind, set-off or otherwise be conditional. The Company’s share capital can thereby be increased by a maximum of SEK 125 000 to a maximum of 50 million new shares, which upon full subscription and full subscription in the current issue of the Company, resulting in a dilution of approx 20.2 percent of the Company’s share capital and total voting voice.

Item 15. Nomination Committee

The Board proposes that the AGM resolves the decision on principles for annual establishment of a Nomination Committee (NC) under a guideline, Appendix A. The NC shall consist of the Chairman and one representative for each of the four largest shareholders, as of 30 September 30th recorded in the Company´s public shareholders registers, whom make themselves available for this mission. The Nomination Committee shall perform tasks that from time to time are stipulated by the Swedish Code of Corporate Governance and shall remain in office until a new Nomination Committee is appointed. The Nomination committee shall be constituted during the month of October and its members be published in the Company´s interim report for the third quarter.

STATEMENT ON THE TOTAL NUMBER OF SHARES AND VOTES IN COGNOSEC AB

As of the date of this notice, Cognosec AB has a total of 257,179,500 shares and 257,179,500 votes.

GENERAL

The accounts and auditor (items 8-9) and complete proposal for a decision (points 13-14) kept available at the Company’s office at Birger Jarlsgatan 12, SE-114 38 Stockholm and on the Company’s website, www.cognosec.se Date of effect Wednesday, June 7, 2017 and sent to shareholders who so request and state their address. This notice is an adaptation to English from the Swedish original. The Swedish version remains legally binding to the Company.

Stockholm, May 2017

Board of Directors


Cognosec AB (publ) announces new date for Annual General Meeting 2017 and adapt financial reporting to IFRS.

Cognosec AB (publ) (“Cognosec” or “The Company”), Nasdaq: COGS a leading supplier of solutions within Cyber Security with operations in Europe, Africa and the Middle East, today announces a revision of previous published dates for the convening of Annual General Meeting. The Company has decided to adapt its financial reporting to IFRS accounting standards. Publishing of the Annual Report 2016 will be moved forward.   

The Annual General Meeting is rescheduled to be held on June 28th, 2017. The notice for the AGM will be published on May 30th, 2017 in accordance with the Company´s Articles of Association.

The Company´s Annual Report for 2016 will be published no later than June 7th, 2017.

The background is that the Company has decided that the Group’s accounting standards should be adapted to IFRS, which includes the Annual Report for 2016 and subsequent interim reports.

This message updates the information contained in the Company’s financial calendar for 2017.


First Quarter 2017: Improving Margins with an acquisition at completion stage

Cognosec AB (publ) (“Cognosec” or “The Company”), Nasdaq: COGS a leading supplier of solutions within Cyber Security with operations in Europe, Africa and the Middle East, today announces its first quarter interim report for 2017.

Total revenues of 3.76m EUR (Q1 2016: 3.98m EUR) reflected positive traction in key markets, but delays of key contracts in others, where ongoing tenders have not been closed. Increased group costs were incurred to harmonise operations and drive future margin. These effects stretched the Group’s cash position, pending debtor collections and unwinding of deposits. Overall Group loss for Q1 2017 was 0,846m EUR (Q1 2016: 0,192m EUR). A-tek acquisition identified and at completion stage.

  •  Group Revenue of 3.76m EUR (Q1 2016: 3.98m EUR).
  •  Group loss of -0,846m EUR (Q1 2016: 0,192m EUR).
  •  Credence Security SA increased revenues by 24.5m ZAR (309%) for Q1 2017, compared to Q1 2016.
  •  Cognosec UAE revenues increased by 2.4m AED for Q1 2017 (112%), compared to Q1 2016.
  •  Group gross margin for the quarter increased to 43% (Q1 2016 Gross Margin: 36%).
  •  Operating Margins reduced, as investment in staff and resources are implemented.
  •  Quarterly underlying operating loss, excluding new European entities: EUR 86k (Q1 2016 profit EUR 390 k).
  •  The Group’s net debt for Q1 2017 was EUR 86k (Q4 2016: EUR 1.36m in cash and equivalents).
  •  Group operating margin of EUR 0.86m (Q1 2016 ytd operating profit: EUR 0.29m).
  •  The Group employed 136 staff at the end of Q1 2017, up 44% compared to Q1 2016 (95).
  •  New website launched; www.cognosec.com. This site provides extensive information on our complete service solutions and products available to the market.

This report is published in English only, and going forward Cognosec AB will publish interim reports in English.


Fourth Quarter, 12 Months Report 2016:Continued sales growth and pipeline development

Cognosec AB (publ) (“Cognosec” or “The Company”), a leading supplier of solutions within Cyber Security with operations in Europe, Africa and the Middle East, today announces its fourth quarter and twelve month report for 2016.

The Fourth Quarter showed a 32% increase in revenues compared to the previous quarter, from EUR 3.23m to 4.28m. The newly created European businesses saw revenues of EUR 547k compared to EUR630k. Continued investments in resources and headcount were made to build the business and meet demand. Headcount 108 versus 83 previous year.

  •  Revenues grew to EUR 4.28m up 32% compared to previous quarter
  •  European operations revenue generation: EUR 530k (Q4 2015: nil)
  •  New business in South Africa grew 289%, adding to future renewal rates
  •  Gross profit margin for the quarter was marginally down 42% (Q4 2015:47%)
  •  Resources and headcount grew substantially to build the business and meet demand
  •  Quarterly underlying operating loss, excluding new European entities: EUR 456k (Q4 2015 profit: EUR731k)
  •  FY Group Operating loss, including new European entities: EUR 2.71m (2015: profit EUR 1.86m)
  •  Quarterly loss per share amounted to EUR -0.0048 (Q4 2015: EUR 0.00027)
  •  The Group employed 108 (83) people at the end of the period, up 30 %
  •  The Group remained debt free and had EUR 1.36m in cash and cash equivalents at the end of the period

This report is published in English only, and going forward Cognosec AB will publish all of its quarterly reports in English.


Cognosec enters exclusive agreement to acquire UK-based A-tek Distribution Limited

Cognosec AB (publ) (“Cognosec” or “The Company”), (Nasdaq: COGS), a leading supplier of cyber security solutions with operations in Europe, Africa and the Middle East, has signed an exclusive agreement with A-tek Distribution, a UK-based company specialising in the sale and digital distribution via innovative portal technologies of cybersecurity solutions, products and services. The acquisition is in line with Cognosec’s strategy to expand business areas to cover the sale and distribution of software technologies over the internet.

This press release includes inside information of Cognosec AB (publ) (“Cognosec” or “The Company”) that has been subject to postponement of disclosure. The disclosure of inside information was postponed on December 8, 2016 under Article 17 (4) of Regulation (EU) No 596/2014 (Market Abuse Regulation).

Cognosec AB today announces the signing of Heads of Terms of Agreement pursuant to the acquisition of A-tek Distribution, which is expected to close in Q1, 2017 subject to legal, financial and technology due diligence exercises.

A-tek Distribution was founded in 2009, and is a United Kingdom registered company. The transaction will include the acquisition of 100% of outstanding shares for a consideration of approximately €275,000[1]comprised of c€44,000 cash and €231,000 Cognosec AB new issue shares. The transaction will be completed by Cognosec AB subsidiary, Credence Security. There will be no other impact on Cognosec AB’s balance sheet.

A-tek Distribution is a specialist Digital Software Distribution Business, distributing cyber security solutions by portal and established by pioneers of digital software distribution who between them, possess over 85 man years of digital software distribution. A-tek is positioned as a New Age Distribution Business, enabling global access to the vast SME markets with Pay-as-you-Use and Software-as-a-Service cyber security solutions. The technology platform provides significant scalability and global advantages through innovative distribution methodologies.

A-tek Distribution recorded revenues of EUR101 510 2[2] in FY2016 and EBITDA of EUR 48 5602.

The acquisition of A-tek improves Cognosec’s competitive advantage for both vendors and customers alike. This addition also expands Credence Security’s current product portfolio to incorporate cyber security solutions for secure operation centers, network operation centers, datacenters, mobile platforms, virtualized environments as well as providing critical fraud prevention solutions into the technology, media, telecommunications, financial and public sectors.

Commenting on the acquisition of the business by Cognosec AB, Robert Hall, A-tek Distribution’s Co-founder, says that – “It will allow the Company to fast track the overview above, whilst working together with a globally recognized provider of cyber security excellence to secure additional distribution agreements giving our current and future partners tremendous platforms for future growth, productivity and profitability.”

Robert Brown, CEO of Cognosec AB commented – “We are delighted to broaden and deepen our business in line with our strategies through the acquisition of A-tek, a highly respected and experienced team. Through A-tek, Cognosec will be extending its customer base with the addition of web-based digital distribution portals covering existing and new segments of this growing market. Cognosec recognizes the expansion of distribution of cyber security software through innovative portal solutions providing products and services with a strong emphasis on the SME markets as our strategic focus.”

[1] The transaction will complete in GBP so the approximation is for the GBP:EUR exchange rates which were taken at mid-market on 23th January 2017, 1GBP=1.158EUR.

[2] A-tek Distribution Limited uses GBP as reporting currency. The approximation is for GBP:EUR exchange rates which were taken at mid-market on 23th January 2017, 1GBP=1.158EUR.