cyan accelerates growth strategy
DGAP-News: cyan AG / Key word(s): Expansion
cyan accelerates growth strategy
Munich, August 20, 2019 - cyan AG has accelerated its investment program and started to align the organization to rapid future growth. In the course of this, cyan has already increased its investments in personnel recruitment in the areas of sales, marketing and IT development in the current fiscal year.
At the beginning of July, the company raised EUR 25 million in the course of the successful capital increase, of which about 30-35% is to be invested in the further development of the organization, 15-20% in research & development ("R&D") and about 45-55% in accelerated customer growth.
Most of the planned investments in customer growth ("market investments") and R&D will take place in 2020. Management is deliberately accepting lower EBITDA margins in 2019 and 2020 for this accelerated growth course, which should have a significant positive impact on sales and earnings from 2021 onwards.
cyan sets medium-term targets
For 2019, the management confirms the sales target of EUR 35 million. As a result of the increased investments in the company's expansion, cyan for 2019 now expects an EBITDA of EUR 14 million instead of the EUR 20 million previously announced. This corresponds to an EBITDA margin of 40%.
Management expects sales to grow to at least EUR 75 million by 2021 (previously communicated: EUR 60 million) and to stay on this growth trajectory for the years to come, with a target EBITDA margin of approx. 50%, as sales should develop significantly faster than costs from 2021 onwards at the latest due to economies of scale.
Uplisting to Prime Standard
For 2020 cyan confirms its plans to uplist its shares from the stock market segment "Scale" to the most regulated segment "Prime Standard" of Frankfurt Stock Exchange. In this context, cyan has already switched to IFRS reporting since the 2018 fiscal year.
Core shareholders support growth strategy
The core shareholders Alexander Schuetz, Apeiron Investment Group and Tansanit support the accelerated growth strategy and have converted their existing lock-up agreement with Berenberg, which had a term of 6 months with market exceptions, into a 12-month hard lock-up (i.e. without the possibility of early unblocking). The only remaining exception is the entry of a strategic investor with more than 25% or a complete takeover.
Peter Arnoth: "The successful capital increase, excellent security solutions, a debt-free balance sheet and comfortable liquidity as well as existing, very satisfied customers such as Orange, Magenta Telekom (T-Mobile Austria) and T-Mobile Poland are the perfect foundation for pushing growth massively forward and winning global market shares."
cyan (XETR:CYR) is a leading global provider of intelligent, white labeled IT security solutions and telecom services with more than 15 years of experience in the area of IT security. The main business areas of the company are cyber security solutions for the end customers of mobile network operators and fixed line internet service providers (MNO), mobile virtual network operators (MVNO) as well as for the banking sector and insurance companies. cyan's solutions are integrated into the business partner's infrastructure and then offered under its own name ("white labeled") to its end customers ("B2B2C").
Today, the group has more than 50 international customers, through whom cyan's products are sold to around 8 million end customers. cyan offers a service along the entire value chain, from the platform to data optimization and cyber security. The company also operates its own research & development center with the goal of recognizing trends in the industry at an early stage and to create the best possible product solutions. In December 2018 cyan has concluded a global group contract with Orange for its cyber-security solutions. Cooperation partners include Aon, the world's leading insurance broker, and the payment service provider Wirecard.
Further information is available at www.cyansecurity.com
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Stuttgart, Tradegate Exchange|
|EQS News ID:||859957|
|End of News||DGAP News Service|