IP Group and Crossword sign Memorandum of Understanding
August 16, 2018
Crossword Cybersecurity Plc (NEX: CCS, "Crossword"), the technology commercialisation company focusing exclusively on the cyber security sector, is pleased to announce that it has signed a Memorandum of Understanding (“MoU”) with Main Market listed IP Group plc (LSE: IPO) ("IP Group"), the developer of intellectual property-based businesses.
The MoU sets up an understanding between IP Group and Crossword to commercialise cybersecurity intellectual property originating from university research projects. In pooling the expertise of the two groups, the MoU will create a framework to enable detailed technical and commercial exploration of the complex opportunities academia gives rise to in this $100bn plus market. We believe this will allow greater exploitation of the UK’s research output in this sector, something which has historically lagged behind that of other advanced countries despite the leading position the UK has in cyber security at a Governmental level.
IP Group and Crossword believe there is a rich untapped seam of cybersecurity research taking place in universities worldwide which can form the basis of successful commercial products and companies. Crossword has already identified hundreds of university cybersecurity research projects and has the deep expertise required to assess and identify those that are best suited for spinning out into start-up ventures. By working with IP Group we aim to transition the most promising and exciting candidates in to truly world-leading businesses.
Tom Ilube CBE, Crossword CEO, said:
"Crossword is delighted to be working with IP Group on identifying and commercialising innovative cybersecurity research emerging from Universities worldwide. IP Group pioneered the concept of the long-term partnership model with universities and coupled with Crossword’s deep cybersecurity expertise, we anticipate creating exciting new ventures together."
Dr Lee Thornton, Director – New Business & Partnerships, IP Group said:
"IP Group is excited by the prospect of working with Crossword Cybersecurity, a leader in its field having already created two spin-out companies from UK universities. Crossword share our vision of building next-generation businesses founded on world-leading science, and by pooling our commercial and technical expertise we hope to generate significant value in this high-growth sector".
Further information, please contact:
Tom Ilube CEO, Crossword Cybersecurity Tel: +44 (0) 20 8973 2350 Email: info@crosswordcybersecurity.com
NEX Corporate Advisor Nick Michaels and Jon Isaacs, Alfred Henry Corporate Finance Limited www.alfredhenry.com Tel: +44 (0) 203 772 0021
NEX Corporate Broker Claire Louise Noyce - CEO, Hybridan LLP Tel: +44 (0) 203 764 2341 Email: claire.noyce@hybridan.com
