Angel Bank

Fast-growth IT company in authentication sector

This is a young, dynamic and innovative IT security company.

We have developed a unique, world-class authentication system that protects business, government and healthcare from identity theft, phishing scams and credit fraud.

Vision: We are the first to have developed and promote a unified authentication system. In 3 years, we will become the No. 1 in providing these solutions and we aim to be a top 5 company in unified authentication and encryption. It is envisaged that the company will be the subject of trade sale, or IPO on AIM in 3 to 5 years.

Key objectives:
To establish strong customer bases in Europe, US and China
To become a top 5 company in the strong authentication in the global market
To further expand our unified security platform to cover mobile data security

Total funding required: £2,500,000

Funding required for:
Sales expansion to EMEA markets
Establishing a Sales office in the US in 2008
Establishing Sales (and R&D) operations in China in 2008

Current annual turnover: £150,000

Turnover targets:
Year 1: £385,000
Year 2: £2,400,000
Year 3: £6,200,000

Gross profit margin: 40%

Strong management team is in place, with substantial experience in business development and engineering.

Full business plan? Yes

Potential alliances with: System integrators and managed IT service providers

Access to specific target markets, such as financial institutions and banks, is desirable.

The market opportunity for strong authentication products is tremendous and subject to a high growth. The worldwide strong authentication market in the enterprise sector alone reached $516 millions in 2006, and is forecast to reach over $1 billion in 2010, growing at a CAGR of 19% (Gartner).

We have won a number of industry awards, and we are poised to be one of the most technologically advanced companies in the strong authentication market.

Business Profile: P1005

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