IMCI – IGI Cybersecurity Issues Shareholder Letter and Provides Corporate Update
Dear Shareholders,
While 2020 was largely marked by the COVID-19 pandemic that led to the struggle and closure of many companies, we are proud to say that IGI Cybersecurity was able to advance its business plan and successfully build for 2021 and beyond.
Major Channel Relationship Growth
You may have noticed that 2020 was a notable year in the Cybersecurity space, marked by numerous high-profile breaches. While breaches negatively impact the companies that are targeted, this trend reveals that the outlook for our industry is positive in terms of opportunity for IGI—particularly with our vCISO services, our Incident Response capability, and our Nodeware platform.
In 2020, we continued to create a portfolio of products and services in the converging IT Security and Cybersecurity markets. Based on the development success of 2020, IGI has a clearly defined vision and execution plan for the year ahead.
Our channel strategy continues to grow and produce results. Particularly, we have had growth with Telarus, which has established itself as the top master agent in North America with over 6,000 sales agents promoting technology solutions. As one of their top cybersecurity solutions providers, we have helped Telarus evolve from telecommunications into the world of cybersecurity.
We have also developed a fruitful relationship with Staples’ B2B segment that is gaining momentum; we are working with their sales organization to drive cybersecurity solutions and Nodeware to their base of over 175,000 customers in the mid-market to SMB space. We anticipate even more positive results as this relationship continues to grow and evolve in 2021.
Despite the stagnant economy, IGI saw a significant growth in our cybersecurity businesses in the first three quarters of last year and we are investing in our marketing and branding efforts. We engaged with a well-known and highly experienced marketing agency based in Washington D.C., Bluetext, that is highly regarded in the cybersecurity market. IGI’s new brand, including strong messaging and a fresh look and feel, will be launched by the end of Q1, 2021.
2021: Targeted Market Growth
Our strategy and pursuit in SaaS-based solutions and product development has exciting promise for the markets we are targeting through our ever-growing channels. We have some exciting plans for the growth of the Nodeware® platform and for our continued product development in that arena.
Regarding the Nodeware platform, we are working with a variety of channels to drive sales and are in pursuit of vertical platform integrations. Nodeware is profoundly changing the landscape of network asset discovery and vulnerability management with its flexible, cloud-based tech and use of AI (Artificial Intelligence).
Our IP portfolio is growing and is a top priority for 2021. We have recently filed another institutional patent application and have made progress on the intellectual property front in terms of our patent pending Nodeware solution.
We are focused on a continuous process of value creation for our shareholders, customers, and employees. In this sense, our business plan includes gathering all the elements that will allow us to complete a future up-listing on the exchanges.
With that purpose in mind, we have been working on improving our balance sheet as
we also phase out business lines that do not produce significant revenue or profit.
Recently, we completed the discharge of some convertible notes, which resulted in a reduction of total debt and a reduction in the fully diluted share number by over 10 million shares; a positive event for our balance sheet and shareholders.
In short, over the last year our Management Team has shown impressive commitment in executing an effective business plan, particularly in the early pursuit stages of mergers and acquisitions, even while facing challenges in the current climate.?We also initiated research through Goldman Research, and we look forward to further coverage and new reports.
Management expects to generate organic and inorganic growth this year, as well as adding new channels that capitalize on current business and market conditions. As we proceed, we are certain these will further solidify shareholder confidence in our overall business and corporate direction.
Look for our new Investor Relations section on our website where we post new milestones and achievements, and feel free to send your questions and thoughts to IR@igius.com. Thank you for your continued interest and support.
James A. Villa, CEO
Andrew Hoyen, President
Disclaimer: All of my posts represent only my personal opinion and should never be taken as facts or advice by anyone, for any reason.
