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(Sharecast News) - Risk management services firm Acuity RM said on Monday that its newly launched cybersecurity tool has secured its first customer win.
Acuity RM said its Vendor Management Hub, which was designed to manage third-party IT risks, targets a growing segment of the market concerned with supplier-related vulnerabilities.
Acuity RM said VMH was positioned as an entry-level solution for mid-market organisations, offering automated risk scoring, compliance tracking, and integration with Acuity's existing STREAMÒ platform.
The AIM-listed group noted that while the initial contract value was modest, it said the broader market opportunity was substantial, particularly among SMEs, which currently account for 68% of global Governance, Risk and Compliance revenues.
Chief executive David Rajakovich said: "VMH broadens Acuity's market opportunity into a wider arena - mid-market organisations that still need to manage third-party risk.
"It is a relatively inexpensive, entry-level product that appeals to any organisation serious about managing supplier cyber security risk. VMH is a natural starting point for launching a comprehensive cybersecurity solution."
As of 0940 BST, Acuity RM shares were down 5.67% at 1.06p.
Reporting by Iain Gilbert at Sharecast.com
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