Crossrider Reports Revenue Growth After Shift from Adtech to Cybersecurity
The London-headquartered, Israel-linked company says its revenue for 2017 is expected to increase by 16% to $65.8 million
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Crossrider said its financial results for 2017 represents the first full calendar year since the company shifted its strategic focus from adtech and entered the cybersecurity software market. The London-listed company made several cybersecurity acquisitions last year, a move that increased growth in its core activity. Without counting Crosssrider’s discontinued adtech business, the company’s Adjusted EBITDA increased by 154%.
The company also reported a cash balance of $69.4 million as of December 31.
“2017 was a pivotal year in the development of Crossrider, having continued to execute on our stated strategy, resulting in strong financial growth across all key financial metrics as well as successfully broadening of our operational reach,” CEO Ido Erlichman said in a statement. “Having delivered strong growth both organically and through acquisition, we expect to deliver further progress in 2018 underpinned by expanding our customer base and increasing cross-selling activities as well as further potential acquisitions.”
Founded in 2011, Crossrider maintains offices in Israel, Romania, Cypress and the Philippines. The company is controlled by Israeli businessman Teddy Sagi.