Excite Technology Services reports productive June 2024 quarter

Excite Technology Services has reported a productive June 2024 quarter, highlighting several developments in customer growth and project success. The Sydney-based cyber services provider noted significant strides in expanding its customer base and securing new contracts across various sectors, resulting in an additional AUD $989K in annual contract value.

CEO Bryan Saba outlined some of the quarter's key achievements, stating, "We are thrilled with our June quarter performance, reflecting our tactical focus on expanding our footprint across diverse industries and enhancing service delivery to our existing clients. Having spent time restructuring and investing in our go to market in late 2023, we are now seeing the teams dedication and expertise now driving growth as well as solidifying our position as a trusted cyber services provider."

According to the company, the Annual Contract Value (ACV) customer base for its key offering, Excite Cyber, saw a growth exceeding 10% for the quarter with no significant contract churn. This was primarily attributed to in-contract growth and new services for major clients. Additionally, eight new projects were secured as existing customers expanded their engagement with Excite Cyber's Consulting and Solutions products and services.

There was notable progress within Excite Cyber's Consulting Practice, which provided guidance on cyber security strategy, governance, risk, and compliance to a growing number of leadership teams among their key customers. This initiative appears to be pivotal in strengthening relationships and broadening the spectrum of services provided by the company.

The company also made headway through its Indirect Channel Partners, participating in customer roundtables, training, and joint selling. Efforts this quarter were focused on qualification and ensuring the quality of customer opportunities in the pipeline, aiming for robust customer outcomes.

Among the notable new business wins, Excite Cyber secured a contract for an IT service desk with a mid-enterprise customer in the construction and engineering sector. Furthermore, the company garnered new advisory and consulting engagements in the regulated sectors of Banking, Financial Services and Insurance, Victorian State Government, and the Australian Premium Food and Beverage industry.

The new Advisory and Consulting Services engagements are anticipated to establish and develop trusted relationships with senior stakeholders within these sectors. Saba emphasised the importance of these new business wins, underscoring that business was won across Excite Cyber's primary streams of Consulting, Solutions, and Managed Services/Operations. This drove high utilisation across their operations.

Saba added, "Equally pleasing is the way we have been able to provide good customer outcomes at all stages in the customer cyber security journey which reinforces our strategy of adding value wherever the customer is in their journey."

The reported quarter's results reflect the company's continued investment in service delivery and market capabilities made in 2023. These efforts are showing positive results with existing and new clients, firmly positioning Excite Cyber as a trusted provider in the field of cyber services.