Cyan AG Reports 41% Growth in Recurring Revenue for 2023

Cyan AG, known for its cybersecurity solutions, has unveiled its preliminary financial outcomes for 2023, marking a notable 41% increase in recurring revenue within its cybersecurity sector. This announcement came on April 2, 2024, signaling a promising direction for the company after it decided to divest its BSS/OSS segment by the end of 2023. The divestiture saw the segment being categorized as a discontinued operation, leading to a freshly calculated operating revenue exclusively from cybersecurity efforts amounting to EUR 4.7 million.

Significant contributors to the growth include expanded collaborations with MTEL in Germany and Switzerland for network-integrated security solutions, and a productive update with T-Mobile Poland boosting subscriber numbers. CEO Thomas Kicker highlighted the strategic sell-off of the BSS/OSS segment as a move that streamlined the company’s focus towards cybersecurity, markedly reducing costs by 60% and simplifying operations. Kicker emphasized the importance of recurring revenue and noted planned expansions beyond the telecom sector.

Further, Kicker expressed optimism about entering the new financial year on strong footing, particularly citing a new collaboration with Orange Spain and ambitions for more customer contracts. Cyan AG’s shift towards exclusive cybersecurity operations appears to be a strategic maneuver aiming to consolidate its position in the market and explore new verticals.