26 nov - 10 dec
Interwiev about Emission
(Subtitle in English)
With a targeted outlook during murky times
Identity theft, data hacks, password registers - connected crime hasn’t stopped in creativity or intensity. Unsurprisingly, cyber security is an area that is expected to grow exponentially in the coming decade.
For the Swedish software developer Eyeonid Group AB, this translates to an enormous market potential, with SEK 50 million now raised in a share issue to further expand its business in new markets.
Text: Christian von Essen
As individuals and digital citizens, we have accepted this as a part of life. But sometimes, the wrong people pick up those balls; sometimes they fall into proverbial sewers and transform into an entirely different kind of currency in the dark world under the city.
For the Stockholm company, Eyeonid, this new reality has spurred the development of tools that can analyze where those bouncing balls are headed, and at best, prevent them from disappearing at all.
"Cybercrime is one of the biggest problems that we will have to learn to live with in the future," says Patrik Ugander, CEO of Eyeonid, which will raise SEK 50 million through the next issue.
He describes expected growth of the industry: cybercrime will cost the global community six trillion dollars annually by 2021 (about SEK 60 trillion). Smoking costs one-sixth as much.
CEO Patrik Ugander
“Cybercrime is one of the biggest problems that we will have to learn to live with in the future”
Interwiev about Eyeonid
(Subtitle in English)
“Social security (personal) numbers, passwords, credit card details and IP addresses are hard currency in in the internet’s underground marketplaces”
Consequences of data theft
A prerequisite for cybercrimes to take place is that the data be valuable to begin with. Social security (personal) numbers, passwords, credit card details and IP addresses are hard currency in in the internet’s underground marketplaces – for example, the Darknet and Deep Web.
– Government data is also at risk of being hacked. When all documents are digitized, they become searchable, and thereby ‘hackable’.
As a private individual, it is difficult to see the consequences before it happens. Patrik Ugander believes that information theft can and will affect us on several different levels.
The most obvious cyber crimes people think of lead to financial consequences; i.e. someone stealing all my flight bonus points or ordering things online with my credit card. However, there’s an additional emotional component that we don’t account for nearly enough: how does it feel, for example, when thousands of my family pictures suddenly vanish from my cloud service? A third very real aspect may be that fraudsters can taken on my identity for various reasons. This can lead to damaging rumors that can be difficult to disprove.
Tools that prevent identity theft
Over the past five years, Eyeonid has developed a service that proactively minimizes the risks of data leakage. By securing private individuals' information on their devices, the algorithms can search for similar hits. This way, one immediately knows if the information is somewhere it doesn’t belong.
- Our algorithms search the Internet, Darknet and Deep Web 24 hours a day, while our experts search forums and communities. There are many places data can hide, says Patrik Ugander.
He takes a few concrete examples: the data contained in your Netflix account can be worth SEK 150, while a comprehensive customer profile could be worth as much as SEK 15,000. Our offering translates into big business on both sides of the legal spectrum.
For an EyeOnID customer, an alarm will go off if information is identified in questionable locations. Along with information about the context at hand, what specific information has leaked and what actions need to be taken are determined.
Thanks to their in-house developed text analysis tool, EyeOnID can go deeper in searches, which will be valuable for, for example, companies seeking to understand if their domain name and/or brand is being used improperly.
The B2B market however is what really serves as the next step in the company's development. EyeOnID’s current customers are primarily European telecom companies, banks and insurance companies that can integrate the company’s services into their cyber security packages - a kind of B2B2C model.
“Our experts search forums and communities. There are many places for data to hide”
From technology-driven to customer-centric
Patrik Ugander previously comes from managerial roles in the telecom world and the insurance industry. He was appointed new CEO of Eyeonid in April 2019 and has initiated a shift towards increased customer focus.
– We have the technical solution in place, but will be better at selling our products with the value they create. My goal is to turn the company from a technology company to serve as one that’s first and foremost customer-centric. At the same time, the technology is a fresh product, so we need to keep up to date.
He is confident that the new direction will help shorten sales cycles, with more business and an increased European presence as positive byproducts.
“Cybercrime will cost the global community six trillion dollars annually by 2021 (about SEK 60 trillion)”
In one issue, Eyeonid plans on taking in SEK 50 million to fuel the company’s development.
We want to develop more business legs and seriously dive into the B2B segment. However, we need capital to increase visibility and strengthen our position as a market leader. There are many companies and organizations that would benefit from increased knowledge in cyber security – this is where we’ll be able to contribute with both package solutions and education.
Where will Eyeonid be in five years?
– By then, we would have managed to capitalize on the technology innovation that we are sitting on today. We are the customers' primary choice, and I have a clear picture of where our risk score will serve as an accepted certification that one has a healthy security mindset online. A high EyeOnID Score can even boost someone’s employability by proving his or her credibility and reliability.
For Patrik Ugander himself, it's not all about growth and market share. There is also an exciting development curve as a leader and person.
– I can use all parts of my backpack with experience. With new capital inflows, we can build on a company that is stable and sustainable in the long term. It is a challenging task, but the team is absolutely fantastic. I've never had as much fun at work as I do now.
Preliminary timetable for the Rights Issue (all dates refer to 2019)
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The shareholders of Eyeonid have the precedence right to subscribe for shares.
One (1) existing share held on the record date of 22 Nov 2019 entitles to one (1) unit right. Three (3) unit rights entitle to subscribe for one (1) unit at the price of SEK 2.30, corresponding to SEK 1.15 per share. One (1) unit consists of two (2) shares and one (1) subscription option of series TO5
The subscription period runs from November 26 - December 10, 2019
The subscription price is SEK 2.30 per unit
When fully subscribed to the rights issue, Eyeonid is allocated approximately 50 million before issue costs. The offer is secured to 80% through guarantee commitments.
Application form for subscription of shares
WITHOUT support of preferential right in Eyeonid*
Application form for subscription of shares
WITH support of preferential right in Eyeonid*
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