Intercede Group PLC

First-pass take

Intercede is a profitable, cash-generative cybersecurity software company with strong net-cash position (£18.7m) and growing recurring revenue (£10.6m ARR, 97%+ margins). AI benefit is indirect—increased security spending from AI-driven threats—not core to strategy. Lacks valuation data. Small scale (~£18m revenue, 113 staff) with likely customer concentration creates downside risk.