Max 21 - Growing profits and recurring revenues
Max 21’s repositioning, with the sale of loss-making NECDIS at end 2017 and its refocus on creating recurring revenues from hybrid business communications specialist, Binect, and IT security system provider, KeyIdentity, helped sharply reduce EBITDA losses in Q118. Binect achieved a 21% y-o-y increase in revenues and positive EBITDA after break-even in Q417. At KeyIdentity, underlying revenues grew 61% y-o-y and losses at the EBITDA level were reduced by 22% to €451k, helped by cost-cutting and growth in recurring revenues. We see current management guidance for 27% underlying revenue growth and an EBITDA loss of no more than €2.5m, followed by EBITDA break-even in 2019 (one year later than forecast previously), as reasonable and achievable.Max 21 AG, formerly MAX21 Management und Beteiligungen AG, is a Germany-based technology holding that specializes in the areas of information security and digital communications. Among others, the Company holds interests in Binect GmbH and KeyIdentity GmbH. Binect GmbH is a provider of encrypted communication, and develops software that allows or collect and coordinate e-mails from various platforms. In cooperation with Deutsche Post AG, Binect GmbH offers a hybrid business communication and postal distribution solution, including printing, enveloping, franking and delivery. KeyIdentity GmbH provides digital access and identity security solutions. It is a supplier of the LinOTP Product Suite, which is used in adaptive multi-factor authentication.
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