Continued Q3 2024 New Customer Momentum

Corero Network Security PLC

07 October 2024

 

RNS Reach

7 October 2024

Corero Network Security plc

("Corero" or the "Company")

Continued Q3 2024 New Customer Momentum

Total Contract Value $6 million

Corero (AIM: CNS) (OTCQB: DDOSF), the distributed denial of service ("DDoS") protection specialists, is pleased to announce that the Company has gained a number of new customers, as well as important renewals and upgrades from existing customers, for its market-leading SmartWall ONE^TM DDoS protection solutions to close out Q3 2024, continuing Corero's robust 2024 customer acquisition momentum (the "Orders").

New Orders have been secured both in existing markets and new, strategic geographies such as the Middle East and Latin America. Six additional new customer wins were delivered in the quarter, resulting in sixteen new customers in total to date in 2024. The total value of Orders secured in Q3 2024 is $6 million, with the year-to-date total Orders at $20.2 million.

In addition to new Orders in the quarter announced on 13 August, 23 August and 11 September, a selection of other key Orders, which have a total contract value of $3.0 million, are summarised below:

·    Customer renewal and expansion: 3-year, $0.6 million contract renewal with a large national US fibre provider. In addition to the renewal, Corero was also awarded a $1 million expansion to the existing contract. Corero worked closely with the customer in a competitive process to build a solution to support its complex needs and significant future growth.

·    New customer: 3-year, $0.3 million contract with a fast-growing North American pioneer in VoIP technology. The customer was unhappy with the support of its incumbent cloud provider, and the low complexity of the SmartWall ONE^TM solution, combined with the Corero team's excellent technical support, were key drivers behind the customer's decision to award the contract to Corero.

·    New customer: 4-year, $0.2 million DDoS-Protection-as-a-Service contract with a leading UK cloud hosting and data centre services provider. This new customer chose Corero's SmartWall ONE^TM as the solution to grow with its business and support maximum service availability to its own customers.

·    Customer expansion: a leading global US-based SaaS provider purchased $0.4 million additional term licence capacity and associated support. This long-standing customer continues to trust Corero to support its own growth trajectory and continues to deploy Corero's SmartWall ONE^TM solution across its expanding network.

·    Customer expansion: $0.4 million with a leading US cloud computing provider. Following the successful implementation of Corero's edge detection and mitigation solution, this additional award supports the customer's growth and their expanding IT real estate.

Carl Herberger, Chief Executive Officer at Corero, commented:

"I am thrilled to welcome our new customers and delighted that we continue to grow with our existing clients. Renewals and upgrades demonstrate that we are successfully delivering on our customer promises and, collectively, these deals underline the market-leading capabilities of our cutting-edge SmartWall ONE^TM solution.

Our continued new customer win momentum since H1 2024 demonstrates the ongoing success of our accelerated go-to-market strategy and highlights Corero's increasing ability to compete across the global market."

Enquiries:

Corero Network Security plc	Tel: [phone]
Carl Herberger, Chief Executive Officer
Chris Goulden, Chief Financial Officer
Canaccord Genuity Limited (Nominated Adviser and Joint Broker)	Tel: [phone]
Simon Bridges / Andrew Potts / Harry Rees Zeus Capital (Joint Broker) Ben Robertson / Alexandra Campbell-Harris	Tel: [phone]
Vigo Consulting	Tel: [phone]
Jeremy Garcia / Kendall Hill
[e-mail]

About Corero Network Security

Corero Network Security is a leading provider of DDoS protection solutions, specialising in automatic detection and protection solutions with network visibility, analytics, and reporting tools. Corero's technology protects against external and internal DDoS threats in complex edge and subscriber environments, ensuring internet service availability. With operational centres in Marlborough, Massachusetts, USA, and Edinburgh, UK, Corero is headquartered in London and listed on the London Stock Exchange's AIM market (ticker: CNS) and the US OTCQB market (OTCQB: DDOSF).

For more information, visit www.corero.com, and follow us on LinkedIn and X (formerly Twitter).

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