Significant Q2 2023 Customer Wins

Corero Network Security PLC

04 July 2023

 

4 July 2023

Corero Network Security plc

("Corero", or "the Company")

Significant Q2 2023 customer wins

Total value $6.0 million

Corero Network Security plc (AIM: CNS), a leading provider of distributed denial of service ("DDoS") protection solutions, announces significant order momentum from both new and existing customers for its market-leading SmartWall® DDoS protection solutions and services across Q2 2023 ("the Orders"). A separate update on trading for the six months ended 30 June 2023 will follow later in the month.

The following Orders, which total $6.0 million (average value per customer of $597,000) over the course of the contracts, are summarised below:

·    New customer - a market-leading global Cloud DDoS Protection service provider. This new customer seven-figure order, Corero's single largest software order to date, is for the Corero SmartWall Edge Threat Defense software solution to support the company's expansion strategy.

·    New customer - a fast-growing North American regional provider of managed services and network connectivity. This new customer was looking to minimise the operational burden of managing DDoS incidents and drive revenue growth through security service offerings. The order comprises the full Corero solution suite, including SmartWall DDoS protection, SmartWall Service Portal software, and SecureWatch® services.

·    New customer - a North America regional provider of internet, digital TV, and phone services. This new customer needed a solution to protect their infrastructure against DDoS attacks and the ability to sell DDoS protection services to their customer base. The order comprises the full Corero solution suite, including SmartWall DDoS protection, SmartWall Service Portal software, and SecureWatch® services.

·    Expansion customer - a global cloud computing service provider. This existing customer order is for expansion of their SmartWall Threat Defense Director software solution.  This order, sold through the Juniper strategic relationship, represents Corero's largest order to date through the Juniper relationship.

·    Expansion customer - a global SaaS provider. This existing customer seven-figure order comprises SmartWall DDoS protection and SecureWatch® support services for the company's continued international expansion.

·    Expansion customer - a UK web hosting provider focused on delivering exceptional customer service. This existing customer order comprises a renewal and expansion of their SmartWall DDoS protection solution and the SmartWall Service Portal software.

·    Expansion customer - a North American service provider delivering data, video, and phone services. This existing customer order comprises additional SmartWall DDoS protection solutions and SecureWatch® services to support the company's growth. 

·    Expansion customer - a North American service provider to the education sector. This existing customer order comprises a renewal and upgrade of their SmartWall DDoS protection solution and SecureWatch® services.

·    Renewal customer - a UK developer and provider of entertainment gaming. This existing customer order comprises a renewal of their SmartWall DDoS protection solution and SecureWatch® services.

·    Renewal customer - a North American regional provider of voice, video, and data services. This existing customer order comprises a renewal of their SmartWall DDoS protection solution and SecureWatch® services.

Jens Montanana, Executive Chairman, commented:

"We are pleased to report strong customer momentum across Q2, including two of Corero's largest software subscription license sales to date. These key customer wins add to our growing recurring revenue base.

"Our enhanced business momentum gives us confidence for the second half of the year as we expand our routes to market."

Enquiries:

Corero Network Security plc Jens Montanana, Executive Chairman Phil Richards, CFO	Tel: [phone]
Canaccord Genuity Limited (Nominated Adviser and Broker) Simon Bridges / Andrew Potts / Harry Rees	Tel: [phone]
Vigo Consulting Jeremy Garcia / Kendall Hill	Tel: [phone]

About Corero Network Security

Corero Network Security is a leading provider of distributed denial of service (DDoS) protection solutions. We are specialists in automatic detection and protection solutions, that include network visibility, analytics, and reporting tools. Corero's technology provides scalable protection capabilities against both external DDoS attackers and internal DDoS threats, in even the most complex edge and subscriber environments, ensuring internet service availability and uptime. Corero's key operational centres are in Marlborough, Massachusetts, USA, and Edinburgh, UK, with the Company's headquarters in London, UK. The Company is listed on the London Stock Exchange's AIM market under the ticker CNS.

For more information, visit www.corero.com, and follow us on LinkedIn and Twitter.

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