Strong Start to 2024 Securing Orders of >$8million

Corero Network Security PLC

25 April 2024

 

25 April 2024

Corero Network Security plc

("Corero" or the "Company")

Strong Start to 2024 Already Securing Orders of >$8 million

Significant new and existing customer wins underpin positive sales traction

Corero Network Security plc (AIM: CNS) (OTCQB: DDOSF), the specialists in distributed denial of service ("DDoS") protection solutions, today provides the following commercial update to April 2024. The Company is pleased to confirm significant order momentum generated from both existing and new customers for its market-leading SmartWall ONE^TM DDoS protection solution, totalling over $8 million for the period January 2024 through to April 2024 (the "Orders").

This strong performance reflects the high demand for the Company's premium products and services whilst demonstrating the immediate and positive impact of Corero's enhanced go-to market strategy which is primarily focused on four key revenue generating activities:

·    New customer mandates via investment in targeted marketing and sales initiatives;

·    Expansion of global alliances and sales partnerships;

·    Upsell opportunities within existing customer installed base; and

·    Renewals and existing customer expansion.

Carl Herberger, Chief Executive Officer, commented:

"I am delighted to have started 2024 so strongly, continuing the positive momentum generated in 2023.  This impressive sales traction reflects the significant progress we have already made executing on our four revenue-generating priorities as we seek to add new customers, further enhance our DDoS protection capabilities, and expand existing partnerships throughout the current year.

"Our impressive start to 2024, securing both renewals and new customer mandates, speaks volumes to the strength of our market-leading SmartWall ONE DDoS protection solution product portfolio and first-class customer support services."

The Company's progress since the start of 2024 across its key strategic areas is outlined below.

New customer mandates

·    April 2024 announced partnership with TierPoint, a leading provider of IT solutions, connectivity, and data centre services, with $1.8 million contract over a three-year period, replacing the incumbent DDoS protection solutions provider.

·    Signed a new multi-year contract with RoyaleHosting, a leading hosting provider in the Netherlands, to provide Corero's SmartWall ONE DDoS protection solution.

·    Secured contract with a leading Canadian gaming, voice, and web server hosting provider for Corero's SmartWall ONE solution to provide DDoS protection for the business's core infrastructure over a three year period.

·    Agreed multi-year contract for the provision of Corero's SmartWall ONE solutions to a leading Turkish IT distribution company, further strengthening Corero's European and Asian footprint.

Global alliances and sales partnerships update

·    Launched Corero SmartWall ONE Hybrid Cloud DDoS Solution in partnership with Akamai Technologies ("Akamai"; NASDAQ:AKAM).

o  Delivering a new cloud-based service expands Corero's existing product offerings, combining Corero's on-premises DDoS solutions with Akamai's cloud DDoS capabilities, creating a robust, hybrid DDoS solution.

·    Signed a new strategic partnership with Brazilian network solutions distributor TechEnabler to expand its Latin American ("LATAM") footprint.

o  The partnership has already resulted in an order worth over $1 million, Corero's largest ever LATAM contract.

·    Expanded partnership with Ingecom Ignition, a Value-Added Distributor and cybersecurity solutions specialist, facilitating the Company's growth in Southern Europe.

·    Selected by major international multi-sport event customer to provide DDoS protection services, further expanding Corero's European market reach and presence through one of our sales partners.

·    Secured contract with the second largest search engine used in Japan to safeguard the business from DDoS attacks through one of our sales partners.

Upsell opportunities with existing customers

·    Launched 'Corero DDoS Intelligence Service' ("CDIS"), an automated, AI-assisted annual subscription service for Corero SmartWall ONE customers. CDIS delivers pre-emptive attack mitigation before the first attack is even detected and is being seamlessly integrated with the Company's SmartWall ONE platform to ensure maximum protection for customers.

Renewals and existing customer expansion

·    Secured a significant $2 million, three-year contract renewal and expansion order for a leading US based Software-as-a-Service ("SaaS") provider, marking one of the Company's largest single orders to date.

·    Signed a significant contract renewal for a leading Australian managed IT cloud and data centre connectivity provider, delivering DDoS solutions to protect their connectivity solutions across Australia.

Enquiries:

Corero Network Security plc	Tel: [phone]
Carl Herberger, Chief Executive Officer
Phil Richards, Chief Financial Officer
Canaccord Genuity Limited (Nominated Adviser and Broker)	Tel: [phone]
Simon Bridges / Andrew Potts / Harry Rees
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, specializing 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 (Twitter).

 

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