Contract Win

RNS Number : 2170T

Osirium Technologies PLC

21 July 2022

 

21 July 2022

Osirium Technologies plc

("Osirium" or the "Group")

New contract win

UK university selects Osirium PAM to address cyber insurance needs

Osirium Technologies plc (AIM: OSI), a leading vendor of cloud-based cybersecurity and IT automation software, is pleased to announce a new contract worth c. £140,000 for a three-year subscription for its Privileged Access Management ("PAM") solution with a UK university (the "University").

The University has selected the Group's PAM solution to address requirements for improved security for IT system access, especially by third parties. PAM was a key requirement of its cybersecurity insurance provider and will be used to protect 1,000 devices across the establishment.

With an accelerated purchase, supported by Osirium's partners Prianto and Academia, the contract was closed within six weeks. The Directors believe that the speed of implementation of PAM and value for money were critical to the selection of Osirium against other cybersecurity vendors.

This contract represents 8.9% of the total bookings achieved by the Group in 2021 and reflects the continuing trend of increasing average contract values from the new clients closed in 2022.

David Guyatt, Chief Executive Officer of Osirium said:

"This is another win for Osirium in higher education, following on from a number of key wins in 2022. We're especially pleased that not only did we compete successfully against larger vendors but, working closely with our partners, we were able to provide the solution the customer needed in a very short period.

"This sector remains a key focus for the Group and I'm pleased to see our sales process aided through increased reference sites with existing customers. In collaboration with our channel partner network, we continue to identify and engage with other prospects in this space."

Contacts:
Osirium Technologies plc	Tel: [phone]
David Guyatt, CEO
Rupert Hutton, CFO
Allenby Capital Limited (Nominated adviser and broker)	Tel: [phone]
James Reeve / George Payne (Corporate Finance)
Tony Quirke (Sales and Corporate Broking)
Alma PR (Financial PR adviser)	Tel: [phone]
Hilary Buchanan	[e-mail]
Kieran Breheny
William Ellis Hancock

About Osirium Technologies Plc

Osirium Technologies plc (AIM: OSI) is a leading UK-based cybersecurity software vendor delivering Privileged Access Management (PAM), Privileged Endpoint Management (PEM) and Osirium Automation solutions that are uniquely simple to deploy and maintain. 

With privileged credentials involved in over 80% of security breaches, customers rely on Osirium PAM's innovative technology to secure their critical infrastructure by controlling 3 ^rd  party access, protecting against insider threats, and demonstrating rigorous compliance. Osirium Automation delivers time and cost savings by automating complex, multi-system processes securely, allowing them to be delegated to Help Desk engineers or end-users and to free up specialist IT resources. The Osirium PEM solution balances security and productivity by removing risky local administrator rights from users, while at the same time allowing escalated privileges for specific applications.

Founded in 2008 and with its headquarters in Reading, UK, the Group was admitted to trading on AIM in April 2016. For further information please visit  www.osirium.com .

 

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