Significant contract extension

RNS Number : 6865U

Osirium Technologies PLC

03 August 2022

 

3 August 2022

Osirium Technologies plc

("Osirium" or the "Group")

Significant contract extension

Continued commitment extends Osirium PAM usage for a further three years

Osirium Technologies plc (AIM: OSI.L), a leading vendor of cloud-based cybersecurity and IT automation software, is pleased to announce that it has agreed a three-year Privileged Access Management ("PAM") licence extension with an existing customer (the "Customer"), a leading global asset manager, with a total value of c. £0.5 million. This extension represents c. 30% of the total bookings achieved by the Group in 2021. The Customer, who has been using Osirium's PAM solution for six years, has committed to use PAM to protect 4,500 devices for another three years.  

In line with the Group's SaaS business model, the full licence fee is payable at the outset and will be reflected in bookings and cash in the current financial year, with revenue being recognised over the three-year term, further underpinning management expectations for the current year.

In addition to the PAM renewal, the Customer also recently extended the use of the Group's Privileged Process Automation ("PPA") solution for a further 12 months. Since the customer first adopted the PPA solution in 2019, the user licence number has increased from 40 to over 75.

David Guyatt, Chief Executive Officer, commented: "We are delighted to have agreed this extension, which continues our partnership for another three years and reflects the value of our solutions in protecting mission-critical enterprise systems. Over the time of our engagement, the Customer has also adopted our PPA capability, demonstrating the potential of our 'land and expand' strategy and the trend toward combining automation and security solutions to deliver enhanced security functionality, in line with our product strategy."

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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