Contract Extension

RNS Number : 3327Z

Osirium Technologies PLC

17 May 2019

 

17 May 2019

Osirium Technologies plc

("Osirium" or "Group")

Contract extension with leading global asset management company

Commitment for a three year global Privileged Access Management (PAM) project

Osirium Technologies plc (AIM: OSI.L), a leading vendor of cloud-based cybersecurity software, is  pleased to announce a significant three year contract extension with a leading global asset manager.  The customer which has over £300 billion of assets under management and offices in c.30 countries has expanded its subscription for 3,000 to 4,500 devices.

The contract will be booked in the current financial year with revenue being released over the three year term.  Under the terms of the contract, Osirium will deliver its full PxM product offering.

David Guyatt, Chief Executive Officer, commented: "We are delighted to have received this order which validates our 'land and expand' strategy.  The fact that this customer has expanded its license from 3,000 to 4,500 devices shows that Osirium's technology is at the heart of their strategy for maximising security and demonstrating rigorous compliance.  The customer has also renewed their 24/7 support arrangement with Osirium which testifies to the excellent quality of service we offer them."

- Ends -

For further information:

Osirium Technologies plc	Tel: [phone]
David Guyatt, Chief Executive Officer Rupert Hutton, Chief Financial Officer www.osirium.com
Stifel Nicolaus Europe Limited (Nominated Adviser and Broker)	Tel: [phone]
Fred Walsh / Neil Shah / Alex Price
Yellow Jersey PR (Financial PR) Sarah Hollins Henry Wilkinson	Tel: [phone] Tel: [phone]

Notes to Editors:

About Osirium

Osirium Technologies plc (AIM: OSI.L) operates in one of the fastest growing parts of the cybersecurity market and is a leading vendor of Privileged Access Management ("PAM") software. Osirium's cloud-based products protect critical IT assets, infrastructure and devices by preventing targeted cyber-attacks from directly accessing Privileged Accounts, removing unnecessary access and powers of Privileged Account users, deterring legitimate Privileged Account users from abusing their roles and containing the effects of a breach if one does happen.

Osirium has defined and delivered what the Directors view as the next generation PAM solution.  The team has developed the concept of a Virtual Air Gap to separate users from passwords.  Built on Robotic Automation technology, Osirium's Privileged Task Management module further strengthens Privileged Account security by minimising the cyber-attack surface and delivering an impressive return on investment benefits for customers.

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

 

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