RCS - Corero Network Sec. - Continued Q3 2024 New Customer Momentum

Corero Network SecurityAnnouncement

07/10/2024 07:00

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RNS Number : 0646H  Corero Network Security PLC  07 October 2024

RNS Reach

 

7 October 2024

Corero Network Security plc

("Corero" or the "Company")

 

Continued Q3 2024 New Customer Momentum

 

Total Contract Value $6 million

 

Corero (https://www.corero.com/) (AIM: CNS)
(https://www.londonstockexchange.com/stock/CNS/corero-network-security-plc/company-page)
(OTCQB: DDOSF) (https://www.otcmarkets.com/stock/DDOSF/overview) , the
distributed denial of service ("DDoS") protection specialists, is pleased to
announce that the Company has gained a number of new customers, as well as
important renewals and upgrades from existing customers, for its
market-leading SmartWall ONE(TM) DDoS protection solutions to close out Q3
2024, continuing Corero's robust 2024 customer acquisition momentum (the
"Orders").

 

New Orders have been secured both in existing markets and new, strategic
geographies such as the Middle East and Latin America. Six additional new
customer wins were delivered in the quarter, resulting in sixteen new
customers in total to date in 2024. The total value of Orders secured in Q3
2024 is $6 million, with the year-to-date total Orders at $20.2 million.

 

In addition to new Orders in the quarter announced on 13 August, 23 August and
11 September, a selection of other key Orders, which have a total contract
value of $3.0 million, are summarised below:

 

·    Customer renewal and expansion: 3-year, $0.6 million contract renewal
with a large national US fibre provider. In addition to the renewal, Corero
was also awarded a $1 million expansion to the existing contract. Corero
worked closely with the customer in a competitive process to build a solution
to support its complex needs and significant future growth.

 

·    New customer: 3-year, $0.3 million contract with a fast-growing North
American pioneer in VoIP technology. The customer was unhappy with the support
of its incumbent cloud provider, and the low complexity of the SmartWall
ONE(TM) solution, combined with the Corero team's excellent technical support,
were key drivers behind the customer's decision to award the contract to
Corero.

 

·    New customer: 4-year, $0.2 million DDoS-Protection-as-a-Service
contract with a leading UK cloud hosting and data centre services provider.
This new customer chose Corero's SmartWall ONE(TM) as the solution to grow
with its business and support maximum service availability to its own
customers.

 

·    Customer expansion: a leading global US-based SaaS provider purchased
$0.4 million additional term licence capacity and associated support. This
long-standing customer continues to trust Corero to support its own growth
trajectory and continues to deploy Corero's SmartWall ONE(TM) solution across
its expanding network.

 

·    Customer expansion: $0.4 million with a leading US cloud computing
provider. Following the successful implementation of Corero's edge detection
and mitigation solution, this additional award supports the customer's growth
and their expanding IT real estate.

 

Carl Herberger, Chief Executive Officer at Corero, commented:

 

"I am thrilled to welcome our new customers and delighted that we continue to
grow with our existing clients. Renewals and upgrades demonstrate that we are
successfully delivering on our customer promises and, collectively, these
deals underline the market-leading capabilities of our cutting-edge SmartWall
ONE(TM) solution.

 

Our continued new customer win momentum since H1 2024 demonstrates the ongoing
success of our accelerated go-to-market strategy and highlights Corero's
increasing ability to compete across the global market."

 

Enquiries:

 

 Corero Network Security plc                                     Tel: +44(0)20 7390 0230
 Carl Herberger, Chief Executive Officer
 Chris Goulden, Chief Financial Officer

 Canaccord Genuity Limited (Nominated Adviser and Joint Broker)  Tel: +44(0)20 7523 8000
 Simon Bridges / Andrew Potts / Harry Rees

 Zeus Capital (Joint Broker)                                     Tel: +44(0)20 3829 5000

 Ben Robertson / Alexandra Campbell-Harris

 Vigo Consulting                                                 Tel: +44(0)20 7390 0230
 Jeremy Garcia / Kendall Hill
 corero@vigoconsulting.com (mailto:corero@vigoconsulting.com)

 

About Corero Network Security

 

Corero Network Security is a leading provider of DDoS protection solutions,
specialising 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 (http://www.corero.com/) , and
follow us on LinkedIn (https://www.linkedin.com/company/corero/)  and X
(formerly Twitter) (https://twitter.com/Corero) .

 

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