REG - Corero Network Sec. - Strong Start to 2024 Securing Orders of >$8million

Corero Network SecurityAnnouncement

25/04/2024 07:00

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RNS Number : 9393L  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:

                                                               Tel: +44(0)20 7390 0230

 Corero Network Security plc
 Carl Herberger, Chief Executive Officer
 Phil Richards, Chief Financial Officer

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

 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,
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 (http://www.corero.com/) , and
follow us on LinkedIn (https://www.linkedin.com/company/corero/)  and X
(Twitter (https://twitter.com/Corero) ).

 

 

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