Osirium Technologies - Q1 2022 Trading Update

Osirium Technologies

05/04/2022 07:00

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RNS Number : 2008H  Osirium Technologies PLC  05 April 2022

The information contained within this announcement is deemed by the Company to
constitute inside information for the purposes of Regulation 11 of the Market
Abuse (Amendment) (EU Exit) Regulations 2019/310.

 

5 April 2022

 

Osirium Technologies plc

("Osirium" or the "Group")

 

Q1 2022 Trading Update

 

Osirium Technologies plc (AIM: OSI), a leading vendor of cloud-based
cybersecurity and IT automation software, is pleased to provide an update on
the Group's trading performance for the first quarter of the year ending 31
December 2022.

 

The Group reports a record quarter for bookings in Q1 2022. The Group is
seeing continued growth in contract values and a return to pre-pandemic
levels. Five of the contracts secured in the first three months of the 2022
financial year are each at a larger value than any individual contract signed
in FY2021.

 

New business momentum has been coupled with a majority of the new contracts
being signed for three-year terms, providing improved visibility of earnings
and greater potential for expanding licenses and services. Customer wins have
continued to be strong in the NHS and wins with higher education
establishments have also been a key growth driver in Q1 FY2022.

 

Osirium's channel partner network has played an instrumental role in new
business and upsell wins, both domestically and internationally, with the
Group's partner ITHealth delivering over £300k of business in Q1 FY2022.

 

Following a strong rate of customer acquisition in the previous year (FY21),
several customers have subsequently expanded their engagement with Osirium,
with five of these customers having significantly increased their contract
values in Q1, in line with the Group's land-and-expand strategy.

 

The Group is seeing the value of its multi-solution suite centred around
privileged protection coming to the fore, with greater uptake of its
additional Privileged Process Automation (PPA) and Privileged Endpoint
Management (PEM) solutions. In particular, Osirium's PPA product is now
contributing materially to bookings in 2022 and, in some instances, it is now
the largest proportion of commercial value of the initial contract for new
customers.

 

David Guyatt, Chief Executive Officer of Osirium said:

 

"In 2022 we are witnessing the confluence of several favourable developments
which we expect to impact the Group positively over the short and long-term.
We've seen increasing demand for our PAM IT security capabilities along with a
return to pre-pandemic contract values. In addition, our complementary
automation and endpoint security solutions are becoming increasingly
significant, both as a driver of new customer acquisition as well as an
additional element to existing PAM contracts.

 

"The investment we have made in building out a comprehensive Privileged Access
Security Suite, with powerful functionality yet simple, easy deployment, has
positioned us extremely well as customers' willingness to invest in IT
security grows as we emerge from the pandemic.

 

"I am delighted with our performance to date and, given this new business
momentum coupled with continued contract renewals, the Board has increasing
confidence in the full year."

 

 

 Contacts:

 Osirium Technologies plc                                Tel: +44 (0)1183 242 444
 David Guyatt, CEO
 Rupert Hutton, CFO

 Allenby Capital Limited (Nominated adviser and broker)  Tel: +44 (0)20 3328 5656
 James Reeve / George Payne (Corporate Finance)
 Tony Quirke (Sales and Corporate Broking)

 Alma PR (Financial PR adviser)                          Tel: +44 (0)20 3405 0205
 Hilary Buchanan                                         osirium@almapr.co.uk
 Kieran Breheny
 Josh Royston

 

 

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 (http://www.osirium.com/) .

 

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