Osirium Technologies - Significant contract extension

Osirium Technologies

03/08/2022 07:00

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

 

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