Announcement
Osirium Technologies : Significant contract extension
RNS Number : 9262Z
Osirium Technologies PLC
20 September 2022
20 September 2022
Osirium Technologies plc
("Osirium" or the "Group")
Significant contract extension
Osirium PAM commitment extended 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 provider of IT services to local and national government in the UK.
The Customer initially purchased Osirium PAM in 2019 and rapidly grew from 250 to 2,600 licenses within the first year. The Customer has now decided to renew their commitment to Osirium PAM for another three years in a contract with a total value over £290k.
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.
David Guyatt, Chief Executive Officer, commented:
"We are delighted to have agreed this three-year extension, reflecting the ongoing value and importance of privileged security to our customers when cyber-attacks have never been more prolific.
"In line with our land-and-expand strategy, we continue to focus on increasing contract values, product take-up and device numbers with our existing customers alongside new customer acquisition."
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Contacts: |
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Osirium Technologies plc |
Tel: +44 (0)1183 242 444 |
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David Guyatt, CEO |
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Rupert Hutton, CFO |
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Allenby Capital Limited (Nominated adviser and broker) |
Tel: +44 (0)20 3328 5656 |
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James Reeve / George Payne (Corporate Finance) |
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Tony Quirke (Sales and Corporate Broking) |
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Alma PR (Financial PR adviser) |
Tel: +44 (0)20 3405 0205 |
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Hilary Buchanan |
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Kieran Breheny |
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William Ellis Hancock |
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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 3rd 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 .
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