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