Corero Network Security PLC $2.0 million investment from Juniper Networks (9686D)
15 October 2018 - 5:00PM
UK Regulatory
TIDMCNS
RNS Number : 9686D
Corero Network Security PLC
15 October 2018
15 October 2018
Corero Network Security plc
("Corero" or the "Company")
$2.0 million investment from Juniper Networks
Corero Network Security plc (AIM: CNS) is pleased to announce
that it has secured a $2.0 million (GBP1.5 million) equity
investment from Juniper Networks (NYSE: JNPR), an industry leader
in automated, scalable and secure networks (the "Investment").
The Investment follows the Company's announcement on 25
September 2018 regarding a multi-year global resale partnership
with Juniper to resell and support Corero's SmartWall software
products and services. Juniper provides the routing infrastructure
for some of the world's largest IP networks and cloud
datacenters.
The Investment from Juniper will provide Corero with additional
funding headroom in terms of delivering on its objective of being
cash generating and EBITDA profitable during 2019.
The Investment will comprise the subscription by Juniper of
17,008,969 new ordinary shares of 1 pence each in the Company (the
"Subscription Shares") at a subscription price of 8.9 pence per
Subscription Share (the "Subscription Price"). The Subscription
Price is equivalent to the closing mid-market price on 24 September
2018, the business day before the announcement, that Corero had
secured a global resale partnership with Juniper. The Subscription
Price represents a discount of 15.2 per cent to the closing
mid-market price of an Ordinary Share on 12 October 2018, being the
last practicable date before this announcement.
Application will be made for the Subscription Shares to be
admitted to AIM and such admission is expected to become effective
at 8.00 a.m. on 19 October 2018. The Subscription Shares will
represent 4.23 per cent of the Company's issued ordinary share
capital as enlarged by the issue of the Subscription Shares.
Ashley Stephenson, Corero CEO, said:
"We welcome this investment from a global corporation of Juniper
Network's reputation and scale, in addition to our previously
announced global resale partnership. We feel this represents a
further endorsement of our vision for SmartWall products as a
critical component in securing IT networks from DDoS attacks. We
look forward to working closely with Juniper to capitalise on our
partnership and jointly pursuing the market opportunity for DDoS
protection via its global sales force and channel."
The Juniper resale partnership was showcased at the Juniper
Networks' annual customer and partner summit, NXTWORK 2018, in Las
Vegas last week.
Further information can be accessed via the Company's web site
www.corero.com.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Enquiries:
Corero Network Security plc
Andrew Miller, CFO Tel: 01895 876 382
Cenkos Securities plc Tel: 020 7397 8900
Mark Connelly - NOMAD
Michael Johnson - Sales
Vigo Communications Tel: 020 7390 0230
Jeremy Garcia / Ben Simons /Antonia Pollock
corero@vigocomms.com
About Corero Network Security
Corero Network Security is a leader in real-time,
high-performance DDoS defense solutions. Service providers, hosting
providers and digital enterprises rely on Corero's award winning
technology to eliminate the DDoS threat to their environment
through automatic attack detection and mitigation, coupled with
complete network visibility, analytics and reporting. This industry
leading technology provides cost effective, scalable protection
capabilities against DDoS attacks in the most complex environments
while enabling a more cost-effective economic model than previously
available. For more information, visit www.corero.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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