Osirium Technologies PLC Trading Update (7844T)
29 November 2021 - 5:59PM
UK Regulatory
TIDMOSI
RNS Number : 7844T
Osirium Technologies PLC
29 November 2021
The information contained within this announcement is deemed by
the Company to constitute inside information pursuant to Article 7
of EU Regulation 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 as amended.
29 November 2021
Osirium Technologies plc
("Osirium" or "the Group")
Trading Update
Osirium Technologies plc (AIM: OSI), a leading vendor of
cloud-based cybersecurity software, today provides an update on the
trading for the current financial year ending 31 December 2021.
The Group has continued to make good operational and strategic
progress with an impressive c.70% increase in new customers in the
second half of the year to date, compared to the same period in
2020, demonstrating success in the Group's growth opportunities.
New customer acquisitions has been driven by the Group's increased
reach into new markets and a more general acceleration of interest
in Privileged Security products across a number of sectors.
Average initial contract values have been lower and decision
times longer, however, due to ongoing caution and disruption around
customers' strategic IT plans, due to the COVID-19 pandemic. As a
result, the Board anticipates that bookings and revenue for the
year to 31 December 2021 will be broadly at the same levels
achieved in the prior year and slightly behind current market
expectations. The Board anticipate a normalisation of customers'
decision making in the New Year. Customer retention rates remain
high at 97% by value, demonstrating the value customers attribute
to the Group's solutions and providing further foundations for
'land-and-expand' strategy.
As announced on 8 November 2021, Osirium's channel partner
network is delivering opportunities overseas and domestically
alongside the direct sales arm of the business, resulting in a
growing number of leads. The Board will continue to assess and
develop the Company's go-to-market strategies.
The Group has built an established 'best-in-class' Privileged
Security suite, comprising three complementary product offerings to
engage an exciting and substantial market opportunity which the
Directors believe will be valued at approximately $25 billion by
2025.
As a result of these operational developments, the Group
continues to add to its pipeline of opportunities for 2022. In
addition to an expanded customer base and high level of customer
retention, the Group has c.GBP1.5m of anticipated bookings from
existing customer renewals due in 2022, as well as provide
additional upside opportunities in 2022, as it further expands and
deepens customer engagement.
David Guyatt, CEO of Osirium, commented:
"As a reflection of the demand for our services, we have
continued to see growing customer numbers as we progress through
the second half, along with sustained customer retention of >95%
by value. While lower contract values have impacted our bookings
and revenue, we believe our expanded market reach and penetration
provides a good opportunity from which to execute our
'land-and-expand' strategy as the market continues to gain momentum
and evolve. We will continue to review the Group's strategy for
delivering long term shareholder value."
Simon Lee, Chairman of Osirium, added:
"While we remain confident in the long-term outlook for the
Group and the demand for its services, we continue to consider the
best options to ensure continued growth and to take advantage of
the significant opportunities in the Privileged Security
space."
Contacts
Osirium Technologies plc Tel: +44 (0)1183 242 444
David Guyatt, CEO
Rupert Hutton, CFO
Stifel Nicolaus Europe Limited Tel: +44 (0)20 7710 7600
Fred Walsh
Richard Short
Alma PR (financial PR adviser) Tel: +44 (0)20 3405 0205
Hilary Buchanan osirium@almapr.co.uk
Kieran Breheny
Faye Calow
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 AIM in April 2016. For further information
please visit www.osirium.com .
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