Osirium Technologies PLC COVID-19 Update and Contract Renewal (1351J)
April 08 2020 - 1:00AM
UK Regulatory
TIDMOSI
RNS Number : 1351J
Osirium Technologies PLC
08 April 2020
8 April 2020
Osirium Technologies plc
("Osirium," the "Company" or the "Group")
COVID-19 Update and Contract Renewal
Osirium Technologies plc (AIM: OSI.L), a leading vendor of
cloud-based cybersecurity software, today provides an update in
relation to measures taken by the Company in response to COVID-19
and an update on the current trading environment ahead of
publishing full year results in due course. The Company also
announces the renewal of a contract with a major customer.
The Company's primary focus in these unprecedented times is the
safety and health of employees, partners and customers. The Company
has always made use of remote working and can confirm that all
staff have now transitioned to this model during this lock down
period. Business operations are continuing as usual with an online
engineering, sales, marketing and support model for engaging with
customers. Given the Group's largely software offering, the
Company's teams are well set up to continue to support clients and
our prospects remotely.
Whilst mindful of the rapidly evolving environment, the Company
has seen little material impact on trading up to the end of March.
It is difficult to predict the future impact on the Group,
including the possibility of delayed decision making on behalf of
new customers and cancelled industry events, and the Group is
updating its business continuity plans accordingly. As at 31 March
2020, the Group had cash balances of GBP2.9 million which is being
managed prudently and non-discretionary spend has been curtailed,
including a temporary freeze to new hires. If, in the coming
months, we were to see some slow-down in our customer win rate and
activities, then we would take additional appropriate action.
The Group's client base and sales opportunities are across
multiple sectors, including public, private and NHS, and the
Group's business model is based on long-term contracts. Given the
Group's high level of recurring revenue, strong backlog of
contracted future revenue, and software offering that supports
mission critical operations, the Board believes the business to be
well positioned to withstand this period. The Board continues to
monitor the situation closely as it develops and will continue to
update investors as necessary.
Contract Renewal
The Group is also pleased to announce the renewal for a further
12 months of its contract with a combined grouping of two major UK
regional Police Authorities. Under the terms of the contract
Osirium will continue to provide its Privileged Access Management,
Privileged Task Management and Privileged Session Management
modules to protect 1,000 devices.
The customer's use of Osirium technology has continued to expand
since its initial deployment covering 250 devices. As well as
controlling internal access to critical assets across the
infrastructure, Osirium Privileged Access Management manages and
records third parties. Osirium Privileged Task Management is used
to delegate the management of the Cisco network infrastructure to
first and second line support without the need for device specific
knowledge or access to the privileged accounts.
Notice of Results
The Group expects to publish results for the 12 months to 31
December 2019 as soon as practical.
David Guyatt, Chief Executive Officer, commented : " As
announced at the time of our trading update, we exited 2019 with
strong growth in bookings, and we enter the new year with continued
business momentum. This is further demonstrated by today's contract
renewal. In 2019 we recorded a 100% success rate in renewing
subscriptions from our existing customers. I am delighted that the
quality of our software, professional services and support sees
this pattern continuing in 2020.
"Nonetheless, at the time of writing, we cannot ignore the
increasing impact on our business of the Coronavirus pandemic and
the uncertainties this creates on our current customers and
prospects. To the best of our ability we have factored this into
our planning and, with our expanded offering and a solid foundation
of visible revenue, the Board has confidence in the Group's ongoing
momentum."
- Ends -
For further information:
Osirium Technologies plc Tel: +44 (0) 118 324 2444
David Guyatt, Chief Executive Officer
Rupert Hutton, Chief Financial
Officer
www.osirium.com
Stifel Nicolaus Europe Limited Tel: +44 (0) 20 7710 7600
(Nominated Adviser and Broker)
Fred Walsh
Alma
(Financial PR)
Hilary Buchanan / Josh Royston Tel: +44 (0) 203 405 0205
/ David Ison
Notes to Editors:
Osirium Technologies plc (AIM: OSI) operates in one of the
fastest growing parts of the cybersecurity market and is a leading
vendor of Privileged Access Security solutions. Osirium's
cloud-based products protect critical IT assets, infrastructure and
devices by preventing targeted cyber-attacks from directly
accessing Privileged Accounts, removing unnecessary access and
powers of Privileged Account users, deterring legitimate Privileged
Account users from abusing their roles and containing the effects
of a breach if one does happen.
Osirium has defined and delivered what the Directors view as the
next generation Privileged Access Management solution. Osirium's
award-winning Privileged Task Management module further strengthens
Privileged Account Security by minimising the cyber-attack surface
and delivering an impressive return on investment benefits for
customers. Building on Osirium's Privileged Task Management module,
in May 2019 Osirium launched Privileged Process Automation,
providing a highly-flexible platform for automating essential IT
processes to set a new benchmark in IT Process Automation. This was
followed by the launch of Privileged Endpoint Manager in December
2019, bringing the total portfolio to three complementary
solutions.
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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END
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