Corero Network Security PLC Customer Wins (6268H)

TIDMCNS

RNS Number : 6268H

Corero Network Security PLC

14 March 2018

14 March 2018

Corero Network Security plc

("Corero" or the "Company")

Customer Wins

Digital Enterprise Customer Orders Worth $0.9 Million

Corero Network Security plc (AIM: CNS), the global network security company, is pleased to announce two orders for its SmartWall(R) Threat Defense System ("SmartWall") technology with a combined value of $0.9 million (with additional incremental orders expected in 2018).

These wins include a customer order which, as reported in the Trading Update dated 21 December 2017, was delayed to 2018, and a new customer win. Key highlights include:

-- $0.5 million new customer win from a market leading UK based multi-brand media company following a successful proof of concept trial. The order includes multiple SmartWall products, with supporting SecureWatch services for three years.

-- $0.4 million for an existing customer's ongoing deployment, which includes multiple SmartWall products with supporting SecureWatch(R) services for three years. Further additional material orders are expected in 2018 as part of the customer's global expansion and SmartWall deployment plan.

With the surge in commercial and industrial cybercrime, DDoS attacks of all sizes are rapidly increasing. Consequently, Corero's target market has expanded beyond service providers to include digital enterprises seeking real-time DDoS protection. Corero's SmartWall has been proven to excel in environments where businesses demand zero downtime and mitigation in seconds. Traditional technology and techniques can take longer to respond, which inevitably results in downtime or degraded performance and the secondary risks of breach and malware.

New cyber security regulatory requirements such as the European Network Information Security ('NIS') Directive, General Data Protection Regulation and the revised Payment Services Directive ('PSD2') feature severe penalties. These regulations are driving companies to invest in appropriate cyber security defences, such as Corero's Smartwall solution, to reduce their compliance risk,.

Andrew Lloyd, Corero President and EVP Sales and Marketing, said:

"We are delighted to have secured two significant pieces of business, further demonstrating that Corero's technology is providing an increasing number of digital enterprises with real-time DDoS mitigation solutions in response to the rampant growth of commercial and industrial cybercrime.

"We are steadily building a strong pipeline of new business opportunities and believe the recent escalation in DDoS attacks globally will continue underpin this demand."

Enquiries:

 
     Corero Network Security plc 
     Andrew Miller, CFO                             Tel: [phone] 
                                                     382 
 
     Cenkos Securities plc                          Tel: [phone] 
                                                     8900 
     Mark Connelly / Bobbie Hilliam - NOMAD 
      Michael Johnson - Sales 
 
     Vigo Communications                            Tel: [phone] 
                                                     9703 
     Jeremy Garcia / Ben Simons / Emma 
      Lord 
      [e-mail] 
 
 

About Corero Network Security

Corero Network Security is the 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 company news service from the London Stock Exchange

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March 14, 2018 03:00 ET (07:00 GMT)