Osirium Technologies Share Discussion Threads

[1happydays] 19/10/2021 11:39

Looks like Osirium in Dubai this week.

emt
@EMTMEA
Oct 10
Meet @Osirium team at @EMTMEA Stand H1-E1 at @GITEXTechWeek and learn how to protect, simplify and automate IT.

[hedgehog 100] 17/10/2021 12:17

"Cyber security is hot... here's the top M&A deals so far in 2021

The cyber security market is hot, and vendors are buying competitors to solidify their position or acquiring other firms to expand their offerings.

CSO Staff Writers CSO Staff Writers (CSO (US))
18 September, 2021 19:30

2021 is shaping up to be an active year for mergers and acquisitions in the cyber security industry. March alone saw more than 40 firms being acquired. The level of activity is driven by growth in sectors such as identity management, zero trust, managed security services, DevSecOps and cloud security.

In many cases, the acquiring company sought to strengthen its position in its market -- Okta’s purchase of Auth0, for example. In others, the acquisition was an entry into a new market; Lookout is now a player in the secure access service edge (SASE) market with the acquisition of CipherCloud.

Some used the newly acquired company to expand product capabilities, like Palo Alto Networks boosting its Prisma Cloud platform with cloud security technology from Bridgecrew. ..."

[hedgehog 100] 17/10/2021 10:28

"CyberArk snaps up identity startup Idaptive for $70M

Zack Whittaker@zackwhittaker / 2:29 PM GMT+1•May 13, 2020

Israeli cybersecurity company CyberArk has acquired identity startup Idaptive for $70 million in an all-cash deal.

CyberArk is one of the shining stars in the Israeli cybersecurity scene before its initial public offering in 2013 saw it go public on the Nasdaq. To date, its share price has almost quadrupled.

At the core of CyberArk’s identity and privileged access management technology is making sure the right people — like corporate employees — can access the right systems and services. Data suggests exposed or breached credentials can account for most data breaches. Having technologies in place that put barriers in place to prevent credential misuse can prevent further damage.

No wonder Idaptive makes for a good fit.

Idaptive, a Santa Clara, Calif.-based startup that spun out from Centrify in 2018, made a name for itself by taking a zero-trust approach to identity security. Zero-trust treats every user the same, whether they’re inside the firewall or not.

In a blog post, CyberArk said the acquisition will bolster its position in the identity management space, allowing its customers to improve their security posture across a multitude of different infrastructures, like hybrid and multi-cloud environments.

“Merging the innovative technology and talents of the Idaptive team with that of CyberArk represents an exciting opportunity to deliver a differentiated, modern approach as we work to continually meet the ever-changing needs of the dynamic threat landscape,” said CyberArk’s chief marketing officer Marianne Budnik."




From MSSP Alert:

"CyberArk Acquires Idaptive for Identity as a Service, SSO and MFA

CyberArk Acquires Idaptive for $70 million; gains privileged access management (PAM), single sign-on (SSO), multi-factor authentication (MFA) and Identity as a Service (IaaS) capabilities.

by Joe Panettieri • May 13, 2020

CyberArk has acquired Idaptive for $70 million. The buyer gains additional privileged access management (PAM), single sign-on (SSO), multi-factor authentication (MFA), artificial intelligence, and Identity as a Service (IaaS) capabilities. Centrify spun-off Idaptive as a standalone company in 2018. ..."

[hedgehog 100] 16/10/2021 21:58

Happydays also (in post 164 above) flagged up this interesting link between OSI & US-listed CyberArk:

"CyberArk and Osirium integration + automation
CyberArk and Osirium integrations couldn’t be easier with the Tray Platform’s robust CyberArk and Osirium connectors, which can connect to any service without the need for separate integration tools."



CyberArk is a US company which is like a larger version of OSI -


It is quoted on the NASDAQ, with a market cap. of US$7.24 billion, annual revenue of US$464.43M., and annual losses of US$53.36M.

CyberArk Software (CYBR) Stock Chart:






So CYBR is valued at about 15.6 times its annual revenue, i.e. about four times the price-to-sales ratio of OSI, even though it should be easier for OSI to grow faster from a much lower base.

And OSI looks like an ideal bolt-on acquisition for CYBR.

[hedgehog 100] 16/10/2021 19:41

14/09/2021 07:00 UKREG Tern PLC Interim Results
" ...Device Authority Limited ("Device Authority")
Valuation of holding: GBP12.9 million
Holding: 56.8%
Sector: Security
Invested Since: September 2014
Device Authority is a global leader in Identity and Access Management ("IAM") cybersecurity, ... "



TERN's interim results last month valued cybersecurity company Device Authority at £22.4M.

That's about four times higher than OSI's current market cap. of £5.7M. at 19.5p, even though OSI's annualised turnover of £1.473M. is comparable to TERN's estimated annual revenue of US$2M. (circa £1.457M.) -



TERN's large holding in Device Authority has fueled TERN's multibagging this year.

And interestingly, TERN's final results statement placed strong emphasis on DA's Microsoft relationship via Microsoft's Azure platform.

So the news from Happydays last weekend (see post 351 above) that OSI is now also listed on Microsoft's Azure Marketplace could be very significant.


31/03/2021 07:00 UK Regulatory (RNS & others) Tern PLC Final results for the year ended 31 December 2020 LSE:TERN Tern Plc
"... Device Authority
At Device Authority we saw the further expansion and development of its relationship with Microsoft. Adding some key integration and complimentary value to the Microsoft Azure platform in the Azure Marketplace has resulted in securing joint customers using these new capabilities.
Device Authority showed year-over-year turnover growth with some key sales wins in the healthcare, industrial and automotive markets, working with Microsoft Azure, Wipro and nCipher (now EnTrust) as key technology partners.
Device Authority also continued to build its brand and platform recognition, via commentary in a number of important analyst and industry reports from firms like Forrester and the SPARK matrix report from Quadrant.
We expect Device Authority to continue to accelerate its annual recurring revenue growth with its subscription base and its new modularized license platform, KeyScaler. As we return to the 'new normal', Device Authority plans to expand and grow its resources in North America and the EMEA markets during 2021. Healthcare and industrial, with a focus on automotive, continue to be the primary areas for investment and growth, whilst continuing to build and expand its Microsoft Azure partnership and providing additional value to its customers with new KeyScaler Azure innovations during the year. ..."

[hedgehog 100] 16/10/2021 17:10

"UK cyber head says Russia responsible for 'devastating' ransomware attacks

By Gordon Corera
Security correspondent

Published 4 days ago

Cyber-attacks which see hackers get inside computer networks and lock the owners out until they pay a ransom present "the most immediate danger" to UK businesses in cyber-space, the head of the National Cyber Security Centre (NCSC) has warned.

Lindy Cameron said her agency, an arm of GCHQ, and the National Crime Agency had assessed that cyber-criminals based in Russia, and its neighbours, were responsible for the most of the "devastating" ransomware attacks against the UK.

She said these types of attack posed a threat to everyone from major companies to local councils and schools.

Speaking at the Chatham House Cyber 2021 conference, Ms Cameron warned that not enough organisations were prepared for the threat or tested their cyber-defences.

Increasingly in recent cases, criminal gangs have also threatened to release some of the data they have access to publicly.

Hackney Borough Council was hit by one attack which led to significant disruption to services and IT systems going down for months.

Ireland's Health Service Executive also suffered a significant attack this year, leading to months of disrupted appointments and services.

Ransomware has risen up the agenda in recent months, particularly the United States where an attack on the company Colonial Pipeline led to fuel shortages on the east coast.

President Biden warned President Vladimir Putin about activity that came from gangs within Russia. ..."

[1happydays] 15/10/2021 13:27

Good point fella, sounds sensible.

[hedgehog 100] 15/10/2021 13:06

I agree, MS, that it would be useful to have more info. in an OSI thread header.

And this thread-creator, 18BT, is still posting on this thread - his last post was on 21st. July.

So maybe we should wait a bit to see if he picks up on your suggestion, and adds an update to this header.

[1happydays] 14/10/2021 20:34

Hedge m8, have you considered starting a new thread for OSI? Can put info in the header for newbies?

Good little article on the importance of PAM

[1happydays] 14/10/2021 20:21

Osirium also on AWS (Amazon) marketplace

[hedgehog 100] 14/10/2021 17:11

One of Smarttech247.com's partners is Microsoft, which may have helped its impressive £33.5M. intended RTO valuation:


Will OSI shortly announce a partnership with a tech giant like this, e.g. Microsoft, Cisco, or Amazon?

[hedgehog 100] 14/10/2021 16:36

A combined smarttech247.com and Osirium could be a good fit, with significant synergies.

Like OSI, the health sector and ransomware protection seem to be key areas for smarttech247.com:

[hedgehog 100] 14/10/2021 13:59

kaos3 3 Sep '21 - 08:30 - 252 of 367 0 0 0
"I follow osi ccs dark and smarttech247.com atm and all are doing fine - in a different way"

16/09/2021 07:00 UKREG Conduity Capital PLC Interim Results
" ... On 4 August 2021 the Company announced that it had entered into non-binding heads of agreement to work towards the possible acquisition of Smarttech247 by the Company for a total consideration of GBP33.5 million, to be satisfied by the issue of new ordinary shares in the Company. ("Proposed Acquisition"). Smarttech247 is an established global artificial intelligence ("AI") based cybersecurity business specialising in automated managed detection and response. Should such a transaction proceed on the currently envisaged terms, it would be classified as a reverse takeover in accordance with the AIM Rules for Companies ("RTO"). The Proposed Acquisition remains subject to contract and satisfactory completion of the necessary due diligence and, at this stage, there is no guarantee that the Proposed Acquisition will complete.
Admission to trading on AIM will be cancelled six months from the date of suspension should the reason for the suspension not have been rectified and, currently, the Company's shares remain suspended. Given the status of the Company's progress with the Proposed Acquisition and the time needed to complete the necessary due diligence and relevant documentation to effect a RTO, even if it decided to proceed, it will not be able to complete this process before Cancellation. Consequently, the Directors expect to seek to complete the Proposed Acquisition after Cancellation and then re-apply to join AIM. Cancellation is expected to occur on 7 October 2021. ..."



I see that Conduity Capital (CCAP), the shell that smarttech247.com was seeking to reverse into, delisted from AIM on 7th. October.

And there's a frightening level of ignorance about this revealed on the CCAP thread:

Boxerdogz 8 Oct '21 - 13:52 - 308 of 318 0 1 0
" ... baz55Your correct , matters not for shareholders delisted or not ( provided they readmit to AIM )
I spoke to Nick Lee regards this issue back in the summer and he confirmed what you have posted.
The process of readmitting to AIM , be that within the 6 month suspension period , or after and if delisted ( which is the case ) is the same process. ..."


On the contrary, once a share is delisted from AIM, it is treated just like any other unlisted company, and has to go through an IPO process if it wants to relist without reversing into an already listed company.

Which could be complicated in this case by the fact that smarttech247.com was going to have about 95% or so of the enlarged equity (ie. combined with CCAP).

"APRIL 23, 2021
Why List on AIM?
... There is no minimum percentage of shares that must held in public hands, as is the case with the Full List of the London Stock Exchange. However, in practice, the AIM team may require 25% of shares to be held as a free float. ..."



Of course, smarttech247.com could always see to reverse into OSI instead!

[hedgehog 100] 13/10/2021 17:12

Megasonic first recommended IGP here on 21st. July, when its share price was about 105p.

It's currently 82p, after another fall today, i.e. down about 21.9% on his tip price.

I think this illustrates the risks of buying a highly-rated share that has already multibagged.

It's safer in my opinion to try to position yourself AHEAD of such multibagging, rather than buying in AFTER it.

[george stobart] 13/10/2021 16:39

Hoping / praying for an RNS 'Amazon partners with Britain's leading PAM provider Osirium Technologies plc'

That would shoot up the price to 50p easily!

[hedgehog 100] 13/10/2021 16:00

Thanks GS.

So an Amazon subsidiary (Twitch) has just suffered a very large data breach, due to lax Privilege Access Management (PAM).

I wonder how they might try to prevent a recurrence?!

[1happydays] 12/10/2021 16:07

Nice George, where did you find that?

123p price target, 6 plus bagger from here, I'd take that for starters.

[george stobart] 12/10/2021 10:07

New Research Note by Stifel

Osirium Technologies plc
October 7, 2021
Target price 123p (unchanged). Buy.


Twitch – More of a spasm
We look at Twitch, the Amazon-owned video live streaming service, for three reasons; (i) its 51m users help inform our views on the development of user generated content/ unscripted content and that heavy tilt from linear networks to Direct-to-Consumer, DTC/ streaming and OTT business – a useful tool for our views on ZOO Digital; (ii) ‘Games’ are the mainstay of Twitch content and gamers are heavy users of VPN technology and so helps on Kape, (iii) we too deserve downtime. However, the latest from Twitch is a very large, 125GB, data breech. Industry sources suggest a case of lax Privilege Access Management, PAM. Our thoughts turn to Osirium.

Our view is unchanged.
Osirium is a UK PAM champion. The company has an established track record of signing major logos and has been signing NHS customers as the NHS follows cybersecurity guidance from the National Cyber Security Centre and a new NHS Digital initiative. TAM remains significant and the constant run of cyberattacks with industry analysts opining that privileged credentials are implicated in 80% of data breaches, and by 2024, half of all organisations will have implemented a privileged access model, which should ensure that the topic remains ‘front of mind’, and with budget allocation. Osirium’s revenue growth thus far eclipses the security industry, due to its very strong engineering and product attributes. We remind that Osirium is one of the cheapest investment ‘plays’ in cybersecurity, enabling access to a US$4.5bn TAM.

Market dynamics.
The global lockdown accelerated a shift to the online environment
and with that the threat of cybercrime is more present than ever. Industry analysts
(KuppingerCole) estimate the global market to be worth around US$2.20bn per annum,
predicted to grow to US$5.40bn by 2025. Osirium considers both the PAM and digital
automation market to remain predominantly greenfield with an estimated aggregated
market size of over US$20bn by 2026.

Latest from Osirium.
We caught up with the CEO and CFO of Osirium 28/9 in the wake of H1/2021A results. Our core view is that the unit economics are improving: (i) Osirium’s new customer acquisition model is stronger than expected – indeed since period end, Osirium has notched up its 100th customer and 31 were added in H1, 16 in all of FY2020A; (ii) c.60% of customers are new ‘Land’ customers, whereas by value c.60% are ‘Expand’ i.e. existing) customers, we ‘guestimate' an expansion rate of c.100%; (iii) new customer acquisition is a function of new vertical markets (Osirium notes
opportunities in financial services and education, in addition to the NHS), and new geographies (APAC, Turkey and continental Europe, in addition to the UK), we think that ease of deployment, low price points, packaged deals and widening distribution are all key to success; (iv) Osirium also has several ‘Expand’ axes – adding more devices, licences and new function areas from the three products (i.e. PAM, PPA and PEM); (v) while the company added 31 new customers, H1 operating costs, £2.3m, were unchanged Y/Y, showing efficiencies in customer acquisition costs, and the 99% renewal rate speaks to lengthening customer lifetime.

[hedgehog 100] 11/10/2021 12:43

11/10/2021 07:00 UK Regulatory (RNS & others) Intercede Group PLC Trading Update LSE:IGP Intercede Group Plc



Well, OSI is back up to 20p today, whereas IGP is down 4p.

Megasonic first recommended IGP here on 21st. July, when its share price was about 105p.

It's currently 87.5p, i.e. down about 16.7% on his tip price.

[1happydays] 11/10/2021 11:12

Osirium and PwC discuss strategies for IAM and PAM best practice in 2021

[1happydays] 10/10/2021 18:01

Is so true that Hedge mate, it's funny how many don't seem to get how it works. To the big players, I reckon it's much more about what it does, not what it (currently) earns.

Such a big market for Cyber M&A activity and not just from tech firms, a lot of the big accounting/audit companies pivoting into the sector in a big way.

[hedgehog 100] 10/10/2021 15:30

For large tech companies it's like a form of outsourcing.

Large mining companies do the same with mining minnows.


And remember that OSI's boss sold his last company for a billion dollars:

"David Guyatt
Co-Founder and Chief Executive Officer
Co-founder of Osirium, the management team is led by David Guyatt, who has over 30 years’ experience in turning next generation IT products into successful technology businesses. He is a recognised pioneer in establishing the content security software market, being a co-founder and CEO of the Content Technologies group, which created MIMEsweeper and became the recognised world leader in content security solutions, with a 40 per cent global market share, and was sold for $1Bn within 5 years, the largest European cyber security acquisition at the time. Previously, David was Sales & Marketing Director at Integralis from 1990 to 1996, as it established itself as Europe’s leading IT security integrator - now part of the NTT group."

[1happydays] 10/10/2021 14:26

Lol Kemche, had the same mocking on Tern sub 2p.

The logic is a bit warped when you unpick it, why would a big company that wants to get more heavily into cyber buy out any little cyber start ups when they can develop their own? Well it's the IP, the specialism and the time it takes to develop. When time is of the essence, the question is why wouldn't big companies splash the cash? (quick clue - they do, day in day out)

[hedgehog 100] 10/10/2021 13:24

OSI certainly meet TERN's criteria admirably HD, and their geographical proximity is interesting - it could potentially help to facilitate a transaction.

But OSI must be spolit for choice, with multiple suitors wanting a piece of the action, and a paucity of cybersecurity minnows listed in the UK.

That's why OSI's last placing was completed in under a day:

22/04/2021 16:41 UK Regulatory (RNS & others) Osirium Technologies PLC Proposed Placing and Subscription & Notice of GM LSE:OSI Osirium Technologies Plc
23/04/2021 07:00 UK Regulatory (RNS & others) Osirium Technologies PLC Result of Placing and Subscription & TVR LSE:OSI Osirium Technologies Plc

And it is fitting that it was completed on Shakespeare's birthday, i.e. 23rd. April ... as OSI could be a sweetly poetic investment.