Osirium Technologies PLC New customer and upsell contract wins

TIDMOSI

Osirium Technologies PLC

10 October 2019

RNS Reach

10 October 2019

Osirium Technologies plc

("Osirium" or "Group")

New customer and upsell contract wins across multiple sectors

Osirium Technologies plc (AIM: OSI.L), a leading vendor of cloud-based cybersecurity software, is pleased to announce a series of contract wins with an international banking group, a leading drinks manufacturer, and a provider of services to the pharmaceutical and biotech sectors.

The total licenses cover 100s of devices, with contract terms of between 12 and 36 months, with Osirium delivering its PxM Platform including the Privileged Access Management, Privileged Task Management and Privileged Session Management modules.

For the banking group the PxM platform has been selected to secure access to web interfaces, network devices and servers, and to control access to privileged accounts by a number of the customer's key external vendors. In addition to core privileged access management functions, the customer has selected Osirium's award-winning Task Automation capabilities to enable its Helpdesk team achieve significant time savings and enhanced security by automating processes in its day to day operations.

The contract with the drinks manufacturer represents an expansion in less than 12 months from an original package comprising consultancy services and the PxM Express offering. The PxM platform is being used to support manaufacturing lines in drinks production, as well as controlling approval flows for time-limited access to privileged accounts, such as for third parties.

For the provider of services to the pharmaceutical and biotech sectors, the PxM platform is being used by the customer to minimise the risk of security breaches by delivering rigorous control and visibility of access to privileged accounts by internal users.

David Guyatt, Chief Executive Officer, commented: "These contract wins underline our increasing sales momentum and clearly show successful elements of our strategy. The contract with this prestigious drinks provider is yet another illustration of our 'land and expand' strategy, with a new customer seeing the immediate benefit of Osirium and deciding - in less than twelve months - to add to its initial deployment.

"Complementing this is in each of these three wins is the simplicity of deploying Osirium, backed up the expertise of our support, consultancy and sales teams. These are enabling us to not only shorten sales cycles, but also win against competitive suppliers that do not have ease of use built in from the ground up as we do. Although the customer from the banking sector has a long-standing relationship at head office level with a major competitor, our engagement model and the simplicity of implementation convinced them to select Osirium. We planned and executed a well-defined Proof of Concept over 3 weeks, with the solution up and running within the first 24 hours, and able to meet their exact requirements. This focus on customers and our ability to rapidly deliver real value and security is one of the factors driving our success."

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For further information:

 
 Osirium Technologies plc                Tel: [phone] 
 David Guyatt, Chief Executive Officer 
  Rupert Hutton, Chief Financial 
  Officer 
  www.osirium.com 
 Stifel Nicolaus Europe Limited          Tel: [phone] 
  (Nominated Adviser and Broker) 
 Fred Walsh / Neil Shah 
 Alma PR                                  Tel [phone] 
 

Josh Royston, Hilary Buchanan, Kieran Breheny

Notes to Editors:

About Osirium

Osirium Technologies plc (AIM: OSI.L) operates in one of the fastest growing parts of the cybersecurity market and is a leading vendor of Privileged Access Management ("PAM") software. 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 PAM solution. The team has developed the concept of a Virtual Air Gap to separate users from passwords. Built on Robotic Automation technology, Osirium's 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.

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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October 10, 2019 02:00 ET (06:00 GMT)