25 April 2024
Corero Network Security
plc
("Corero"
or the "Company")
Strong Start to 2024 Already
Securing Orders of >$8 million
Significant new and existing
customer wins underpin positive sales traction
Corero Network Security plc (AIM:
CNS) (OTCQB: DDOSF), the specialists in distributed denial of
service ("DDoS") protection solutions,
today provides the following commercial update to April 2024. The
Company is pleased to confirm significant order momentum generated
from both existing and new customers for its market-leading
SmartWall ONETM DDoS protection solution, totalling over
$8 million for the period January 2024 through to April 2024 (the
"Orders").
This strong performance reflects the
high demand for the Company's premium products and services whilst
demonstrating the immediate and positive impact of Corero's
enhanced go-to market strategy which is primarily focused on four
key revenue generating activities:
·
New customer mandates via investment in targeted
marketing and sales initiatives;
·
Expansion of global alliances and sales
partnerships;
·
Upsell opportunities within existing customer
installed base; and
·
Renewals and existing customer
expansion.
Carl Herberger, Chief Executive
Officer, commented:
"I
am delighted to have started 2024 so strongly, continuing the
positive momentum generated in 2023. This impressive sales
traction reflects the significant progress we have already made
executing on our four revenue-generating priorities as we seek to
add new customers, further enhance our DDoS protection
capabilities, and expand existing partnerships throughout the
current year.
"Our impressive start to 2024, securing both renewals and new
customer mandates, speaks volumes to the strength of our
market-leading SmartWall ONE DDoS protection solution product
portfolio and first-class customer support
services."
The Company's progress since the
start of 2024 across its key strategic areas is outlined
below.
New
customer mandates
·
April 2024 announced
partnership with TierPoint, a leading provider of IT solutions,
connectivity, and data centre services, with $1.8 million contract
over a three-year period, replacing the incumbent DDoS protection
solutions provider.
·
Signed a new multi-year contract with
RoyaleHosting, a leading hosting provider in the Netherlands, to
provide Corero's SmartWall ONE DDoS protection solution.
· Secured contract with a leading Canadian gaming, voice, and
web server hosting provider for Corero's SmartWall ONE solution to
provide DDoS protection for the business's core infrastructure over
a three year period.
·
Agreed multi-year contract for the provision of
Corero's SmartWall ONE solutions to a leading Turkish IT
distribution company, further strengthening Corero's European and
Asian footprint.
Global alliances and sales partnerships
update
·
Launched Corero SmartWall ONE Hybrid Cloud DDoS
Solution in partnership with Akamai Technologies ("Akamai";
NASDAQ:AKAM).
o Delivering a new cloud-based service expands Corero's existing
product offerings, combining Corero's on-premises DDoS solutions
with Akamai's cloud DDoS capabilities, creating a robust, hybrid
DDoS solution.
·
Signed a new strategic partnership with Brazilian
network solutions distributor TechEnabler to expand its Latin
American ("LATAM") footprint.
o The
partnership has already resulted in an order worth over $1 million,
Corero's largest ever LATAM contract.
·
Expanded partnership with Ingecom
Ignition, a Value-Added Distributor and cybersecurity solutions
specialist, facilitating the Company's growth in Southern
Europe.
·
Selected by major international multi-sport event
customer to provide DDoS protection services, further expanding
Corero's European market reach and presence through one of our
sales partners.
·
Secured contract with the second largest search
engine used in Japan to safeguard the business from DDoS attacks
through one of our sales partners.
Upsell opportunities with existing customers
·
Launched 'Corero DDoS Intelligence Service'
("CDIS"), an automated, AI-assisted annual subscription service for
Corero SmartWall ONE customers. CDIS delivers pre-emptive attack
mitigation before the first attack is even detected and is being
seamlessly integrated with the Company's SmartWall ONE platform to
ensure maximum protection for customers.
Renewals and existing customer expansion
·
Secured a significant $2 million, three-year
contract renewal and expansion order for a leading US based
Software-as-a-Service ("SaaS") provider, marking one of the
Company's largest single orders to date.
·
Signed a significant contract renewal for a
leading Australian managed IT cloud and data centre connectivity
provider, delivering DDoS solutions to protect their connectivity
solutions across Australia.
Enquiries:
Corero Network Security plc
|
Tel: +44(0)20 7390 0230
|
Carl Herberger, Chief Executive
Officer
|
|
Phil Richards, Chief Financial Officer
|
|
|
|
Canaccord Genuity Limited (Nominated Adviser and
Broker)
|
Tel: +44(0)20 7523 8000
|
Simon Bridges
/ Andrew Potts / Harry Rees
|
|
|
|
Vigo
Consulting
|
Tel: +44(0)20 7390 0230
|
Jeremy Garcia / Kendall
Hill
|
|
corero@vigoconsulting.com
|
|
About Corero Network Security
Corero Network Security is a leading
provider of DDoS protection solutions, specializing in automatic
detection and protection solutions with network visibility,
analytics, and reporting tools. Corero's technology protects
against external and internal DDoS threats in complex edge and
subscriber environments, ensuring internet service availability.
With operational centres in Marlborough, Massachusetts, USA, and
Edinburgh, UK, Corero is headquartered in London and listed on the
London Stock Exchange's AIM market (ticker: CNS) and the US OTCQB
market (OTCQB: DDOSF).
For more information,
visit www.corero.com,
and follow us on LinkedIn and X
(Twitter).