Osirium Technologies PLC Business update (4888T)
January 06 2017 - 2:00AM
UK Regulatory
TIDMOSI
RNS Number : 4888T
Osirium Technologies PLC
06 January 2017
Press release 6 January 2017
Osirium Technologies plc
("Osirium" or "Company" or "Group")
Business update
Osirium Technologies plc (AIM: OSI.L), the UK based
cyber-security software provider, today issues the following
update.
The Board is impressed by the operational and commercial
progress achieved in 2016. Activity levels for the 14 months ended
31 December 2016 were broadly in line with the Board's
expectations, whilst the Company's administrative costs were lower
than previously anticipated.
The Company's cash position at 31 December 2016 was c.
GBP3.5m.
In August 2016 the Company announced its largest contract win to
date with a leading global asset management company. Osirium is
pleased to confirm that the deployment and integration of its
enhanced PAM2 solution, now branded PxM, is on track and a broader
scope of work with this client has been identified.
In October 2016 Osirium signed a pilot contract with a UK based
contextual surveillance company, which by December was fully
integrated and operational. All other existing contracts during the
year were successfully renewed, with several expanded.
The Company has also, in recent weeks, strengthened its
management team with two senior hires. Tim Ager has joined as
Osirium's Sales Director and Stephen Roberts joined as Marketing
Director. Both bring a wealth of sector knowledge; Tim has over
nineteen years' experience in the IT security market and was
formerly European Managing Director and VP of Sales at Celestix
Networks, a leading provider of secure remote access and identity
management solutions. Stephen has spent over 20 years working in
senior strategic marketing roles and was previously Marketing
Director at Wallix, a Privileged Access Management Company. He is
particularly experienced in building brand momentum for emerging
technology brands.
This recruitment, as well as the addition of high calibre talent
to the Company's Research & Development team, has taken longer
than expected and although significantly ahead of the prior period,
the revenue growth rate has been slower than the Board originally
expected as a result. Notwithstanding this, the Board will remain
disciplined and selective in its expansion of the Group's overhead
base and believes that Osirium's now augmented and strengthened
sales and marketing management will provide the momentum to
accelerate trading in 2017 and beyond.
David Guyatt, Chief Executive Officer, commented:
"We are pleased with the progress that we have made since our
admission to AIM in April 2016. Whilst the pace of our investment
in some of our core functions has been slower than we wanted, the
Group now has in place the infrastructure required to increase our
revenue growth rate in line with the Board's expectations.
The Board remains very confident in the Group's prospects and we
believe Osirium's unique proposition is well placed to prosper in
the thriving cyber-security market. We are also confident that in
the next quarter, a number of new prospects will be converted into
contracts and potential channel partnerships formalised. We are
looking forward to providing shareholders with an update on our
continued progress in due course."
- 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
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886
(Nominated Adviser and 2500
Broker)
Andrew Godber / Peter Steel
- Corporate Finance
Charles Leigh-Pemberton
- Corporate Broking
Yellow Jersey PR Tel: +44 (0) 7764 947137
(Financial PR)
Sarah Hollins
The information communicated in this announcement is inside
information for the purposes of Article 7 of Market Abuse
Regulation 596/2014 ("MAR").
Notes to Editors
Osirium Technologies plc (AIM: OSI.L), is a UK based
cyber-security software provider. Osirium protects critical IT
assets, infrastructures 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 PAM 2.0, which the Directors
view as the next generation Privileged Account management solution.
The team has developed the concept of Virtual Air Gap to separate
users from passwords, with Osirium's Privileged Task Management
module further strengthening Privileged Account security and
delivering 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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