Business update

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. £3.5m.

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."

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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
Panmure Gordon (UK) Limited (Nominated Adviser and Broker)	Tel: [phone]
Andrew Godber / Peter Steel  - Corporate Finance Charles Leigh-Pemberton - Corporate Broking
Yellow Jersey PR (Financial PR) Sarah Hollins	Tel: [phone]

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

 

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