Announces the signing of its first US deal, along with the first standalone contracts won for new process automation and endpoint management products
Osirium Technologies plc (AIM: OSI), the leading UK-based vendor of Privileged Access Security (PAS) solutions, has announced a trading update for the first half of 2022 which shows significant continued growth in customers, revenue and market reach over that achieved in 2021. Its performance is underpinned by high client retention and ongoing product innovation. Recent highlights include first wins in the US, Africa, Asia-Pacific and new European territories, and the first major deals led by its new Privileged Process Automation (PPA) and Privileged Endpoint Management (PEM) solutions.
While expanding its services to existing customers, Osirium more than doubled its customer base in 2021, driven by the targeting of key sectors and the focused expansion of its channel partner network. The customer renewal retention rate remains strong at 95% (2021 trading update).
The first six months of 2022 was a record half in terms of contracts signed, with bookings increasing by 30% compared to the same period in 2021 – more than half that value coming from new customer wins. Annual Recurring Revenue (ARR) for the half increased by 29% compared with the same period in 2021. Five of the new deals signed in the first quarter of the year were each of a greater value than any customer order in 2021.
Osirium’s international expansion continues apace, with recent new customer wins in North America, Africa, Europe, and Asia. In May 2022, it signed its first US customer – a global investment bank headquartered in New York – via new channel partner Prianto. The bank selected Osirium’s Privileged Access Management (PAM) product to guard against threats through managing internal and third-party access to critical servers, applications and networking equipment. Other ground-breaking contracts have been signed over the last 18 months in the Netherlands, Poland, Hungary, Ireland, Singapore, and South Africa, with the first sale to one of the continent’s leading mobile networks.
Building on its technology capabilities, in 2021 Osirium launched two complementary products beyond its core PAM product – PPA and PEM – and these are fast gaining traction. Not only have existing PAM customers added these products to their solution, but Osirium has successfully created a demand for them as standalone products, representing an exciting opportunity for further customer acquisition outside its traditional PAM market. Existing PAM customers have been adding PPA and PEM to their estate – and in Q2 of 2022 a major UK telecoms provider became the first customer to adopt all three products in Osirium’s portfolio, purchasing PEM to add to its PAM and PPA solutions.
Osirium signed its first PPA-led contract with Midlands and Lancashire Commissioning Support Unit (MLCSU) in March 2022, with an initial investment of 600 user licenses to provide self-service IT support for GP practices in the Birmingham and Solihull CCG area. There is the potential for rollout across 200 sites across the whole region. This was swiftly followed in May by Osirium’s first PEM-only contract win with a global imaging brand, which has selected the solution as part of its Cyber Essentials compliance project, replacing a manual system for managing user accounts. Under the three-year contract, PEM will be rolled out to 500 users in the customer’s UK operations.
The business has successfully grown its presence and brand awareness in the key healthcare, higher education and commercial sectors. Forty NHS Trust are now signed up as customers. During the past year, Osirium signed a number of valuable commercial deals, including a London-based law firm, a US financial services firm, and the cross-selling of its PPA and PEM solutions to a major UK communications provider, an existing PAM customer.
Osirium has continued to extend and develop its global partner network of resellers and distributors, forging new relationships that provide a valuable route to market. It now benefits from the local expertise and reach of over 50 partners, with recent agreements signed in Emirates, Kenya, Nigeria, Poland, Switzerland, India and Singapore. Leading software distributor Prianto has won multiple contracts for Osirium’s solutions across Europe and North America. In addition to producing new sales, Osirium’s partners are helping to build its profile locally, as a trusted advisor – not only with potential customers but also with institutions and thought leaders.
David Guyatt, Chief Executive Officer of Osirium said: “Against a backdrop of ongoing uncertainty as a result of the pandemic, Osirium has further established itself as a leading mid-market provider of Privileged Access Security (PAS). The pipeline for continued customer wins remains healthy, both in the UK and overseas, and we’re seeing growing demand for our innovative endpoint management and process automation solutions as standalone products as well as add-ons. We’re constantly investing in our product suite, focusing on enhancements across our solutions, and growing our capabilities with the aim of providing a complete toolkit of privileged protection solutions. Continuing to build our partner and reseller network is a primary objective and will enable us to secure new opportunities and maintain our strong customer acquisition.”
Osirium Technologies plc (AIM: OSI) is a leading UK-based cybersecurity software vendor delivering Privileged Access Management (PAM), Privileged Endpoint Management (PEM) and Osirium Automation solutions that are uniquely simple to deploy and maintain. With privileged credentials involved in over 80% of security breaches, customers rely on Osirium PAM’s innovative technology to secure their critical infrastructure by controlling 3rd party access, protecting against insider threats, and demonstrating rigorous compliance.