Corero Network Security Secures USD1 Million In SmartWall Orders

LONDON (Alliance News) - Corero Network Security PLC said Tuesday it has secured orders worth a combined USD1.0 million for its SmartWall cyber security software

SmartWall - a distributed denial-of-service threat defence system - has secured a USD600,000 order for its 100 gigabits per second technology with an unnamed "global cloud security company". The one-year contract includes its SecureWatch services and follows a successful proof-of-concept trial.

Corero has also secured a USD400,000 expansion order for its 10 gigabits per second SmartWall technology from an existing customer. The three-year contract is part of the unspecified customer's "ongoing global deployment" of SmartWall.

In 2017, Corero generated USD8.7 million in pretax loss on revenue of USD8.5 million.

The AIM-listed firm added its expected further orders from both customers in the final quarter of 2018.

"To have secured another new customer for our 100Gbps SmartWall technology following a rigorous selection process is particularly pleasing and highlights the key competitive advantages and uniqueness of our solution," Corero President & Sales & Marketing Vice President Andrew Lloyd said. "We look forward to expanding our relationship with this customer as they deploy additional 100Gbps connectivity, which we expect will require additional SmartWall purchases."

"We anticipate demand for our technology to accelerate as we benefit from the combination of growth in adoption of faster 100Gbps links coupled with increasing end-user service-level expectations, resulting in the requirement for Service Providers, Cloud Providers and Enterprises to instigate a DDoS protection upgrade," Lloyd continued.

Shares in Corero were 5.9% higher at 11.59 pence on Tuesday.

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