Corero Network Security shares rise as hails "significant orders"

(Alliance News) - Corero Network Security PLC on Monday said it received several "significant orders" from new and existing customers in the third quarter of 2023 for its market-leading SmartWall distributed denial-of-service protection solutions.

The cybersecurity provider said the orders total about USD2 million, with an average value per customer of USD481,000. It noted one new customer is a US-based provider of communication technologies and services. The customer needed a solution to protect its infrastructure against DDoS attacks, alongside the ability to sell DDoS protection services to its customer base.

Corero further noted contract expansions in North America, the Caribbean, Central America and the Asia Pacific region, adding that it had a new customer in the southern Asia region.

Executive Chair Jens Montanana said: "We are pleased to have secured these important customer wins and report a strong start to our second half of the year. We are continuing to build upon the momentum gained during the first six months of 2023 as demonstrated by these recent successes."

Corero Network shares rose 12% to 7.85 pence each on Monday around noon in London.

By Tom Budszus, Alliance News reporter

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