Osirium inks three-year contract with existing customer

(Alliance News) - Osirium Technologies PLC on Tuesday said it has secured a three-year privileged access management licence extension with an existing customer.

Shares in the company were up 1.2% to 5.82 pence each in London on Tuesday afternoon.

Osirium said that the contract, worth GBP290,000 over three years, has been signed with an unnamed "leading provider of IT services to local and national government in the UK."

The customer initially purchased Osirium's PAM in 2019. In the first year, the customer upped its number of licenses to 2,600 from 250.

The full license fee is payable upfront and will be reflected in bookings and cash in the current financial year, with revenue being recognised over the three-year term.

Osirium added that this revenue underpins management expectations for the current year.

Chief Executive David Guyatt said: "We are delighted to have agreed this three-year extension, reflecting the ongoing value and importance of privileged security to our customers when cyber-attacks have never been more prolific.

"In line with our land-and-expand strategy, we continue to focus on increasing contract values, product take-up and device numbers with our existing customers alongside new customer acquisition," Guyatt added.

By Sophie Rose; sophierose@alliancenews.com

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