Last checked at 15 Oct 2018 07:00
15 October 2018
Corero Network Security plc
("Corero" or the "Company")
$2.0 million investment from Juniper Networks
Corero Network Security plc (AIM: CNS) is pleased to announce that it has secured a $2.0 million (£1.5 million) equity investment from Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks (the "Investment").
The Investment follows the Company's announcement on 25 September 2018 regarding a multi-year global resale partnership with Juniper to resell and support Corero's SmartWall software products and services. Juniper provides the routing infrastructure for some of the world's largest IP networks and cloud datacenters.
The Investment from Juniper will provide Corero with additional funding headroom in terms of delivering on its objective of being cash generating and EBITDA profitable during 2019.
The Investment will comprise the subscription by Juniper of 17,008,969 new ordinary shares of 1 pence each in the Company (the "Subscription Shares") at a subscription price of 8.9 pence per Subscription Share (the "Subscription Price"). The Subscription Price is equivalent to the closing mid-market price on 24 September 2018, the business day before the announcement, that Corero had secured a global resale partnership with Juniper. The Subscription Price represents a discount of 15.2 per cent to the closing mid-market price of an Ordinary Share on 12 October 2018, being the last practicable date before this announcement.
Application will be made for the Subscription Shares to be admitted to AIM and such admission is expected to become effective at 8.00 a.m. on 19 October 2018. The Subscription Shares will represent 4.23 per cent of the Company's issued ordinary share capital as enlarged by the issue of the Subscription Shares.
Ashley Stephenson, Corero CEO, said:
"We welcome this investment from a global corporation of Juniper Network's reputation and scale, in addition to our previously announced global resale partnership. We feel this represents a further endorsement of our vision for SmartWall products as a critical component in securing IT networks from DDoS attacks. We look forward to working closely with Juniper to capitalise on our partnership and jointly pursuing the market opportunity for DDoS protection via its global sales force and channel."
The Juniper resale partnership was showcased at the Juniper Networks' annual customer and partner summit, NXTWORK 2018, in Las Vegas last week.
Further information can be accessed via the Company's web site www.corero.com.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Enquiries:
Corero Network Security plc | ||
Andrew Miller, CFO | Tel: 01895 876 382 | |
Cenkos Securities plc | Tel: 020 7397 8900 | |
Mark Connelly - NOMAD Michael Johnson - Sales | ||
Vigo Communications | Tel: 020 7390 0230 | |
Jeremy Garcia / Ben Simons /Antonia Pollock corero@vigocomms.com |
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About Corero Network Security
Corero Network Security is a leader in real-time, high-performance DDoS defense solutions. Service providers, hosting providers and digital enterprises rely on Corero's award winning technology to eliminate the DDoS threat to their environment through automatic attack detection and mitigation, coupled with complete network visibility, analytics and reporting. This industry leading technology provides cost effective, scalable protection capabilities against DDoS attacks in the most complex environments while enabling a more cost-effective economic model than previously available. For more information, visit www.corero.com