Osirium Tech Regulatory News (OSI)

30 May 2022

Osirium Technologies plc

("Osirium" or the "Group")

Contract win for Privileged Endpoint Management solution

Osirium's first PEM-only contract win

Osirium Technologies plc (AIM: OSI), a leading vendor of cloud-based cybersecurity and IT automation software, is pleased to announce its first standalone Privileged Endpoint Management (PEM) contract win with a global imaging brand.

The customer has selected the Group's PEM 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.

Local administration rights on users' workstations allow for ransomware and other malware to be installed and move around corporate networks. PEM removes the need for these risky permissions without increasing the workload for busy IT help desks, or preventing users from working efficiently. By learning which applications need elevated permissions, and elevating only approved applications rather than users, PEM's policy-driven approach makes it easy to deploy and minimise impact on end-users.

As well the Group's Privileged Access Management (PAM) product, Osirium's additional products, PEM and Privileged Process Automation (PPA) are increasingly being seen as primary or standalone solutions, and follows on from the Group's announcement on 24 March 2022 regarding its first PPA-led deal with the Midlands and Lancashire Commissioning Support Unit.

This customer was achieved via reseller Softcat, and Osirium's partner, software distribution firm Prianto. The Group continues to see a healthy pipeline of opportunities through its broad network of channel partners.

Whilst this contract is not of a material size to the Group, the Directors believe that it is a demonstration of the growing opportunity for future sales of Osirium's PEM solution as a standalone product for new business wins, as well as expansion with existing customers in line with the Group's "land and expand" strategy.

David Guyatt, Chief Executive Officer of Osirium said:

"We are delighted to announce our first PEM-only deal today, which reflects the increasing interest in our additional privileged security products as organisations look to safeguard and update their security.

With a view to capitalising on this need for greater cybersecurity protection, we are having many more conversations with existing PAM customers and new opportunities around endpoint management, as well as process automation."

About Osirium Technologies Plc

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. Osirium Automation delivers time and cost savings by automating complex, multi-system processes securely, allowing them to be delegated to Help Desk engineers or end-users and to free up specialist IT resources. The Osirium PEM solution balances security and productivity by removing risky local administrator rights from users, while at the same time allowing escalated privileges for specific applications.

Founded in 2008 and with its headquarters in Reading, UK, the Group was admitted to trading on AIM in April 2016. For further information please visit www.osirium.com.