Osirium Tech Regulatory News (OSI)

7th August 2019

Osirium Technologies plc

("Osirium" or "Group")

Contract wins

Financial planning and wealth management group and UK University

adopt Osirium's full PxM Platform

Osirium Technologies plc (AIM: OSI.L), a leading vendor of cloud-based cybersecurity software, is pleased to announce two strategically important contract wins. The first is with a major provider of financial planning and wealth management services and the second with a major UK university.

For both new clients Osirium will deliver its full PxM Platform including the Privileged Access Management, Privileged Task Management and Privileged Session Management modules. Both contracts are for an initial 12 month license, with the first being for 200 devices, covering a comprehensive package of software, consultancy, training and 24/7 technical support. The second, with the major UK university, is an upgrade from Osirium's free of charge PxM Express offering, is for over 100 devices and covers software and technical support. 

The major financial planning and wealth management group has selected the Osirium solution to address a number of security and operational challenges. These include rigorous management of privileged credentials, granular control of access to the infrastructure by third party contractors and vendors, and detailed audit trails of internal and external access to privileged accounts. In addition to providing comprehensive Privileged Access Management, Osirium's Privileged Task Management capabilities are automating essential network and infrastructure processes in order to both mitigate risk and deliver substantial time and money savings.

The University initially used the PxM Express offering for a limited number of devices to understand its range of Privileged Access Management capabilities. Having decided to outsource its helpdesk and offshore its network operations, they have extended the Osirium license to include management of these third party service providers, giving the ability to control access and audit the entire process.

David Guyatt, Chief Executive Officer, commented: "We're delighted to have been awarded these contracts as institutions increasingly appreciate the danger that access management represents and, as leaders in PAM, our unique ability to address it through our innovative and easily deployed solutions. The major financial group was particularly impressed with the way Osirium's award-winning Task Management functionality will automate key processes, whilst the contract with our second major UK University reinforces our strategy of making Osirium technology available to selected prospective customers with our no-charge offering, allowing them to experience the value and security it offers, as a step to becoming a customer of the full solution."

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About Osirium

Osirium Technologies plc (AIM: OSI.L) operates in one of the fastest growing parts of the cybersecurity market and is a leading vendor of Privileged Access Management ("PAM") software. Osirium's cloud-based products protect critical IT assets, infrastructure and devices by preventing targeted cyber-attacks from directly accessing Privileged Accounts, removing unnecessary access and powers of Privileged Account users, deterring legitimate Privileged Account users from abusing their roles and containing the effects of a breach if one does happen. 

Osirium has defined and delivered what the Directors view as the next generation PAM solution. The team has developed the concept of a Virtual Air Gap to separate users from passwords. Built on Robotic Automation technology, Osirium's Privileged Task Management module further strengthens Privileged Account security by minimising the cyber-attack surface and delivering an impressive return on investment benefits for customers. Building on Osirium's Privileged Task Management module, in May 2019 Osirium launched "Opus", providing a highly-flexible platform for automating essential IT processes to set a new benchmark in Privileged IT Process Automation.

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