Osirium Tech Regulatory News (OSI)

The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.

14 January 2022

Osirium Technolgies plc

("Osirium" or the "Group")

Trading Update

Osirium Technologies plc (AIM: OSI), a leading vendor of cloud-based cybersecurity software, today provides an update on the trading for the financial year ended 31 December 2021 ahead of its audited final results.

Trading update

Further to the Company's announcement on 29 November 2021, the Board confirms that, subject to completion of the audit, it expects to report bookings and revenue for the 12 months to 31 December 2021 of at least £1.6 million (2020: £1.57 million) and £1.45 million (2020: £1.43 million) respectively, in line with the prior year. Deferred revenue at 31 December 2021 was £1.66 million, providing visibility as the Group starts the new year. Debtors and cash balances as at 31 December 2021 were £0.7 million.

Osirium has more than doubled its customer base in 2021 to over 100 customers at 31 December 2021. New customers signed in Q4 2021 included two more NHS trusts, an international telecoms operator and a London-based law firm. Customer retention rates for the year were 95.4% by value (2020: 98.5% retention rate).

The Group sold through 28 resellers in 2021, and Osirium's increasing emphasis on its reseller and distributor model means it achieved a number of sales in new territories across Western Europe, Central and Eastern Europe, and South Africa.

Whilst average initial contract values have been lower due to the delayed decision making on larger strategic IT projects throughout the pandemic, the Group's significantly increased customer base provides increased up-sell opportunities, in line with its land and expand strategy. The Group expects to build on existing contracts and expand its services with its new customers in 2022 alongside accelerating new customer acquisition. Osirium starts the new year with c. £1.5 million of anticipated bookings from existing customer renewals due in 2022, which, coupled with the Company's track record of high customer retention, provides a strong foundation for the Group to execute its growth strategy.

David Guyatt, CEO of Osirium, commented:

"We are pleased with the strong growth in customer numbers and high customer retention rates during 2021, which is testament to the need for our offering across a range of sectors and geographies despite the effects of the pandemic upon customer decision making. We expect this customer decision making to return towards normal levels in 2022.

"With a significantly broadened customer base, our teams have the opportunity to focus on upselling and cross-selling in line with our land-and-expand strategy. We have made good progress in the year following a focus on growing our partner network which is yielding results, and we continue to assess the Company's go-to-market strategies to ensure the Group remains well-positioned to capture the substantial market opportunity available. I look forward to providing a full update to shareholders at the final results later in the year."

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.