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CEO’s Message 2020

Despite the challenges of the pandemic, 2020 has seen Osirium perform strongly. We added a record number of new customers, saw 99% retention among our existing clients, and expanded our network of channel partners both in the UK and overseas.

We are pleased to report the Group’s results for the year to 31 December 2020, which demonstrate an effective response to the challenges faced during the period and a return to trading momentum through the second half. Despite this setback, we achieved a record Q4 for bookings, reflecting the return of demand for Osirium’s products and the stabilisation of our end-markets.

Our customer numbers grew 28% through a number of significant new contract wins, including against our largest competitors. We are also proud to have achieved 99% SaaS contract renewals from our existing customer base, the best possible endorsement for our proposition.

Investment for future growth remains a strategic priority for the Group. We have focused on product enhancements within our privileged access suite to drive value for our customers, and investment in our partner network during the year has expanded our addressable market.

Home working has laid bare many of the risks to cybersecurity among organisations, and IT professionals have made PAM a priority to ensure their company data, privileged accounts and regular business processes remain secure.

David Guyatt

David Guyatt

Co-Founder and Chief Executive Officer

Operational Highlights 2020

Business performance

  • Rapid and effective response to the pandemic, successfully pivoting to digital marketing and virtual events to drive new business.
  • 28% increase in customer numbers with competitive wins against largest Privileged Access Management (“PAM”) players.
  • 99% SaaS contract renewals from existing customer base with a number of significant expansions secured during the period.
  • Customers signed across both the private and public sector including one of the UK’s largest NHS trusts, a major regional UKambulance service, and a major UK communications provider.
  • Substantial channel expansion in UK and across EMEA.
  • First revenues from the Group’s Privileged Endpoint Management (“PEM”) product.

Financial highlights

  • Total recognised revenue increased by 22% to £1.43 million (2019: £1.17 million).
  • Total bookings decreased 14% to £1.57 million (2019: £1.82 million). The Group achieved record first and fourth quarters, however the Coronavirus pandemic delayed customer buying decisions, particularly impacting bookings in the second and third quarter.
  • Deferred revenue increased by 10% to £1.50 million (2019: £1.37 million), providing enhanced visibility of future earnings.
  • Reduced operating loss of £2.88 million (2019: £3.40 million), in line with management expectations.
  • Cash balances at 31 December 2020 of £1.48 million (31 December 2019: £3.85 million) reflecting continued investment for long-term growth

Post year-end (unaudited)

  • Continued trading momentum with record first quarter for bookings.
  • Continued business momentum and further sales with a substantial number of contract wins, particularly with NHS trusts.
  • Growing pipeline with quality and volume of leads improving as end markets stabilise
  • Increased engagement with new and existing channel partners
  • Successful fundraise of £2.17 million in April and May 2021 which enables the Group to continue to scale its business in PAM and digital automation, expand the Group’s channel partner network and accelerate recruitment, including new hires in the sales, engineering and R&D teams.

Business Description

The Osirium team have intelligently combined the latest generation of cyber-security and automation technology to create the world’s first, built-for-purpose, privileged account protection and task automation solution for the hybrid-cloud world. Osirium PAM, which has been tried and tested by some of the world’s biggest brands and public sector bodies. Osirium helps organisations drive down business risks, operational costs and meet IT compliance.

Country of incorporation

Osirium Technologies plc (“Osirium” or “the Company”) is incorporated in England and Wales (Registration Number 9854713) on 29th October 2008.

Main country of operation

United Kingdom

Takeover Code

The Company is subject to the UK City Code on Takeovers and Mergers.

Addresses

Registered Address

One Central Square
Cardiff
CF10 1FS
United Kingdom

Trading Address

Theale Court
11-13 High Street
Theale
RG7 5AH
United Kingdom

Business Activity

Osirium’s experienced management team has its roots firmly in IT security, helping thousands of organisations over the past 25 years protect and transform their IT security services, before founding Osirium Ltd in 2008 and establishing its headquarters near Reading, UK.

Osirium PAM Logo

Osirium Privileged Access Management

Our innovative 2nd generation Privileged Access Management (PAM) solution helps customers prevent targeted cyberattacks from accessing privileged accounts and opening massive security holes in their critical IT infrastructure, leaving them open to malicious attacks and data loss.

Unlike other 1st generation PAM vendors which are complex and expensive to install and maintain, Osirium’s second-generation solutions are simple for customers to deploy and use. Using an ‘Identity In, Role Out’ model we avoid the need for Privileged Accounts to receive passwords, or for passwords to exist on their workstations. How can the cyberattacker steal what’s not there?

Product page
Osirium PPA Logo

Osirium Privileged Process Automation

In addition, our innovative Privileged Process Automation (PPA) technology provides Robotic Process Automation-like productivity gains to IT. Wrapping privileged operations in automation significantly reduces the cyberattack surface and delivers over 95% time savings in completing Privileged Tasks. For this outstanding innovation Osirium was awarded a Gartner Cool Vendor award.

Product page
Osirium PEM Logo

Osirium Privileged Endpoint Management

Privileged Endpoint Management (PEM) extends protection of privileged access by letting organisations removed local administrator rights from Windows endpoints without impacting end-user productivity.

Product page

Board of Directors

David Guyatt

David Guyatt

Co-Founder and Chief Executive Officer

Co-founder of Osirium, the management team is led by David Guyatt, who has over 30 years’ experience in turning next generation IT products into successful technology businesses. He is a recognised pioneer in establishing the content security software market, being a co-founder and CEO of the Content Technologies group, which created MIMEsweeper and became the recognised world leader in content security solutions, with a 40 per cent global market share, and was sold for $1Bn within 5 years, the largest European cyber security acquisition at the time.

Previously, David was Sales & Marketing Director at Integralis from 1990 to 1996, as it established itself as Europe’s leading IT security integrator - now part of the NTT group.


Simon Lee

Simon Lee

Non-executive Chairman

Simon Lee is an International Advisor to Fairfax Financial where he sits on the Boards of Brit Syndicates Ltd and Fairfax International (Barbados) Ltd. He is also on the Advisory Boards of Sherpa Technology and Perfect Cellar, a Non-executive Director of Atlas Mara Bank and President of Hospice in the Weald. Until December 2013, Simon was Group Chief Executive of RSA Insurance Group PLC, a FTSE 100 company, operating at the time in 32 countries, employing around 23,000 people, writing c. £9 billion p.a. in premiums with assets of c. £21 billion. Previously, Simon spent 17 years with NatWest Group, working in a variety of roles including Chief Executive NatWest Offshore, Head of US Retail Banking, CEO NatWest Mortgage Corporation (US) and Director of Global Wholesale Markets.

Rupert Hutton

Rupert Hutton

Chief Financial Officer

Rupert’s most recent deal was while he was working at Artilium Plc and was instrumental in the sale to NYSE listed Pareteum for $104.7 million (or £78.0 million). Rupert previously served for 12 years as Finance Director of AIM-quoted Atlantic Global PLC, a cloud-based project portfolio management software company, before being sold in February 2012 to KeyedIn Solutions, an international, US private equity backed software business based in Bloomington, Minnesota. Rupert’s arly career was served as Group Finance Director of the Milton Keynes and North Bucks Chamber of Commerce Training and Enterprise. Rupert trained with Grant Thornton and has an AMBA accredited Masters in Business Administration and is a fellow of the Association of Chartered Certified Accountants.

Simon Hember

Simon Hember

Non-Executive Director

Simon is Founder and Managing Director of Acumin Consulting. Established in 1998, Acumin is a leading specialist for cybersecurity and information risk management recruitment and executive search operating throughout Europe and the US. Acumin has established relationships with end user organisations, system integrators, consultancies and vendors across the security industry. Simon has expertise consulting around mergers and acquisitions, facilitating European market entry for high growth companies and working closely with industry leaders and venture capital to create new ventures and business development networks globally. Simon is also Co-Founder and Director of RANT Events, the leading community of senior information security professionals who work within end-user organisations and a Director of Red Snapper Recruitment, which merged with Acumin in July 2015.

Steve Purdham

Steve Purdham

Non-Executive Director

Steve has spent his entire career in the technology industry, starting with International Computers Limited in 1978 before moving to JSB Computer Systems Ltd. As co-founder of web and email filtering products Surfcontrol, Steve led JSB’s flotation on AIM in 1997 as JSB Software Technologies PLC followed by its flotation on EASDAQ and then FTSE Main Market listing in February 2000. Changing its name to SurfControl Plc, the company entered the Techmark index and became a FTSE 250 company for a period of time. Acting as its CEO between 2000 and 2005 and then as a non-executive director until 2007, when the company was sold to Websense Inc. for $400 million. He was also a founder investor in WE7 Limited, acting as the company’s CEO between 2008 and 2013 when it was sold to Tesco plc for £10.8 million. Steve is currently Executive Chairman and co-founder of 3rings Care Ltd and since 2002, held a number of other non executive directorships including with the Manchester Technology Fund Limited and Identum Limited.

Management Team

David Guyatt

David Guyatt

Co-Founder and Chief Executive Officer

Co-founder of Osirium, the management team is led by David Guyatt, who has over 30 years’ experience in turning next generation IT products into successful technology businesses. He is a recognised pioneer in establishing the content security software market, being a co-founder and CEO of the Content Technologies group, which created MIMEsweeper and became the recognised world leader in content security solutions, with a 40 per cent global market share, and was sold for $1Bn within 5 years, the largest European cyber security acquisition at the time.

Previously, David was Sales & Marketing Director at Integralis from 1990 to 1996, as it established itself as Europe’s leading IT security integrator - now part of the NTT group.


Rupert Hutton

Rupert Hutton

Chief Financial Officer

Rupert’s most recent deal was while he was working at Artilium Plc and was instrumental in the sale to NYSE listed Pareteum for $104.7 million (or £78.0 million). Rupert previously served for 12 years as Finance Director of AIM-quoted Atlantic Global PLC, a cloud-based project portfolio management software company, before being sold in February 2012 to KeyedIn Solutions, an international, US private equity backed software business based in Bloomington, Minnesota. Rupert’s arly career was served as Group Finance Director of the Milton Keynes and North Bucks Chamber of Commerce Training and Enterprise. Rupert trained with Grant Thornton and has an AMBA accredited Masters in Business Administration and is a fellow of the Association of Chartered Certified Accountants.

Kev Pearce

Kev Pearce

Co-Founder and Tech Services Director

Kev, who co-founded Osirium with David Guyatt, has over 20 years’ experience in the planning, deployment and management of corporate IT infrastructure and security projects. Kev was previously the Head of Consulting at Integralis, Europe’s largest Security Solution Provider, which he joined in 1996. Kev has a BEng (Hons) degree in Microelectronic Engineering from Brunel University in 1997 and is also a Chartered Engineer (CEng), a Certified Information Systems Security Professional (CISSP) and holds many vendor specific certifications.

Andy Harris

Andy Harris

Chief Technology Officer

In a long and distinguished career, including being Technical Director at Integralis, Andy has invented many leading-edge technologies including IP Network Translation Gateway, Print Symbiont Technologies for LANbased printers and Disaster Master, a technique of continuously updating a backup site with mirrored data. As one of the Co-Founders and CTO of MIMEsweeper, Andy was the creator of the world’s first content security solution which became the default product in its space. Andy went on to start WebBrick Systems which was one of the pioneering Home Automation technologies, also a forerunner to what we know as IOT devices today. As Engineering Director, Andy has created and patented several core components in the Osirium product family.

Catherine Jamieson

Catherine Jamieson

Sales and Operations Director

With over 25 years of experience growing start-up businesses, Catherine’s skill set is perfectly suited to driving Osirium in both sales and operational roles. Starting with Integralis in 1988, she joined the start-up team and quickly adopted a sales and customer services role which ended up being a key factor in the growth of the business.

Moving to more senior sales roles in the early 90’s, she established the City Business Unit at Integralis, before accepting the Sales Manager role when the MIMEsweeper solution was launched in 1995.

In 1997, Catherine became the SVP Europe at MIMEsweeper which, under her leadership from 1997-2000, grew the European business from $3million to over $15 million in three years, consistently achieving revenue growth of over 100% p.a. with over 50 channel partners in 12 countries. The MIMEsweeper business was sold for $1Bn in 2000.

She has since been involved with a few smaller start-up organizations, before joining Osirium in 2010, where she has been responsible for the acquisition of early adopter customers and providing operations support to the business.

Stuart McGregor

Stuart McGregor

Sales Director

Stuart has over 20 years in the IT industry with a breadth of experience in leading direct and channel sales teams of SaaS and on premise solutions into mid-market and enterprises across EMEA. Most recently he was Sales Director for Privileged Access Management vendor, Bomgar, where he established an EMEA operation and led the UK and Northern Europe sales teams. Stuart saw local revenues grow by over 600% and sales operations created in UK, Netherlands, Germany and France.

Stuart was also a member of Bomgar ’s Global Leadership team and managed the integration of sales operations of the acquired Lieberman, Avecto and BeyondTrust businesses. Stuart has also held successful sales and consulting management positions at EMC, UK start-up software company Thunderhead, BroadVision and Oracle.

Barry Scott

Barry Scott

Customer Services Director

Barry’s career in IT infrastructure and operations spans more than 30 years, across a wide range of verticals and many different technologies. For the last 16 years, Barry has worked for startup software vendors in the Identity and Access Management (IAM), Privileged Access Management (PAM) and Identity as a Service (IDaaS) fields. Barry helped to grow those companies across EMEA by building technical teams to fulfil customer pre- and post-sales needs, speaking at events across the region and blogging on topics such as GDPR.

Mark Warren

Mark Warren

Marketing Director

Mark has over 30 years of experience in product development and marketing leadership at global software organizations. At Osirium, he leads the Marketing team, focusing on field and product marketing, demand generation and developing the Osirium brand and market presence. Before Osirium, Mark worked in different industry sectors at international organizations including, SITA, 1E, Perforce Software, Serena, and Micro Focus.

Nominated Advisors

Advisor and Broker

Stifel

150 Cheapside
London
EC2V 6ET
United Kingdom

Auditors

PKF Littlejohn LLP

15 Westferry Circus
London
E14 4HD
United Kingdom

Solicitors

Blake Morgan LLP

6 New Street Square
London
EC4A 3DJ
United Kingdom

Public Relations

Alma PR

Alma PR
71-73 Carter Lane
London
EC4V 5EQ
United Kingdom

Registrars

Neville Registrars Ltd

Neville House
18 Laurel Lane
Halesowen
B63 3DA
United Kingdom

Shareholder Information

  • The below information has been made available pursuant to Aim Rule 26 and was last reviewed on: 7 January 2022

  • AIM Securities in Issue, shares not in public hands, significant shareholders and restrictions on transfer

    As at 7 January 2022, the following interests of shareholders equal to and in excess of 3%, have been notified to the Company. In accordance with the AIM Rule 26, in so far as the company is aware as at 7 January 2022, the percentage of the Company’s issued share capital that is not in public hands is 22.3%.
    The Company currently holds no treasury shares. There are no restrictions on the transfer of ordinary shares. As at 7 January 2022, the company’s issued share capital consists of 29,382,014 ordinary shares with a nominal value of 1 pence each (“Ordinary Shares”), each share having equal voting rights. Therefore the number of Ordinary Shares with voting rights is 29,382,014.

  • Exchanges or trading platforms that have been applied or agreed to have any of its securities (including its AIM securities) admitted or traded

    The securities of Osirium Technologies plc are traded on the AIM market operated by the London Stock Exchange plc. Its shares have not been admitted, nor have any applications been made, for any of its shares to be admitted or traded on any other exchanges or trading platform.

Shareholders

Percentage

Octopus Investments

23.31%

Canaccord Genuity Wealth Mgt

9.90%

1798 Volantis

8.19%

Osirium Technologies Plc Directors & Related Parties

7.93%

Harwell Capital

5.21%

Maven Capital

5.86%

Unicorn Asset Mgt

4.72%

GAM London

3.88%

Rathbone Investment Mgt

3.73%

Corporate Governance Statement

One of my key roles is to ensure the establishment, appropriate monitoring and maintenance and communication of good corporate governance so that shareholders’ and other stakeholders’ interests are properly managed.
For this purpose the Board has adopted the QCA Corporate Governance Code (2018) and this Corporate Governance Statement sets out and confirms:

  • my responsibility as Chairman to ensure that the Company and its subsidiaries (together the Group) has appropriate corporate governance standards in place and that these requirements are followed and applied within the Group as a whole;

  • how the QCA Code is applied by Osirium and how we believe its application supports the Group’s medium to long-term success;

  • the areas where Osirium’s structures and practices may differ from the expectations set by the Code;

  • any key governance related matters that have occurred during the year, including any significant changes in governance arrangements.

In addition to adoption of the QCA Code, the directors have adopted the Group’s Code on Dealings in Securities for dealings in the shares of the Company by directors and other PDMRs (persons discharging managerial responsibilities) and their respective PCAs (persons closely associated) and other restricted persons, amended post-float to reflect the requirements of the Market Abuse Regulation (Regulation (EU) No 596/2014) with effect from 3 July 2016.

The corporate governance arrangements that the Board has adopted are designed to ensure that the Group delivers long term value to all its stakeholders and that shareholders have the opportunity to express their views and expectations for the Group.

The Board understands that the decisions regarding strategy and risk will impact the corporate culture of the Group and that the tone and culture set by the Board will impact all aspects of the Group as a whole and the way that employees behave.

The importance of sound ethical values and behaviours is crucial to the ability of the Group to successfully achieve its corporate objectives. The Board places great importance on all aspects of corporate life and professionalism and seeks to ensure that this is adopted throughout the Group.

The Board is responsible to shareholders for the proper management of the Company.

The Board comprises 5 directors, two of whom are Executive Directors and three of whom are Non-Executive Directors, reflecting a blend of different experience and backgrounds. The Board considers Simon Lee, Steve Purdham and Simon Hember to be independent Non-Executive Directors under the criteria identified in the QCA Code.

The Board meets regularly and is responsible for strategy, performance, approval of any major capital expenditure and the framework of internal controls. To enable the Board to discharge its duties, all directors receive appropriate and timely information. Briefing papers are distributed to all directors in advance of Board meetings. The Board has established Audit and Remuneration Committees with formally delegated duties and responsibilities and with written terms of reference. Each of these Committees meets regularly and at least twice a year.

From time to time separate committees may be set up by the Board to consider specific issues when the need arises.

Simon Lee

Simon Lee

Non-executive Chairman

Corporate Governance Statement

The QCA Code sets out 10 principles which should be applied. These are listed together with a short explanation of how the Group applies each of the principles, in our Corporate Governance Statement which is available as a PDF from the link below.

Downloadable

Renumeration Committee

The Remuneration Committee has responsibility for reviewing and determining, within agreed terms of reference, the Group’s policy on the remuneration of Senior Executives, Directors and other key employees and specific remuneration packages for Executive Directors, including pension rights and compensation payments.

It is also responsible for making recommendations for grants of options under the New Share Option Scheme. It has met not less than twice a year. The remuneration of Non-Executive Directors is a matter for the Board and no Director may be involved in any discussions as to his or her own remuneration. The Remuneration Committee comprises Steve Purdham, Simon Lee and Simon Hember and is chaired by Steve Purdham.

Determination of Directors’ and Senior Management’s Salaries. The Remuneration Committee believes that the interests of the executive directors, other Group Company directors, senior management and staff and those of the shareholders and other stakeholders are best aligned by a remuneration policy that provides a base salary together with awards under the Group’s Share Option Scheme and/or the award of bonuses paid for through the issue of shares.

The Remuneration Committee reviews and determines annually directors’ and senior management’s salaries in relation to the tasks and responsibilities involved and the level of comparable salaries in the market place. In particular, the Committee seeks to ensure that salaries are competitive. In its final determination of salaries, the Committee’s conclusions are set within what is affordable.

A copy of the Renumeration Committee Terms of Reference is available on the link below.

Downloadable

Audit Committee

The duties of the Audit Committee are to consider the appointment, re-appointment and terms of engagement of, and keep under review the relationship with, the Group’s auditors, to review the integrity of the Group’s financial statements, to keep under review the consistency of the Group’s accounting policies and to review the effectiveness and adequacy of the Group’s internal financial controls.

In addition, it has received and reviewed such reports as it from time to time requests from the Group’s management and auditors. The Audit Committee has met at least twice a year and has unrestricted access to the Group’s auditors. The Audit Committee comprises Steve Purdham, Simon Lee and Simon Hember and has been chaired by Simon Lee.

The directors acknowledge that relevant corporate governance guidelines, including the QCA Code, state that the Audit Committee should not be chaired by the Chairman of the Company.

The directors have considered the membership of the Audit Committee carefully and have concluded that, given the current composition of the Board, Simon is the most appropriate choice to be its Chairman.

The Board regularly reviews the effectiveness of the Audit Committee. Once any further appointments have been made to the Board, the Audit Committee will be reviewed to bring its composition into line with corporate governance best practice guidance.

A copy of the Audit Committee Terms of Reference is available on the link below.

Downloadable

Stock Ticker Symbols

Company

Osirium plc

Primary Country Listing

GBR

TDIM

OSI

SEDOL

BZ58DH1

ISN

GB00BZ58DH10

video

Taking on the world of Privileged Access Management

Osirium Technologies PLC (LON:OSI) is a cyber security company focused particularly on the PAM space – privileged access management.

”It’s a niche area, but still up there at $2.2bln by 2020, so it’s a great opportunity for a company such as us who’ve had a long history and involvement in cyber security over the last nearly 30 years now. We’re well-placed to address that particular market that’s emerging and we have the skills necessary to take on the world really”,

says Osirium CEO David Guyatt.

Proactive website

video

The Importance of Privileged Account Security

London AIM listed Osirium is a company that produces ‘product suites’ that, it says, protects critical data from cyber-attacks and ‘internal threats’.

CEO David Guyatt and CTO Andy Harris explained a bit more about what the company does and say that, while consumers ultimately benefit from the work that Osirium, and others in the sector do, it goes largely unnoticed. But to the corporations and organisations that it works with, the relationship is key to protect them from a barrage of threats that are designed to search out online frailties.

It is not likely that the threat to our online security is going to ease. Indeed, there appear to be more and more attempts by illegal organisations, based in places that are difficult to locate, that can be paid a lot of money to breach online security.

As companies like Osirium come up with solutions to current online threats, criminals use increasingly sophisticated techniques to breach the protections put in place.

IG website
Logo_edison

video

Executive Interview: Osirium Technologies

David Guyatt, CEO of Osirium Technologies, introduces us to the business. He explains the security challenges that Osirium’s technology seeks to address, the growth of the privileged access management software market and how Osirium’s solutions are differentiated from incumbent providers.

David highlights the key achievements since the IPO in April 2016, describes the company’s channel strategy, and outlines some of management’s key objectives for the coming year.Osirium Technologies is an early stage, UK based, Software-as-a-Service (SaaS) cyber security company.

The company’s software protects users against both external and internal cyber threats through active management of so called ‘privileged users’, thereby limiting and controlling access to IT infrastructure and systems.

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About Edison

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The heart of Edison is their world-renowned equity research platform and deep multi-sector expertise. Their research is widely read by international investors, advisors and stakeholders.

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Osirium on the Edison website

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