Contract extension with leading wealth management firm
Significant contract extension
Continued commitment extends Osirium PAM usage for a further three years
Osirium Technologies plc (AIM: OSI.L), a leading vendor of cloud-based cyber security and IT automation software, is pleased to announce that it has agreed a three-year Privileged Access Management (“PAM”) licence extension with an existing customer (the “Customer”), a leading global asset manager, with a total value of c. £0.5 million. This extension represents c. 30% of the total bookings achieved by the Group in 2021. The Customer, who has been using Osirium’s PAM solution for six years, has committed to use PAM to protect 4,500 devices for another three years.
In line with the Group’s SaaS business model, the full licence fee is payable at the outset and will be reflected in bookings and cash in the current financial year, with revenue being recognised over the three-year term, further underpinning management expectations for the current year.
In addition to the PAM renewal, the Customer also recently extended the use of the Group’s Privileged Process Automation (“PPA”) solution for a further 12 months. Since the customer first adopted the PPA solution in 2019, the user licence number has increased from 40 to over 75.
David Guyatt, Chief Executive Officer, commented: "We are delighted to have agreed this extension, which continues our partnership for another three years and reflects the value of our solutions in protecting mission-critical enterprise systems. Over the time of our engagement, the Customer has also adopted our PPA capability, demonstrating the potential of our ‘land and expand’ strategy and the trend toward combining automation and security solutions to deliver enhanced security functionality, in line with our product strategy.”