Corero Network Security PLC’s (LON:CNS) specialises in cyber security software
First order generated by partnership with network giant Juniper Networks - A global hosting provider has signed up, following a successful trial of Juniper's MX Series router
Smartwall revenues growing strongly with hosting providers
What it does
Corero's SmartWall software specialises in protecting a network against the threat posed by distributed denial of service (DDoS) attacks (where traffic flow on the network grinds to a halt as a result of an overwhelming flood of input/output requests).
How is it doing
Corero also reiterated its commitment to moving into profit at the underlying earnings (EBITDA) level this year.
More than half of its revenue is now regarded as recurring, comprising security maintenance and support services and distributed denial of service (DDoS) protection-as-a-service revenue.
Revenue from its flagship SmartWall product was up 23% year-on-year.
Corero had net cash of US$4.4mln at the end of the year, up from US$1.4mln a year earlier.
What the boss says
“Securing the first Juniper resale customer win in March 2019 was a significant milestone in the development of the Juniper go-to-market channel for Corero,” he added.
"We remain focused on delivering strong revenue growth and committed to achieving our stated goal of being EBITDA positive and cash generative by the end of the year," Stephenson declared.
More orders coming through with Juniper, leading network equipment supplier - Juniper sales force 100 times larger than Corero
Deal size will be published when a number of deals have been signed
Cash generation this year, profitability in 2020
Renewal rate in customers is high at 90%
Internet bandwidth growing at 30% annually
Aim to expand new customers in 2019
Threat of DDoS attacks is set to grow.
Roll-out of 5G mobile telecoms services and the evolution of the Internet of Things providing new opportunities for malicious attacks on businesses and their customers.
Longer term push in to the DDOS market.