- Corero Network Security PLC (LON:CNS) specialises in cybersecurity 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
In a trading update for the six months ended 30 June, the AIM-listed firm forecast that full-year revenues would be around 20% higher than 2018, while direct sales investment would result in increased EBITDA losses.
This was despite a slower first half, with the company expecting revenues in the period to fall to US$4.2mln from US$5mln as a result of lower than expected conversions from the pipeline of its Juniper Networks partnership, however, the deal was expected “contribute materially” in the second half of the year.
The first week of December saw two contracts with new customers and an expansion contract with an existing client for a total value of US$1.1mln.
In November, Corero announced a placing and share subscription to raise up to £3.25mln, before expenses, to be used mainly for the development of its SmartWall product. The company says this comprises a conditional £950,000 ordinary share placing at a price of 3.5p each, and £2.3mln more at the same price by two directors, chairman Jens Montanana and non-executive Richard Last, and existing major shaholder Juniper Networks Inc.
In early July, the company said it had secured new orders worth US$1mln comprising of two new contracts and two renewals for its SmartWall DDoS protection products
- The company has recently appointed tech industry veteran Michael Connolly as its US-based Vice President Worldwide Sales
What the boss says: Ashley Stephenson, chief executive
“Within a month of launching the service, we have secured the inaugural contract for our new hybrid DDoS protection solution, which combines Corero's market-leading real-time SmartWall DDoS protection with coordinated automatic cloud back-up protection, enabling our customers to defend against even the largest of DDoS attacks.”
“At the same time, we continue to see strong growth in add-on business from our existing customers as their DDoS protection requirements increase."