2 March 2022

Osirium Technologies plc

("Osirium" or the "Group")

New customer wins

Growing average contract values to pre-pandemic levels

Osirium Technologies plc (AIM: OSI), a leading vendor of cloud-based cybersecurity software, provides an update on its customer acquisition for Q1 FY22 to date.

Further to the Group's update on trading provided in the announcement of its placing and subscription to raise £1 million on 11 February 2022, Osirium is pleased to announce continued new business wins, bringing the total number of new customers won in January and February 2022 to nine. Four of these contracts are of a greater value than any deal signed in 2021.

As a result, the total value of bookings signed since the start of the year is ahead of the same period last year. The Board believes this represents a return to pre-COVID contract values, with organisations now picking up projects that were put on hold during the pandemic, and becoming more confident in their decision making when looking to reinforce their IT security.

Following a record year for number of new customers signed in 2021, Osirium's pipeline continues to be strong into 2022, and the Group is seeing particular opportunities with NHS trusts - both for additional licenses in line with Group's "land and expand" strategy, and with new customers. Osirium is also seeing good prospects in the higher education sector alongside continued traction in commercial markets, such as retail and financial services.

David Guyatt, Chief Executive Officer of Osirium said:

"The trading we have seen so far in 2022 demonstrates a return to the bookings momentum we saw in Q4 2019 and Q1 2020, just prior to COVID hitting, during which we were experiencing record booking levels.

"We achieved a record number of customer wins in 2021, albeit with lower contract values, and I'm delighted to see we are now seeing a continuation of this rate of customer acquisition in tandem with a return to pre-pandemic average contract values. The addition of these new customers to our growing roster of over 100 customers provides us with a greater number of prospects to fuel our land-and-expand strategy, underpinned by ongoing product releases.

"With a significant opportunity still ahead for us, we are confident in seeing an acceleration in trading with new and existing customers in 2022."

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 3^rd 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.