COVID is continuing to hit the value of contracts according to cyber security player Osirium Technologies’ financial figures.
The firm released a trading update on the progress it has made so far in its fiscal year, which ends on 31 December, with it gaining customers but dealing with the caution that the pandemic has caused in users.
The business has increased its customers by 70 per cent in the second half of the year so far, compared with the same period in 2020. Some of those new contacts have come as a result of growing interest in privileged security products and the firm’s efforts to increase its reach into new markets.
That privileged security suite includes access management, automated IT operations and endpoint management, to target a market that the Osirium board believes is valued at about $25 billion by 2025.
The firm was helped out by its channel partner network help it increase opportunities by generating more leads.
In an update earlier this month on the progress of its efforts to work with other resellers, Osirium said it now has more than 30 active partners across the UK and internationally, with further interest being sparked in North America and South Asia. Those partners were able to bring in fresh customers in Ireland, the Netherlands and Singapore.
Although the outfit managed to keep 97 percent of its customers and gained more, average initial contract values had been lower and decision times longer because of ongoing caution and disruption caused by the pandemic. The board warned investors that bookings and revenues would either come in the same as last year or slightly lower.
There are signs that customer decision-making will return to normal in the new year and the business will continue with its “land and expand” strategy to achieve further growth in 2022.
Osirium CEO David Guyatt, said that as a reflection of the demand for his outfit’s services, it has seen growing customer numbers as we progress through the second half, along with sustained customer retention of greater than 95% by value.
“While lower contract values have impacted our bookings and revenue, we believe our expanded market reach and penetration provides a good opportunity from which to execute our ‘land and expand’ strategy as the market continues to gain momentum and evolve. We will continue to review the group’s strategy for delivering long-term shareholder value,” he said.
