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Corero Network Security PLC

Corero jumps as it secures largest DDPaaS contract to date

The order, which protects against distributed denial-of-service (DDoS) attacks, was with a new customer and would involve the use of Corero’s SmartWall for a period of three years

DDoS attack
A DDoS attack involves flooding a computer system with data, causing it to shut down

Corero Network Security PLC (LON:CNS) shares jumped in late-morning Tuesday after it announced the largest contract to date for its DDoS Protection as a Service (DDPaaS) product and unveiled three new orders totalling US$1.6mln.

The DDPaaS order, which protects against distributed denial-of-service (DDoS) attacks, was with a new customer and would involve the use of Corero’s SmartWall protection products on the customers 100Gbps infrastructure for a period of three years.

WATCH: Corero sees record order intake in second half of 2018

The other orders included an expansion of the group’s SmartWall 10Gbps solutions from an existing software-as-a-service (SaaS) customer, as well as a supporting three-year contract for its SecureWatch service that monitors the SmartWall.

The final order was a renewal for Corero’s Support and SecureWatch services from a hosting provider, the third consecutive annual renewal, which would involve continual monitoring of the customer’s own SmartWall installation.

Ashley Stephenson, chief executive of Corero, said the new orders demonstrated “continued demand” for the company’s SmartWall product, “growing demand” for its DDoS protection services, and “ongoing repeat demand” for its SecureWatch offering.

Stephenson added that the firm had made “a positive start to 2019”, having reported a record order intake in the second half of its last financial year.

Shares were up 2.7% at 9.5p.

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Quick facts: Corero Network Security PLC

Price: £0.03

Market: AIM
Market Cap: £12.06 m
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Corero Network Security bags significant new wins and contract renewals

Andrew Lloyd, president of Corero Network Security PLC (LON:CNS), tells Proactive they've secured several new orders for their cybersecurity technologies to the tune of US$1.2mln. Lloyd says the orders include two for their SmartWall Threat Defense technology with a cloud-based web...

on 3/4/18

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