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Corero feeling like a million bucks after latest order

A US-based international web site hosting services provider has "re-upped" and is now the second US$1mln+ customer for Corero's flagship Smartwall product

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Recurring revenue from the contract now exceeds US$500k a year

The US web hosting firm that signed up for Corero Network Security PLC’s (LON:CNS) Smartwall Threat Defense System last year has placed a new order.

The additional order (in March 2016) was for US$700,000, while the latest one is for US$500,000, which means the unnamed top 10-ranked web site hosting outfit becomes Corero’s second six-figure SmartWall customer.

Corero said the contract also generates recurring revenue, and this now exceeds US$500,000 a year.

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Corero is a market leader in the field of preventing distributed denial of service (DDoS) attacks, where one or more malevolent agencies bombard a company's web site or network with requests, with the intention of causing a kind of cyber gridlock.

The latest order provides additional DDoS mitigation capacity for the customer with more than one terabit of SmartWall DDoS mitigation capacity.

"We are delighted to see strong demand from existing hosting and service provider customers for additional DDoS mitigation capacity, a trend we expect to see continue in our service provider and hosting provider target markets,” said Ashley Stephenson, chief executive officer of Corero.

“These purchases validate both the efficacy of our SmartWall product and the DDoS protection revenue boost enjoyed by many of these customers," he added.

Shares in Corero have had a good week following the “wannacry” ransomware virus attack, and made further progress this morning, rising 2.7% to 8.99p.

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Quick facts: Corero Network Security PLC


Price: 10.61 GBX

Market Cap: £52.5 m

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