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Corero Network Security secures three contracts worth US$1.1mln in total

The three-year deals were signed with companies in the US, UK and Asia Pacific regions

Corero Network Security PLC - Corero Network Security secures contracts for US$1.1mln

Corero Network Security PLC (LON:CNS) has secured contracts with two new customers for its SmartWall DDoS Protection as a Service (DDPaaS) solution, as well as an expansion contract with an existing client, worth a total of US$1.1mln over a period of three years.

In a statement, the AIM-listed company said one of the new customers - a US-based hosting and cloud services provider - was introduced to it following “a recent partnership with a leading cloud distributed denial of service (DDoS) service provider.”

READ: Corero Network Security to raise £3.25mln through placing and subscription

The second new customer is a UK-based hosting and cloud services provider, while the existing customer expansion order is from a client located in the Asia Pacific region.

DDoS are cyber-attacks that Corero eliminates with its SmartWall technology.

Corero's chief executive Ashley Stephenson pointed out: “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,” he added.

Quick facts: Corero Network Security PLC

Price: 8.15 GBX

Market: AIM
Market Cap: £40.33 m

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