Corero secures large contract renewal and expansion

Corero Network Security announced a substantial contract renewal and expansion with a prominent US software-as-a-service (SaaS) provider on Wednesday, marking one of its most significant transactions to date.

The AIM-traded firm said the contract, valued at over $2m over three years, would see Corero enhancing the customer's existing distributed denial of service (DDoS) protection infrastructure to support its ongoing international expansion.

It said the contract's expansion substantially fortified the customer's DDoS protection infrastructure, ensuring the security and uninterrupted service availability of the SaaS provider's operations worldwide.

“This significant contract renewal and expansion is testament to the trust and confidence that leading global companies continue to place in Corero's DDoS protection solutions,” said chief executive officer Carl Herberger.

“Not only does the contract reflect our capability to meet the sophisticated needs of our customers, but it also demonstrates that we are well positioned to capitalise on potential upsell opportunities with existing clients who have already benefited significantly from our services.

“We are committed to providing cutting-edge, reliable DDoS protection solutions to support our customers' growth and operational security and will continue to explore new business and mandate expansion opportunities as we aim to both broaden and strengthen our client portfolio.”

At 1325 BST, shares in Corero Network Security were up 14.11% at 10.27p.

Reporting by Josh White for Sharecast.com.