Osirium signs first United States customer

The AIM-traded firm said the new customer, an unnamed investment bank based in New York and listed on the New York Stock Exchange, chose its ‘Privileged Access Management’ (PAM) security product.

It said the contract was sold via reseller HIC Global in conjunction with one of the group's new partners, software distributor Prianto.

While the contract was not expected to have a material impact on the group's results for the current financial year, the directors said they considered it “strategically important” in demonstrating the potential demand for its products in the significant US market.

“We are delighted to announce this first win in the US, which represents further evidence of the opportunity to grow outside of the group's core UK market,” said chief executive officer David Guyatt.

“This contract is strategically important and shows good referenceability as we continue to expand our footprint in this important region while working with our network of partners like Prianto to make it easy for customers to do business.”

Guyatt said the network formed a “core element” of the group's strategy, both domestically and internationally, and extended its reach across the five continents in which it operates.

“In line with the maturation of the privileged security market alongside the broadening of the group's network, Osirium expects to see a continued healthy pipeline of greenfield opportunities, both in the UK and overseas.”

At 1240 BST, shares in Osirium Technologies were up 5.16% at 8.15p.

Reporting by Josh White at Sharecast.com.