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Corero secures $2m in new customer wins

By Josh White

Date: Thursday 02 Apr 2020

Corero secures $2m in new customer wins

(Sharecast News) - Corero Network Security announced new customer wins for its 'SmartWall' distributed denial of service (DDoS) protection product on Thursday, including a new 'Juniper' customer, additional purchases from existing customers, a large 'Support and SecureWatch' security services contract renewal ,and continued momentum from its relationship with GTT Communications, totaling $2m over the course of the contracts.
The AIM-traded firm said the new customer contracts, both of which were for a period of three years, included one with a US regional service provider of internet and telephony services, for a DDoS protection as-a-service contract incorporating multiple 'SmartWall TDS 100Gbps' solutions with supporting SecureWatch services.

It said the second was with the Japanese subsidiary of "one of the world's leading" online brands, for a software subscription for the 'Juniper 10Tbps SmartWall TDD' solution.

The company said the deployment of those SmartWall solutions would enable the customers to provide DDoS-protected services to their end-user customers, which it described as an "important part" of their respective offerings, given the increasing threat of and growth in DDoS attacks.

It said the additional orders from existing Corero customers included a US regional service provider, doubling its capacity with a new three-year DDoS protection as-a-service agreement for additional 'SmartWall TDS 100Gbps' solutions and services, with the total contract value increasing to more than $0.75m, making it Corero's largest DDoS protection as-a-service deployment to date.

Another was with a Europe-based regional service provider offering internet, networking, and security services for a three-year DDoS protection as-a-service agreement, to support additional capacity requirements, incorporating multiple 'SmartWall TDS 10Gbps' solutions with supporting SecureWatch services.

The final existing customer deal was with a "global cloud security provider", which would deploy 'SmartWall TDS 10Gbps' products at a number of additional sites with a supporting three-year contract for SecureWatch services, in order to ensure it was protected from DDoS attacks as the business continued to grow.

Corero said it had also received a material services contract renewal from a leading US-based hosting provider, representing its fourth consecutive annual renewal.

The agreement would see the company continue to supply Support and SecureWatch-managed security services for the customer's global SmartWall TDS installation, which it said provided real-time DDoS mitigation.

"To have delivered a record first quarter order intake demonstrates the ongoing value our SmartWall solutions bring to both existing customers and new customers," said chief executive officer Ashley Stephenson.

"In addition, it highlights the positive impact our direct sales and channel partnership activities are having across the business, which is also reflected in our strong pipeline for the rest of the first half of 2020."

As it had previously announced, Corero said it would be releasing audited final results for the year ended 31 December on 6 April.

At 1516 BST, shares in Corero Network Security were up 18.33% at 4.26p.


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