Privileged Access Management (PAM) specialist Osirium announces record high for bookings & revenue

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Osirium Technologies plc (AIM: OSI), a leading UK-based vendor of Privileged Access Security (PAS) solutions, has announced another year of significant operational progress and financial growth. During 2022, total bookings increased by 86% to £3 million (2021: £1.61m), while the average initial contract value for new customers rose by 93% due to an increase in large and multi-year deals. Revenue for the year was £1.92m, up from £1.47m in 2021.

The success of Osirium’s customer acquisition strategy was reflected in a 46% expansion in its customer base. New customers were signed from a growing range of sectors and geographies, including notable wins in higher education, healthcare, and financial services, and the first deal struck in the US. Customer renewal rates also remained impressively high, at 96% (2021: 95%).

10% of customers now utilise more than one Osirium product. In addition to its core Privileged Access Management (PAM) product, demand has grown considerably for Osirium’s Privileged Process Automation and Privileged Endpoint Management products – as standalone solutions, as well as add-ons to a PAM contract.

Key milestones during the year included:

  • The first PPA-led contract – signed with the NHS Midlands and Lancashire Commissioning Support Unit (MLCSU), which aimed to transform IT service delivery.
  • The first customer to use all three products – TalkTalk, with the objective of addressing the requirements of the Telecoms Security Act (TSA).
  • The first PEM-only deal – struck with a global imaging brand, which selected the solution as part of its Cyber Essentials compliance project.

More than 70% of existing customers increased their range of services or number of licenses during the year. Sales growth came both from new customers setting out on their initial Osirium deployments, and existing customers extending their use of its software solutions, demonstrating the success of its proven ‘land-and-expand’ strategy.

Osirium has continuously innovated across its product suite to further enhance core differentiating strengths including rapid deployment at scale, ease of management, and simplicity of use. Improvements to the PPA platform now allow users to enforce Multi Factor Authentication (MFA) around steps within a task. Investment into PEM has also enabled Osirium to develop native support capability for Azure AD managed workstations.

These developments have helped to drive Osirium’s transition to a channel-first sales strategy, which is enabling a swifter pace of customer acquisition as well as access to new sectors and geographies. Collaborating with its global network of partners provides reach across five continents. Notable successes in 2022 include Osirium’s first landmark contract win in the US via Prianto, a UK-based software distribution firm, and first contract wins in Africa and Asia, as well as Austria, Turkey, Malta and Finland.

Another major development in 2022 was the appointment of former Sales Director Stuart McGregor as Osirium’s new CEO, with a remit to build on the momentum achieved over the year by capitalising on the substantial market opportunities. Stuart McGregor says:  

“The demand for privileged access security continues to surge. Organisations increasingly recognise the approach as an essential component of cybersecurity, reinforced by recommendations from governing bodies and heightened cyber insurance requirements. Osirium’s sector agnostic solutions, the ability to lead with any of our three products, and our well-developed global sales network puts us in a powerful position to keep expanding our presence. We’re truly excited for the future, and have full confidence in the continued growth of the business.”