GCICorero wins $2.2m in new customer contracts to close Q2 2024
() , a tech company specialising in DDoS protection, announced significant new orders for its SmartWall ONE DDoS protection solution. The orders have a total contract value of US$2.2m.
The orders were signed in June 2024 and come from 4 new customers - three in North America and one in the UK. The most significant order is a 3-year US$1m contract with a "top-10" US fibre provider where Corero will replace the customer's incumbent solution in a number of its US datacentres. Corero will deploy a suite of advanced DDoS mitigation products, most notably SmartWall ONE.
Also in North America, Corero has been contracted by a "network neutral interconnection, co-location, and datacentre specialist". Corero will take over DDoS protection from the customer's existing provider, and deploy a solution comprising of SmartWall ONE as well as SecureWatch Managed Services and Cloud Mitigation functionality.
A third North American customer is a large Canadian regional communications and ISP owned by a major Canadian utility. For this customer, Corero will deploy its SmartWall ONE, augmented by Service Portal and its recently launched IP Intelligence service.
The new UK customer is a provider of B2B connectivity solutions and services. Corero will deploy SmartWall ONE for this customer as well, as it allows for scale and flexibility, facilitating the provider's rapid growth trajectory.
View from Vox
Major contract wins reported by Corero totaling US$2.2m, closing out Q2 2024 and carrying on the cybersecurity company's strong FY24 customer acquisition momentum. All four customers have chosen to replace their existing DDoS solutions with Corero's SmartWall ONE technology, testifying to the growing popularity of ' product in an environment of ever increasing DDoS and other cybersecurity threats.
The wins build on existing strong momentum generated during the current quarter, and round up a strong H1. Furthermore, the new contracts - all from new customers - add to Corero's rapidly growing pipeline and strong revenue visibility, providing a strong foundation for continued growth in H2 and beyond. Recent robust ARR and revenue growth has moved the company close to profitability and positive cashflow, most recently reporting a loss for FY23 of only US$200k.
Still, Corero reported strong FY23 results in March 2024, with ARR up 17%, revenues up 11%, and gross margins up to 90% (87% LY). Additionally, adjusted EBITDA climbed to US$2.2m from US$1.7m LY, and all debt was repaid, ending December 31, 2023 with a comfortable cash position of US$5.2m. Post-period, the company has reported multiple large contracts and significant product development, bolstering expectations for another year of significant growth.
shares gained 6% on the announcement.
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