Corero Network Security PLC shares rose on Wednesday, after it inked a $2 million contract.
Corero Network Security is a London-based cybersecurity provider specialising in distributed denial-of-service protection solutions. Its shares were up 9.8% to 9.88 pence each in London on Wednesday afternoon.
Corero said it has won a significant contract renewal and expansion with an unnamed US Software-as-a-Service provider, marking one of the company’s ‘largest single transactions to date.’
The contract is valued at over $2 million over three years.
Corero said the deal reinforces its strong customer retention track record, while ‘significantly’ enhancing the customer’s distributed denial-of-service protection infrastructure. This ensure the ‘security and service availability of the SaaS provider’s worldwide operations and reinforcing its resilience against the burgeoning range of cyberthreats’.
‘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,’ Chief Executive 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 benefitted significantly from our services.’
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