Osirium Technologies

LN: OSI

£7.5m market cap

55.5p last close

UK-based Osirium Technologies designs and supplies subscription-based cyber security software. PxM includes privileged access management, privileged task management, privileged session management and privileged behaviour management. It recently launched Opus for secure process automation.

Investment summary

Osirium has announced that an existing customer, a leading asset manager that recently renewed the full PxM platform for three years, has signed up to use Opus for 12 months. Opus, launched in May, is Osirium’s innovative privileged process automation solution and this is the first contract win for the new solution. It has also signed up two new customers for its PxM platform. Osirium has broadened its product range with Opus and the recent launch of its privileged endpoint management (PEM) solution, opening up access to a wider addressable market and providing support for our bookings forecasts.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2017A 0.6 (1.6) (2.3) (18.12) N/A N/A
2018A 1.0 (1.8) (2.7) (18.14) N/A N/A
2019E 1.3 (1.8) (2.8) (17.42) N/A N/A
2020E 1.8 (1.5) (2.7) (17.20) N/A N/A
Last updated on 13/09/2019
Industry outlook

The market for privileged account management (PAM) software was worth US$690m in 2015 and is forecast to grow to US$2.27bn by 2020 (source: Gartner), with demand driven by regulation, the shift to the cloud and adoption spreading to smaller organisations. The complexity of established solutions means fewer mid-market businesses use PAM software than enterprises, so this is a market ripe for development.

Last updated on 13/09/2019
Sector
TMT
Share price graph
Balance sheet
Forecast net debt (£m) 0.2
Forecast gearing ratio (%) 10
Price performance
%
1m
3m
12m
Actual (6.7) (30.6) (61.2)
Relative* (8.8) (31.2) (61.5)
52-week high/low 151.0p/55.5p
*% relative to local index
Key management
David Guyatt CEO
Rupert Hutton CFO

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