UK-based Osirium Technologies designs and supplies subscription-based cybersecurity software. Its PAM platform includes privileged access, task, session and behaviour management. It recently launched a secure process automation solution and a privileged endpoint management solution.
Osirium expects to report FY20 bookings ahead of our forecast, with revenue in line. FY20 bookings will exceed £1.55m versus our £1.51m forecast. FY20 revenue will be at least £1.4m (our forecast £1.4m). End FY20 cash stood at £1.4m (versus our £0.7m) and deferred income at £1.5m (our forecast £1.5m).The flurry of contracts announced in Q4 reflects the pick-up in order activity after COVID-19 depressed activity in Q2/Q3. Management is confident that the momentum achieved in Q4 will continue into FY21. We maintain our forecasts pending FY20 results. Osirium recently announced that it had been granted a patent in the US for its shadow authentication technology.
The market for privileged access management (PAM) software is currently worth US$2.2bn and is forecast to grow to US$5.4bn by 2025 (source: KuppingerCole), 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.