Osirium Technologies posted their final results for the 12 months ended 31 December 2018, showing that total bookings increased 34% to £1,177,292 sustained by a growing awareness of Privileged Access Management (PAM).
Operating loss of £2,674,800 was in line with management expectations, which predominantly reflected increased investment in sales and marketing, as well as extra headcount in the R&D and customer support teams. Cash and cash equivalents stood at £2,386,624 as of 31 December 2018.
Osirium expanded range of new customers in established sectors such as finance and retail, as well as securing new blue-chip accounts in the energy, manufacturing, travel and transport services sectors. PxM Express was released to drive Proof of Concept (POC) initiatives with new prospects.
Osirium invested in its second-generation Task Automation solution, Opus, to broaden its offering beyond cybersecurity. The company also invested in a Strategic Technology Partnership with RazorSecure to deliver cybersecurity solutions for Critical Infrastructure, Transport and Industrial Internet-of-Things (IoT) markets.
Osirium is planning on increasing conversion rate of POCs to sales with more POCs scheduled for Q1 2019 than in FY18. The company secured its first customer in North America and successfully engaged with existing customers deploying Opus second-generation task automation offering.
Partnership with RazorSecure enabled the development of new Privileged Endpoint Management solution. Further patents have been registered strengthening both innovation and competitive advantage.
David Guyatt, Osirium Technologies’ CEO, commented: “…the group continues to gain market share from new and existing customers in the UK and internationally. The PAM market is gaining pace and becoming increasingly mainstream amongst corporates. We are confident that there will be further progress as the group maintains this momentum and further expands our market presence.”