Corero Network Security is a UK-listed technology company and a global leader in the cyber security industry at the forefront in providing state-of-the-art distributed denial of service (DDoS) detection and mitigation solutions to guard against an increasingly risky threat landscape. The market demand, very high customer retention rates and innovative new product introductions position Corero well to achieve impressive organic revenue growth, margin expansion and improved cash flow generation over the medium to long term.

There are four things investors need to know about Corero:

1. DDoS attacks are a growing threat to the online world.

A DDoS attack occurs when a bad actor, typically cyber criminals or a state-sponsored entity, target a victim’s network by sending it huge quantities of data traffic, overloading that online system and rendering it incapable of receiving genuine or bonafide data traffic. Attackers typically use exploitable systems, such as legitimate internet services or botnets (networks of infected computers, IoT devices or servers) to generate the large volumes of data traffic required to flood the target network. From the perpetrator’s perspective, DDoS attacks are cheap to arrange and so have an attractive return on investment, making them popular with cyber criminals. As a result, growth in DDoS attacks has been exceptional, doubling over the period 2022–25. 2025 in particular saw a dramatic increase in speed and size of these attacks and it is now common for a target to experience multiple attacks at the same time.

The global geopolitical environment over this period has heavily contributed to this increase threat potential and state-sponsored attacks are a material part of the threat landscape. Key industry sectors that have come under attack include IT and telecommunications providers, banking and finance companies, government and defence companies and utility providers. Industry forecasts predict that the market for DDoS detection and mitigation solutions will show future growth of approximately 13% to 2030.

2. Corero’s existing products are truly world class.

Corero’s solutions, led by the SmartWall ONE product, are hardware agnostic, contrasting with many peers who have proprietary hardware-based solutions. Corero’s products are rated very highly by leading industry consultants and so it is perhaps not a great a great surprise that customer retention has consistently been at the exceptionally high level of 98% or better. In addition to its best-in-class detection and mitigation capability, Corero’s solutions are very flexible and cost efficient when compared to peer products.

Customers include many of the world’s leading network operators, data centre operators and internet service providers.  Working closely through partnerships with leading industry players such as Akamai, HPE Juniper and GTT increasingly Corero solutions are replacing peer group products, which now forms a valuable part of the revenue growth opportunity.

Today around 70% of Corero’s revenues are in the US, with the remaining revenues from Europe and Asia.

3. Innovation and partnerships further expand Corero’s addressable market.

While demand for Corero’s existing products have attractive revenue growth opportunities, the company continues to innovate with added functionality as well as new products. One example of a major new product is the Corero Observability and Resilience-Ecosystem (CORE), which was introduced in 2025. This product includes new features such as data traffic analysis, zero trust admission control and layer 7 DDoS protection. Using AI and machine learning to offer insights into potential threats CORE provides customers with a holistic view of the threat landscape and allow pre-emptive action. Ongoing product innovation like this serves to enhance Corero’s position and capabilities in its existing and adjacent markets. Together with improved partnership and channel distribution, these new offerings will see a material expansion to the addressable market opportunity, leading to further improved growth opportunities through market share gains. We expect Corero’s revenues to grow faster than forecasts for the industry overall.

Recently, for example, through its alliance with Akamai, Corero secured a multi-year contract with a large European financial institution that will see its DDoS mitigation solutions replace those of an incumbent supplier. A milestone for the company, this marks the first major win with a major enterprise customer. Opportunities in the enterprise market offer material new opportunities to add to Corero’s existing customer franchise of service providers.

4. Corero has an attractive business model.

Corero has seen a shift in demand with customers increasingly opting to purchase the company’s DDoS protection-as-a-service subscription offering. Over the course of 2025, Corero achieved an increase in annualised recurring revenue of 23%, helped by the exceptional customer retention, upselling to existing customers and the onboarding of new business. Today around 70% of revenues are recurrent in nature, creating great revenue visibility. This is helpful in allowing the company align costs to revenues and achieve steady increases in profitability and cash generation. We expect Corero to sustain organic revenue growth in the mid-to-high teens level.

Published 18 February 2026