Parsing the Akamai deal
Corero Network Security signed a global partnership with Akamai in September. This agreement is strategically significant for both parties and will enable Akamai to expand into the on-premises and hybrid DDoS markets which it does not currently address. Corero’s SmartWall ONE solution will be rebranded Prolexic On-Prem (powered by Corero) and sold globally.Strong trading continues in Q3 with significant wins of over $2m of orders amongst others. These include customers in the US, the Caribbean (with global operations) and S. Asia. We continue to see fair value at 14p per share, or a T+1 EV/sales ratio of 3.7x leaving considerable capacity for a rerating.
Corero Network Security is a provider of Distributed Denial of Service (DDoS) defense solutions for Service Providers, Hosting Providers and the On-line Enterprise. Co. develops, markets and sells network security products and services to provide protection from DDoS attacks. Co. sells the SmartWall technology in the form of either an appliance sale and perpetual software license plus annual SecureWatch services, or as-a-service which enables the customer to utilize the technology on a subscription or revenue share basis. Co.'s SecureWatch services include: updates delivered to its appliances in customer networks; and monitoring and support services such as DDoS attack mitigation services.
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