Corero Network Security PLC - Gathering pace
Corero Network Security Plc (LON:CNS) H1 results release (14/092017) showed strong progress, with revenue up 51% for the flagship SmartWall product. Perhaps even more importantly the recurring revenue element for SmartWall was up 177%. This reinforces the growth profile going forward because licence fee income grows cumulatively as new customers are added.
We believe these results demonstrate that the company has essentially completed its transition from a software generalist to a DDoS protection specialist, and that the SmartWall DDoS protection product continues rapidly gaining traction in the market.
In this report we review the progress of the group. We also revisit some of the fundamental drivers, and how the DDoS protection market functions. We argue that SmartWall’s real-time threat mitigation represents a disruptive new presence in the space.
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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