The vast majority of hacking attacks are targeted at privileged access accounts (ie accounts used by IT staff to manage a company’s IT estate). Osirium’s software helps protect critical IT assets, infrastructure and devices by preventing targeted cyber attacks from directly accessing privileged accounts, limiting access and powers of privileged account users, deterring legitimate privileged account users from abusing their roles and containing the effects of a breach if one does happen. The high growth PAM software market was worth $690m in 2015 (source: Gartner), +33% y-o-y. Osirium’s software is designed to be simple to use and easy to deploy; its PAM solution helps businesses secure access to their IT infrastructure by creating a “virtual air gap” between privileged users and their passwords, while its PTM task automation solution improves efficiency while reducing security risks.

 Osirium has substantially achieved the targets it set at IPO, including strengthening the senior management team and building a channel to access the large number of potential mid-market accounts (UK, APAC, MENA and DACH distributors signed to date). To support the channel strategy, the company has invested in marketing and global support. In addition, it has grown its R&D team to focus on strategic development of its technology and recently added Privileged Behaviour Management (PBM) to its product range. In H216, the company signed up a global asset manager and in Q117 signed up another three enterprise customers.

 In the absence of forecasts in the market, tracking key performance indicators will be crucial to assess progress and support the share price (which is down 35% since IPO). The company’s KPIs include bookings, revenue, customer retention and upsell, new customers and channel partners, and the number of proof of concept and software evaluations installed. Osirium will report interims in September when we would expect to see an update on these KPIs.