Corero Closes £7 Million ($10 Million) Financing Round
Corero Closes £7 Million ($10 Million) Financing Round comprising an equity raise (share issue) and a new term loan facility
LONDON, UK – April 27, 2018 – Corero Network Security (LSE: CNS), a leading provider of real-time DDoS defense solutions, today reported that it had successfully closed a £7 million ($10 million) financing round.
The financing comprises an equity raise (share issue) supported by Corero’s existing institutional and private investors, and by directors, and a new term loan facility with a UK bank.
Following a year of strong growth in 2017, Corero has entered 2018 with the foundations in place for continued acceleration of SmartWall revenue growth as a result of:
- Strong market demand due to growing awareness from the threat and impact of DDoS attacks, and also the increased risk associated from the projected growth of IoT deployments.
- Pending regulations in the US, UK and Europe, including the Directive on the Security of Network and Information Systems (NIS Directive) which comes into force for all EU member states on the 9th May 2018, are expected to positively impact demand for DDoS mitigation investment in 2018 particularly by Digital Enterprises (including critical national infrastructure providers).
- Corero’s efforts to widen its partner network with global blue-chip technology companies has gathered momentum, expanding market reach and underpinning its growth ambitions.
Ashley Stephenson, CEO at Corero Network Security, explains: “There is increased awareness of the risks from DDoS attacks, with regulation driving focus on mitigation. We are well placed to seize this opportunity with Corero’s market leading SmartWall offering. This planned financing will enable Corero to execute its growth strategy and get to the position of being cash generating.”
About Corero Network Security
Corero Network Security is the leader in real-time, high-performance DDoS defense solutions. Service providers, hosting providers and digital enterprises rely on Corero’s award winning technology to eliminate the DDoS threat to their environment through automatic attack detection and mitigation, coupled with complete network visibility, analytics and reporting. This industry leading technology provides cost effective, scalable protection capabilities against DDoS attacks in the most complex environments while enabling a more cost effective economic model than previously available. For more information, visit www.corero.com.
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