Aleaderinreal- time, high
performance, automaticDDoSprotection
Annual Report and Accounts 2019 Corero Network Security plc
Corero Network Security plc - Annual Report and Accounts 2019
DDoS Protection
Without the Downtime
A leader in real-time,high-performance, automatic DDoS protection, on-premises and in the cloud, with comprehensive visibility, analytics and reporting.
The Corero SmartWall® family of products can be deployed in various topologies including in-line and
scrubbing, or in conjunction with third-party network
and security products such as Juniper MX Series
routers, or a hybrid solutioncombined with Corero's
Threat Defense Cloud powered by Neustar. We
protect thousands of organisations worldwide,across many verticals.
Corero is dedicated to improving the security and
availability of the internet through the deployment
of innovative Distributed Denial of Service ('DDoS')protection solutions.
DDoS attacks were one of the most prominent threats reported to Europol by its private sector partners, superseded by phishing and social engineering attacks, and ransomware.
Europol Internet Organised Crime Assessment 2019
01
Contents
Overview
- Highlights
- At a Glance
- The Need for DDoS Protection
Strategic Report
- Market Overview
- Business Model
- Our Strategy
- Chief Executive's Strategic Update
- Key Performance Indicators
- Financial Review
- Principal Risks and Uncertainties
- Risk Management
- Section 172 Statement
- Responsible Business
Governance
28 Board of Directors
- Chairman's Governance Introduction
- QCA Code Compliance
- Corporate Governance Report
- Board Performance and Remuneration Policy
- Committee Reports
- Directors' Report
- Statement of Directors' Responsibilities
Financial Statements
44 Independent Auditor's Report
- Consolidated Statement of Comprehensive Income
- Consolidated Statement of Financial Position
- Company Statement of Financial Position
- Consolidated Statement of Cash Flows
- Consolidated Statement of Changes in Equity
- Company Statement of Changes in Equity
- Notes to the Financial Statements
Corporate Directory
85 Corporate Directory
2019 HIGHLIGHTS
$11.1m | $13.0m | $4.9m | $5.8m | ||||
$6.7m | $9.3m | $3.4m | |||||
$1.5m | |||||||
16 | 17 | 18 | 19 | 16 | 17 | 18 | 19 |
Order intake growth | Recurring1 revenue growth | ||||||
18.0% | 15.9% |
increase over the prior yearincrease over the prior year
Revenue | EBITDA loss2 |
$9.7m | $2.8m |
(2018: $10.0 million) | (2018: loss $2.1 million) |
Net cash | Loss per share |
$5.4m | 1.6c |
at 31 December 2019 | (2018: loss per share 1.4 cents) |
(2018: $4.4 million) |
OPERATIONAL HIGHLIGHTS
For more information visit corero.com
- comprises maintenance, support services and as-a-service recognised revenue
- comprises the operating loss less unrealised foreign exchange differences on an intercompany loan, depreciation excluding DDPaaS assets depreciation which is charged to cost of sales, amortisation and impairment of goodwill. The Directors consider EBITDA to be a better measure of profitability as it excludes non-cash items
- Significant increase in DDoS protection as-a-service ('DDPaaS') recurring revenue orders.
- 32% of new business orders in 2019 (2018: 7%).
- 18 new Corero customers added in 2019 (12 in H2 2019).
- Six new Juniper Networks, Inc. ('Juniper', NYSE: JNPR) customer orders in 2019 (5 in H2 2019).
- Follow-onorders from existing customers $5.7 million (2018: $4.3 million).
- Revenue from partnership with GTT Communications increased by more than 100%.
- Continued high levels of customer satisfaction.
- Services renewal rate remained strong at 98.8% (2018: 98.5%).
- Sales team headcount doubled since the start of 2019 under leadership of new VP Worldwide Sales recruited in June 2019.
- New partnership secured with Neustar, Inc. ('Neustar'), a leading cloud DDoS service provider, to deliver hybrid DDoS protection.
- Facilitated Corero's largest DDPaaS order to date in Q4 2019.
02 Corero Network Security plc - Annual Report and Accounts 2019
AT A GLANCE
Weare a leader in real-
time,high-performance,
automatic DDoS attack
protection,on-premises
andin the cloud, with
comprehensivevisibility, analytics and reporting.
We protect thousands of organisations worldwide, across many verticals.
PURPOSE, CULTURE AND VALUES
Our culture and values
Successful companies have a strong culture and deeply rooted shared values. In common
with most intellectual property businesses, at Corero, we know that the skills, experiences and passion of our employees are genuinely what make our products and services market leading.
With a growing business, the level of team diversity and multi-site operations, we have recognised the importance of our culture and values. Corero's agreed values, which have been defined in conjunction with our employees, are:
Integrity
Customer delight
Innovation
Open and honest communications
Empowerment
Corero has invested in an online tool, called Kudos, which is used to acknowledge, reinforce and measure the values-supporting behaviours and actions taken by Corero team members.
Proud of our service
Corero's Security Operation Centre ('SOC') comprises a team of highly experienced security analysts whose role it is to assist our customers IT and security teams mitigate the growing number of increasingly sophisticated DDoS attacks. Our service and customer support offering is an important competitive differentiator. Customers value the service levels and our team regularly receives glowing feedback from our customers. This customer satisfaction is validated by our market leading service and support contract renewals rate
of 98.8% for the year ended 31 December 2019.
Over the past few years Corero's SOC has proven to be a trustworthy partner, always willing to go the extra mile to provide excellent service and inspire confidence in our internal teams with their outstanding technical know-how.
Corero SaaS customer
03
Who we are
Corero has a market leading SmartWall® Threat Defense System solution portfolio endorsed by over 120 customers, many of whom are providers using it to protect hundreds, or thousands, of their customers. The SmartWall family of products utilises innovative, patented, technology to automatically and surgically remove DDoS attack traffic, while allowing good traffic to flow uninterrupted.
Corero solutions are amongst the highest performing in the industry, while providing the most automated DDoS protection, at unprecedented scale, with the lowest total cost of ownership to the customer. We protect against DDoS attacks in seconds, or less, rather than the minutes or tens of minutes taken by legacy solutions.
Our products are recommended by NSS Labs (a leading independent product testing laboratory) and selected by Juniper as their DDoS protection solution.
The goal of the Corero SmartWall real- time DDoS protection solution is to protect business continuity, service availability, revenues and brand reputations from harmful DDoS attacks. We do this for enterprises, service providers, cloud hosting providers, co-location providers and edge providers.
OVERVIEW
The cost of global cyber losses is predicted to reach $6 trillion annually by 2021. Cyber security spending will exceed $1 trillion from 2017 to 2021.
Safeguarding Value in the Era of Cyber Risk, Aon, October 2019
Strategic Report
Where we are
Corero's key operational centres are in Marlborough, Massachusetts in the USA and Edinburgh in the UK, with the Company's registered office in Uxbridge in the UK.
Who do we partner with
Neustar - in September 2019, Corero launched a hybrid DDoS protection solution combining on-premises SmartWall Threat Defense System ('TDS') with the SmartWall Threat Defense Cloud ('TDC') service, powered by Neustar, which provides protection against the largest attacks which can saturate an organisation's internet connections and overwhelm legitimate traffic.
Juniper - Corero has a global partnership agreementwithJuniper, enabling
them to sell Corero's SmartWall Threat Defense Director ('TDD') software
product in conjunction with Juniper's MX Series routers. Juniper and Corero have developed this integrated solution for large-scalenetwork-edge DDoS defence that leverages powerful filtering capabilities in the latest generation of Juniper's MX Series routers.
GTT Communications, Inc. ('GTT') - as one of the top five Tier 1 providers in the world with over 600 points of presence ('POP's'). GTT customers can purchase IP transit with DDoS protection provided by Corero's SmartWall TDS's which are deployed within the GTT network.
Governance
Financial Statements
SmartWall NTD280 | SmartWall NTD1100 | |||||||
Highly | ||||||||
Scalable | ||||||||
NTD280 Family | ||||||||
up to 80 Gbps | 1RU @ 100 Gbps | |||||||
in 1RU | ||||||||
1Tbps in only | ||||||||
n x 10 or 20 Gbps | 10RU | |||||||
SmartWall vNTD (Virtual Appliance) | ||||||||
N | N | 7 x vCPU | ||||||
N | N | @ 10 | n x 100 Gbps | |||||
Gbps | ||||||||
N | N | N | ||||||
KVM | vmware | Smartwall TDD (Virtual Appliance) | ||||||
n x m Gbps | Corero SmartWall TDD | |||||||
SmartWall Hybrid (NTD + Cloud) | Export | |||||||
Filter | ||||||||
Sampled mirror | Streaming | Filter export | ||||||
of ingress ports | telemetry | for ingress |
Ingress Traffic | Egress Traffic |
Juniper Networks MX Series
Corporate Directory
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Disclaimer
Corero Network Security plc published this content on 03 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2023 16:25:17 UTC.