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Cybersecurity software company Osirium Technologies said it expected annual revenue to be 'slightly behind' current market expectations following the pandemic impact.
The company said it anticipated that bookings and revenue for the year to 31 December 2021 would be broadly at the same levels achieved in the prior year and slightly behind current market expectations.
'Average initial contract values have been lower and decision times longer, however, due to ongoing caution and disruption around customers' strategic IT plans, due to the COVID-19 pandemic,' it added.
The company anticipated a normalisation of customers' decision making in the new year.
Customer retention rates remain high at 97% by value, demonstrating the value customers attribute to the group's solutions and providing further foundations for 'land-and-expand' strategy.
Looking ahead, the company expected about £1.5 million of bookings from existing customer renewals due in 2022, as well as provide additional upside opportunities in 2022, as it further expands and deepens customer engagement.