15th Oct 2018 10:09
LONDON (Alliance News) - Corero Network Security PLC on Monday said it secured a USD2.0 million investment from Juniper Networks under their recently announced sales partnership.
At the end of September, the software company had said it signed a multi-year deal with Juniper, which will resell and support Corero's SmartWall software products and services.
Juniper agreed to subscribe for 17.0 million Corero shares at a price of 8.9 pence each, equivalent to the closing mid-market price on September 24.
Corero shares were trading up 18% on Monday at 12.38p each.
The investment from Juniper will provide Corero with additional funding headroom as its aims to deliver on its objective of being cash generating and earnings before interest, taxes, depreciation, and amortization profitable during 2019.
"We welcome this investment from a global corporation of Juniper Network's reputation and scale, in addition to our previously announced global resale partnership," said Corero Chief Executive Ashley Stephenson.
"We look forward to working closely with Juniper to capitalise on our partnership," added Stephenson.
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