Inside Secure licence revenue up 296%
October 20, 2017
Inside Secure, a specialist in security solutions for mobile and connected devices, has reported revenue in Q3 2017 was $11.4 million, up 47 per cent compared with the second quarter of 2017 and down by 5 per cent from the third quarter of 2016 when the Company benefited from exceptionally high royalties, in particular from a historical US customer of silicon IP technology in the defence industry.
Licence revenue in Q3 2017 was $2.7 million, up 33 per cent compared with second quarter of 2017 and up 296 per cent compared with third quarter 2016. This quarter, the Company has continued to reap the benefit of investing in sales development, up-selling its customers, while leveraging strong market dynamics in most segments.
Commenting on these results, Amedeo D’Angelo, president and chief executive officer of Inside Secure, stated: “We are very pleased with our strong licence revenue growth both sequentially and year-on-year, reaping the benefit of investing in sales development, up-selling our customers while leveraging strong market dynamics in most segments. At the same time, we continued to leverage our expertise in enabling our customers to embed security at the heart of their products to seed future growth, notably in silicon IP to help customers bring security to the growing IoT and automotive markets, as illustrated by our partnership with Toshiba in Japan. Thanks to the successful convertible bond issue completed in September, we have the flexibility to accelerate the execution of our strategy through selective acquisitions to strengthen our solutions, as seen with the acquisition of Meontrust in strong authentication. All in all, we remain focused on delivering continued profitability while investing in sustainable growth on software and silicon intellectual property.”