Verimatrix, a global provider of security and analytics solutions, has reported its IFRS unaudited consolidated results and unaudited pro forma adjusted results, for the six-month period ended June 30th.
The company reported revenues of $60.8 million (€54.6m) revenue in H1 2019, up from $58.5 million in the same period last year.
Verimatrix posted a $32.5 million consolidated (IFRS) revenue in Q2, up 162 per cent year-over-year due to the addition of the Verimatrix, Inc. business acquired on February 28th.
Commenting on the results, Amedeo D’Angelo, chairman and chief executive officer of Verimatrix, saidd: “The first half of 2019 was very intense. We closed the acquisition of Verimatrix on February 28th and implemented our new organisation on April 1st to combine forces and get the most of our combined security expertise and solution portfolio that span multiple industries shifting towards software and cloud-based security solutions. At the same time, the Company successfully recouped with growth on Verimatrix business after an usually low performance in the first quarter, while leveraging on-going momentum on Inside Secure historical business.”
“During the first half of the year, we leveraged our combined positions to continue to address new security needs in the Entertainment space while reaping the benefit of our differentiated and advanced portfolio of Silicon IP products to tackle growth markets such as data centers, networking and IoT. We also conducted a thorough review of our targeted cost synergies plan, which has now been fully implemented, both ahead of schedule and with greater savings than anticipated. Our organisation is now in place and we expect to generate $12.5 million annual cost savings on an annual basis starting 2020.”
“Finally, with our new corporate name, Verimatrix, we are more than ever reflecting our broader vision and solutions offer to bring the best value proposition for our customers while capturing business opportunities to build a major player in software-based security solutions,” he concluded.