Verimatrix, formerly known as Inside Secure, has reported its revenue for the first quarter ended March 31st 2020.
The content security specialist saw strong growth in its subscription-based business (ARR up 68 per cent vs Q4 2019 at $6.2 millon), and recurring revenues up 18 per cent year-over-year at $14.2 million.
Amedeo D’Angelo, Chairman and CEO, commented: ”While revenue growth was slowed down at the end of the first quarter of 2020 due to the lockdown of many countries in the world, Verimatrix showed resilience to negative business environment impact coming from the Covid-19 outburst. All relevant and necessary measures have been implemented by Verimatrix to protect the health of its employees and at the same time the company is able to maintain operations despite lock-down measures.
“During the quarter, we also kept on investing in products and partnerships while accelerating investments in digital marketing to increase further our market penetration. The success of our latest webinars confirmed the boosted interest from customers for security as a service in current conditions. We see strong momentum created by the unprecedented demand for content worldwide, requiring simple, scaleable, standardised and secure content protection solutions. Thanks to our relevant product offering, highly-motivated teams and a solid financial structure, and because the long term potential of our markets of content and application protection remains intact, it is my conviction that we have the right assets to face short-term challenges and capture new growth opportunities to emerge from this crisis stronger then ever,” he added.