In March 2022 Verimatrix unveiled our going forward strategy, projecting our ambitions to 2025.

Verimatrix is deploying a portfolio of cybersecurity products: Anti-Piracy focussed on Video content protection and Extended Threat Defense dedicated to the Protection of Application, Connected devices and Enterprises.

Verimatrix will transition towards recurring revenue business model based on SaaS and Subscription.

Within 2025 Verimatrix will post a sustainable profitable growth to reach a revenue in the range $100M on 70% recurring.

2022 is a year of significant changes for Verimatrix and I am pleased to see that over the first nine months we are rolling out our transformation strategy according to our plan.

The recent contract signed supplying SaaS services of our new products have validated our strategy. We are leveraging our knowledge of our traditional customers base, accelerating revenue, and securing their services from hackers and pirates with our first-in-class Anti-Piracy and Threat Defense solutions.

The first markers of the transformation are already visible with a 29.8% growth of our SaaS and Subscription Revenue and a 38.8% growth in our corresponding Annual Recurring Revenue (ARR).

Since July 2022 Asaf Ashkenazi has been appointed Chief Executive Officer of Verimatrix while I continue my role of the Executive Chairman to assure continuity in our fast evolving technology and markets. This new governance will reinforce our capacity to place Verimatrix as a strong leader in providing Cloud Based Security Solutions.

November 2022