Verimatrix says its made ‘solid progress’ as it announced its third-quarter revenues.
The company said its core software revenue was slightly up on Q2 2021, though down year over year.
Significantly, its recurring subscription and SaaS revenue of $1.4 million was up 17% on the quarter and 28% on the year.
Verimatrix is in the process of moving its business to one a subscription-based business and software as a service. It has also been expanding its cloud-based offerings such as the Multi-DRM Core service released earlier in 2021
Amedeo D’Angelo, Chairman and CEO, said: “Verimatrix is experiencing continuous growth of its SaaS business, as illustrated with the sequential growth of the ARR, even though products and offerings have not yet been changed to be subscription-only and “cloud-first.” This growth should be further supported by new SaaS products going live throughout 2022.”