2023 marked an important milestone for Verimatrix for many reasons. Two years after we initiated the execution of a transformation plan, we saw the stabilisation of the revenue, we continued to grow our recurring business to reach 50% of the total revenue and we managed to improve the profitability.

Driven by the success of the new Anti-Piracy and Threat Defense offers, the revenue generation from subscriptions sales grew 69% compared to 2022 and the volume of committed subscriptions business from our customers increased each quarter to achieve 34% year over year.

With demand for scalable cybersecurity and data protection solutions on the rise, our new offer provides solutions adapted to the needs of existing and future customers.

In 2023 we posted great business achievements by signing new customers in targeted strategic segments like Banking Services, Automotive and Healthcare. In parallel we continued to gain market shares in the Anti-Piracy Video domain demonstrating the added value of our products and services.

During 2023 we have built up the recognition of Verimatrix as a leader in the Apps Protection Market. Several awards have been won and most of the Apps Protection quadrants placed us as a strong leader in providing Cloud Based Security Solutions.

Over the last two years we have constantly adapted our organisation by continuing investments into innovative solutions while sizing our cost structure to place Verimatrix in a profitable growth pattern.

A new dynamic is in place and the Group is equipped with the resources necessary for its development. We will continue to transform Verimatrix and I know that I can count once again in 2024 on the full involvement of the Group’s employees March 2024