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• iji verimatrix . DRIVING TRUST Verimatrix Announces Q1 2021 Revenue $ 20.1 million consolidated revenue , stable year - on - year , driven by new licenses and on - going positive momentum on subscription - based and SaaS business • Subscription revenue up 23 % year - on - year , now representing 7 % of total revenue • Annual Recurring Revenue¹ of subscription up 56 % year - on - year to $ 9.7 million • • Strong license revenue ( up 41 % year - over - year ) included a portion of delayed Q4 2020 orders Company on track to achieve annual objectives Aix - en - Provence , France and San Diego , USA , April 28 , 2021 - Verimatrix ( Euronext Paris : VMX ) , is today reporting its consolidated ( IFRS ) revenue for the first quarter period ended March 31 , 2021 . ( in US $ million ) Recurring revenue of which subscriptions Non - recurring revenue Total revenue Annual Recurring Revenue¹ ( end of period ) Q1 2021 Q1-2021 Q1-2020 vs. Q1 2020 11.4 13.9 -18 % 1.4 1.1 23 % 8.7 6.1 41 % 20.1 20.0 0 % 9.7 6.2 56 % Commenting on the first quarter , Amedeo D'Angelo , Chairman and Chief Executive Officer of Verimatrix , stated : " In the first quarter of 2021 , Verimatrix delivered stable revenue despite headwinds in royalties in the context of Covid - 19 and the short - term impact of the transition to our subscription business including for SaaS implementations . During the quarter , we saw good momentum in signing new licenses in general and were able to regain part of the new licenses that had been delayed in the fourth quarter of 2020 in particular . Although the context remains volatile , we see it improving for our customers , giving us the confidence that we are well on track to achieve our annual objectives . At the same time , we continue to expand our Cloud - based offerings , as examplified with the release of the Verimatrix Multi - DRM Core service earlier in April 2021. " First quarter 2021 revenue Verimatrix revenue was $ 20.1 million in the first quarter of 2021 , stable overall year - on - year . During the quarter Verimatrix saw a steady flow of business for its conditional access solutions , in particular its VCAS broadcast security for on - premise implementation . The Company also commercially launched six customers on the new Multi - DRM Core cloud native solution which provides a customizable and scalable Digital Rights Management solution with unmatched onboarding speed and security for streaming OTT² providers . The Company also demonstrated further the multi - market reach of its Application Shielding product line in the quarter by winning new customers across the Mobile Payment , Media & Entertainment and Automotive markets . Recurring revenues from royalties , maintenance and subscription fees were $ 11.4 million in the first quarter of 2021 ( 57 % of total revenue ) . These recurring revenues are down year - over - year due to weak royalty collection from set - top boxes makers in the context of on - going Covid - 19 supply - chain and 1 Or " ARR ” . See " Supplementary non - IFRS financial information " at the end of the press release . 2 Over - the - top ( OTT ) is a media distribition mode where media service is offered directly to viewers via the Internet . OTT bypasses cable , broadcast , and satellite television platforms , which traditionally act as controllers or distributors of such content . 1