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Verimatrix Series C Investment Led by Goldman Sachs;
Accelerates Penetration of New Pay-TV Markets
July 23, 2008
Source: Verimatrix
Verimatrix, setting the standard in content
security technologies that enhance the value of pay-TV networks,
today announced its Series C round of new funding led by Goldman
Sachs. The new capital will fund aggressive business expansion
and accelerate deployment of Verimatrix's 3-Dimensional Content
Security solutions into the rapidly-evolving hybrid, cable
and satellite markets around the world. New generations of
products to address these markets will be developed from its
global number one Verimatrix Video Content Authority System
(VCAS™) technology core.
All of the company's Series B investors, Crescendo Investments,
Cipio Partners and Mission Ventures, participated in the round
demonstrating continued commitment to Verimatrix's growth.
With the closing of the Series C funding, Rohit Malhotra of
Goldman Sachs' Principal Investment Area will join the Verimatrix
Board of Directors.
"We see Verimatrix's core strength in understanding pay-TV
market dynamics and proactively responding with the right
technology offerings," said Malhotra. "Digital entertainment
is on a clear path of network and platform convergence where
the winners will be companies that facilitate a seamless experience
for the consumer. Verimatrix is well positioned to enable
competitive service offerings in a multi-screen world."
Over the past year, Verimatrix has hit several major milestones
with the addition of four new and enhanced products, doubling
its customer base to more than 150 IPTV customers in 32 countries
and by surpassing the 5 million screens secured mark. Central
to its 3-Dimensional Content Security vision, Verimatrix's
technology roadmap extends beyond encryption technologies
to the opportunities and applications that new pay-TV networks
must offer. Its suite of VCAS solutions offers a layered content
security system that enables transparent delivery of content
to multiple screens across different networks.
"We have certainly succeeded in securing two-way, IP-based
networks with software-only solutions. To support the ambitions
of our customers and partners, we need to extend our security
envelope to include more traditional pay-TV markets,"
said Tom Munro, CEO, Verimatrix. "The excellent support
of our investors enables us to accelerate the development
of next generation content security solutions built on our
VCAS technology foundation.
Munro added, "With the completion of this Series C investment,
our business plan is fully funded, and we are able to quickly
scale our operations. As the majority of our business comes
through our industry leading channel partners, OEMs and integrators,
we will make ongoing investments in interoperability, testing,
and monitoring platforms to support their rapid growth and
increasingly complex system architectures."
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