2012 a Year of Record Growth for V.i. Labs
We are very pleased with the Company’s performance and congratulate the management team for a strong year. Software piracy remains an enormous problem for software providers. According to estimates from multiple analysts, the annual commercial value of software theft worldwide exceeds $50 billion. Moreover, V.i.’s data contradicts the conventional wisdom that piracy is a problem confined just to emerging markets such as Russia, India, and China. Countries with advanced economies and sophisticated regulatory regimes, including the U.S. and western European countries, are among the top offending nations for software piracy.
V.i. Labs’ Code Armor Intelligence (“CAI”) solution has enabled software companies to turn the piracy problem into a revenue opportunity. The Company’s independent software vendor (ISV) clients have collectively identified over $4B in unauthorized software usage, and V.i. has helped these clients recover more than $200 million in license revenue. In a challenging worldwide economy with constrained revenue growth, these results are impossible to ignore.
Ascent initially identified V.i. Labs through our research on potential emerging opportunities related to software piracy. We have continually been impressed by the V.i. team’s ability to innovate within this highly dynamic market. Congrats again to Joe Noonan and team for an outstanding year! We look forward to continued strong progress in 2013.