Virnetx Holding Stock Price, News & Analysis

VirnetX Holding Corporation (NYSE: VHC) has announced the deployment of its VirnetX Matrix™ cybersecurity solution by the City of Bridgeport, West Virginia, enhancing protection against ransomware and malware attacks. This initiative, in partnership with Solution Synergy, aims to secure the city's internet applications and infrastructure. The Matrix™ solution offers Zero-Trust Network Access, enabling simple and secure access for employees. Following a previous ransomware incident, Bridgeport experienced positive financial impacts and improved operational efficiency since adoption. VirnetX Matrix™ is noted for its user-friendliness and compatibility with existing systems, eliminating the need for costly hardware upgrades.

VirnetX Holding Corporation has entered a non-exclusive sales agreement with Solution Synergy to market its VirnetX One™ product suite, focusing on healthcare and government sectors vulnerable to cyber threats. The partnership aims to leverage Zero Trust technology to provide enhanced security solutions amid rising ransomware attacks. Kendall Larsen, CEO of VirnetX, emphasized the significance of this partnership, highlighting Solution Synergy's extensive experience in healthcare IT. The VirnetX Matrix™ and War Room™ products are designed to safeguard enterprise applications and facilitate secure communications.

VirnetX Holding Corporation (NYSE: VHC) has announced the launch of VirnetX Matrix, a security solution designed to protect private access to Internet applications and services. This platform allows real-time network management and enforces access policy controls to safeguard against cyber threats. Matrix utilizes the VirnetX One SaaS platform, employing a Zero Trust architecture and patented technology. With the rise of remote work and interconnected devices, the Matrix aims to secure hybrid workforces and corporate applications against evolving security threats.

VirnetX Holding Corporation (NYSE: VHC) has launched War Room, a secure video conferencing platform designed to protect sensitive information from cyber threats. Built on a Zero Trust framework and powered by VirnetXOne's Gabriel technology, War Room offers features such as unlimited meetings, secure participant verification, and AES-256 encryption. The global video conferencing market is projected to reach $7.71 billion by 2025, highlighting the demand for secure communication solutions. This initiative aims to safeguard remote work environments across various sectors, including legal and medical.

VirnetX Holding Corporation (NYSE: VHC) announced the adoption of its Zero Trust Networking Technology by IASIS Technologies International to enhance data protection in health technology. This partnership addresses critical data security needs amidst rising ransomware threats, with a notable 34% of healthcare organizations affected in 2021. IASIS is involved in a federally funded study on m-TBI and PTSD, emphasizing the necessity for robust data recovery solutions. VirnetX's technology aims to improve data integrity and availability, aligning with the federal government's recommendation for zero trust security in organizational strategies.

VirnetX Holding Corporation (NYSE: VHC) announced the implementation of its Zero Trust Networking Technology by the National Credit Union ISAO (NCU-ISAO) alongside Asgard's Zero-Trust EverSafe Backup and Disaster Recovery Service. This partnership aims to enhance cyber resilience against ransomware, which saw a staggering 1,318% increase in attacks from 2020 to 2021. The technology secures data across private domains, ensuring integrity and availability. With 76% of organizations adopting zero trust security, this collaboration represents a step forward in protecting critical data assets.

VirnetX Holding Corporation (NYSE: VHC) has announced the promotion of Dr. Victor Larson to Chief Technical Officer (CTO) and the hiring of Kathy Allanson as Chief Financial Officer (CFO). Dr. Larson, formerly Vice President of Research and Development, is a co-inventor of the company's technologies and has extensive experience in secure communication solutions for the Department of Defense. Kathy Allanson brings over 30 years of financial expertise from roles at Arthur Andersen and The Walt Disney Company, and is a Certified Public Accountant.

VirnetX Holding Corporation (NYSE: VHC) announced the submission of an Agreed Bill of Costs and Prejudgment Interest totaling $75,701,763.18 related to a $502,848,847 jury verdict against Apple. This brings the final judgment for Apple’s infringing devices to $578,550,610. Apple does not dispute the figures and agreements; however, they retain the right to appeal. Previously, VirnetX received $454,033,859 from a separate case against Apple. The case pertains to secure communication technologies, including issues related to 4G LTE and 5G security.

On January 15, 2021, the District Court for the Eastern District of Texas affirmed a $502.8 million jury verdict in favor of VirnetX against Apple for patent infringement. The court also granted additional pre-trial and post-trial interest, supplemental damages, costs, and an ongoing royalty rate of $0.84 per infringing device. The ruling is based on infringements of VirnetX's patents regarding network security. VirnetX has a significant patent portfolio and seeks to leverage this ruling for future revenue generation.