AMITYVILLE, N.Y., Oct. 2, 2017 /PRNewswire/ -- NAPCO Security
Technologies, Inc. (NASDAQ: NSSC) one of the world's
leading solutions providers and manufacturers of high tech
electronic intrusion security, IoT connected home, video and fire
systems, as well as enterprise-class access control and door
locking products, today highlights some of its product portfolio
that is well positioned to capture the growth taking place in the
physical security market.
A recent report by the research firm Markets and Markets
predicts that the global physical security market will grow to over
$100 billion in 2021, with the North
American market growing to $43
billion. Earlier this year the research firm IHS
Markit released a report which stated that the smart home
market has seen rapid growth since 2010 and in 2017 would exceed
$14 billion.
NAPCO's product line includes both commercial and residential
physical security products, many which generate SaaS recurring
revenue. The Company has many new and recently launched products
that will be able to capture demand from the growing security
market. The Starlink Connect Communicator, Starlink Dual Path
Commercial FIRE Communicator, CA4K Access Control software and
Architech Locks are a few examples
of new products positioned well in the growing physical security
products market. NAPCO had a record year in FY17 with sales growing
to $87.4 million and SaaS recurring
revenue growing to an approximately $10 million annualized
run rate. The Company has continued to invest in R&D and
sales/marketing in order to position itself for future success.
Richard Soloway, CEO commented
"We are encouraged by the facts discussed in these recent reports
as it reaffirms the opportunities we are seeing in the growth of
the security markets. Our continued investment in R&D as well
as sales and marketing we believe will show returns in the future
as the market continues to grow and adopt new products, such as our
recently launched award-winning Starlink Connect."
Investors interested in learning more about NAPCO's business can
read a recent interview with CEO Richard
Soloway featured in The Wall Street Transcript. A full
transcript of the interview can be found by clicking here
(twstnapcointerview) or in the Events & Presentations
section of NAPCO 's website.(www.napcosecurity.com)
About NAPCO Security Technologies, Inc.
NAPCO Security Technologies, Inc. is one of the world's leading
solutions providers and manufacturers of high-technology electronic
security (including recurring service fee revenue), IoT connected
home, video, fire alarm, access control and door locking systems.
The Company consists of four Divisions: NAPCO, its security and IoT
connected home segment, plus three wholly-owned subsidiaries: Alarm
Lock, Continental Instruments, and Marks USA. Headquartered in
Amityville, New York, its products
are installed by tens of thousands of security professionals
worldwide in commercial, industrial, institutional, residential and
government applications. NAPCO products have earned a reputation
for innovation, technical excellence and reliability,
positioning the Company for growth in the multi-billion dollar and
rapidly expanding electronic security market. For additional
information on NAPCO, please visit the Company's web site at
http://www.napcosecurity.com.
Safe Harbor Statement
This press release contains forward-looking statements that
involve numerous risks and uncertainties. Actual results,
performance or achievements could differ materially from those
anticipated in such forward-looking statements as a result of
certain factors, including those set forth in the Company's filings
with the Securities and Exchange Commission.
Contact:
Patrick McKillop
Director of Investor Relations
NAPCO Security Technologies, Inc.
OP: 800-645-9445 x 374
CP: 516-404-3597
pmckillop@napcosecurity.com
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SOURCE NAPCO Security Technologies, Inc.