The 2018 results reflect substantial investments in people, innovation and the open platform community
Milestone Systems delivered significant and satisfactory financial results in 2018. The Group’s net revenue increased to DKK 934 million from DKK 881 million in 2017, while the operating income (EBIT) grew to DKK 195 million from DKK 171 million.
In 2018, Milestone Systems made strategic investments in several areas. The company also decided to accelerate innovation by increasing its development capacity by 45% by the end of 2019.
President & CEO Lars Thinggaard, Milestone Systems, said: “Market trends are changing, with new disruptive waves in the market. In order to be able to ride these new waves, we must offer the most innovative video technology platform – one that lets our partners address the challenges faced by our end-customers.”
With the increased R&D investments in 2018 and 2019, Milestone Systems wants to accelerate its leading position as an enabler of processing of video and data from solution partners in the security industry. Milestone Systems will also be launching initiatives that address needs beyond security, such as industrial IoT solutions for smart cities and businesses.
As part of the ‘Accelerate Innovation’ initiative, Milestone Systems introduced several activities in 2018 to engage developers in creating new, innovative solutions and technologies. 50 developers, designers, and business people were invited to the Milestone Hackathon to help hack the future of AI and IoT. At the Milestone Developer Conference, Milestone Systems invited its developer community to learn more about software integration and to co-create solutions that will help bring video technology to the market.
In order to meet the need to increase its innovation capacity, Milestone Systems employed close to 200 new colleagues in 2018, across markets, functions and nationalities. Substantial investments have also been made in Milestone Systems’ open platform community of partners.
Milestone Store was launched in 2018, a portal that makes it easier for partners to place orders and integrate with existing platforms and devices. Milestone Marketplace, developed in 2018 and launched at MIPS Americas in February 2019, is a digital platform for the video technology industry that connects buyers and sellers to co-create and market innovative solutions.
Lars Thinggaard concluded: “We are in solid position and we expect to further expand our position in the years to come. We will continue our quest to be on the forefront of industry demands and bring even more innovation and co-creation to our products and services, but also go beyond security and build solutions for new business segments and purposes. Innovation, skills and people are vital to our success, so investments will continue in these areas in the years to come.”