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.
Director of Investor Relations
NAPCO Security Technologies, Inc.
OP: 800-645-9445 x 374
SOURCE NAPCO Security Technologies, Inc.