AMAG, New President, New Ownership, 2023 Profile

Executive *******

** ** *** ****** **** ** significantly ****** *** ******* *********** ***********, as ** ***** ** ******* *** products *** ********* *** *** ** change *** *********** ***** ** ********* enterprise ***** *** **** * ******* integrated ***-**-*** ********.

AMAG ******* *******

******* ** ****, ****, ***** ** ***** ** security *** ***** ******** **********/****** *********, ** * ********* *** ************ of ****** ******* ********.

Allied *********'* *********** ** ***

** ****, ****'* ****** *******,***, *** ******** ** ******* ***** staffing ***** ****** *********. ** *** **** ** *** transaction,*** *** ********* ******** ********* ~$** billion ** ****** *******, ***** *** *** ******* ***** all *********** ** *** *****. ** comparison, *** ******-******* ***** ******** ******** generated ******* **** *** ~**% ** the ******** ******.

*** ** ****** *********'* *** ****** focus ** ********* ******** ********** ** expand *** ********** *********. ** ****** 2022,****** ********* ******** **** ******** *********** ******* *****, ** ********** ********** ******* ********.

No **** ****

******** ********* ** **** **** **** is *** ******* * **** ****** the *********. **** ****,************ ****** ** **** **** ** ACRE. ********, ******** ********* **** ********, was ***** ***** ** *** ****.**** *** ************ ** ********** *&* ******** ** acquiring ****** ******* *********.

Sullivan's *********** ** *********

** ********* ****, **** ********* **** it ***** ******* ******** ************** ******** ** ********* ** *** company. ******** ********** ****** ** ********* of **** ************* **** **** ***** 2021 **** ** ****** *** ********* of**** ********.

****** *** ****** ** ****, ******** held ********* ***** ** *** ********, Ingersoll **** ******** ************, *** **** Abloy.

AMAG ********* ********

** *** ********* **** ****, ******** highlighted *** “***** ** *********” **** AMAG ***, *** ********* *** ********** and ********* **** “******** [** ***** players] ** *** ********.” *** ** the *** ******** ******** *********** ** AMAG’s “** ****** ** **********,” ***** atypically ************ *** ******** **-*****.

***********, ******** ********** ****’* *************** **** other ******* ** *** ****** ******* landscape ******* *** *********** *** ********* teams, ** **** ** *** “*** Service” **** ***** ** ********* ** AMAG ******* ******* *** **** **** customer's ******* *****:

**** *** **** ** *** ********* center ** **********, ***** ** ***** the ******** *** ** *** **. We **** ******** ******* *** ********* support *** ***** *** **** ** you ***** ******, ******* ** ******** else, ** **** *** *********** ******* in ***** **** ******* ****** *** nation *** ********* ***** ** *** world.

** **** * *** ******** **** which ** *** ****** ** * lot ** *** ****** ******* [*********]. [It] ** **** ******* ***** **** are ******* ** *** ********. **** know *** ** ****** *** ********* for *** ********* ** **** ** can ****** **** *** ********' ************* aligns **** **** *** *** ***** are *******.

******** ***** ***** **-***** ***** ** the “********” ** ****, *** ******** that ** ***** "******** **** **** providing **** *** **** ************* ********* for *** *********."

AMAG ********* ********

****'* ******* ** ******* ** ~*% per ****, ******** **** ****. ** pointed *** **** ** * ****** company, ****** ********* *********** **** ** exceed *** ******* ****** **** ** the ****** *****:

* ***** **** **** ***** **** to *** ** ** ** *** somemore ***** ******. That has got to be the bottom line for this because while AMAG has done well over the past few years in growth, I think they would like to see us grow a little bit faster even. [Emphasis added]

*********

****’* ******** **** *** **** **** over *** **** *** ***** ** ~225 *********. ******* *******, ******** ********** that ** **** *** **** ** “add ****** ** *** ******” *** that ** *** ******* ** “********* the ********” ******* ********** *** ****** around ******** *********:

I **** **** ********* *** ********. It has been taking some positions, making them redundant, and then ending up having new positions created to try to build the business in a direction that can serve its product base better. [Emphasis added]

Existing *** ******** ******** ****

**** ******* ******-*** ********** ********* **** require **** ******* *** ************* *********. Sullivan **** *** *** ******** *********** strategy ** ********** **** *** ******* has ** ***** ** ****** ***** and ******-***** ********** (****) **** ** the “*** *** *** ******":

* ** *** ***** ** ** right *** *** ****** *** ***** end ** *** *********** ******* ***** maybe ******** ***** ****** ****[**** *******], they *** *** ******** *** ****[******* businesses].

** ** *** ***** ** *** "mom *** ***" ******, ** *** just *** *****.

** ********, ** ********* **** *** of *** *** *************** *** **** was *** *********** ** *** ******* to ********* *** ****** ** ******** needs:

**** ** ***** ** ******* **** of ***** ***** *********, **** ******* and ******* ****, ***** ** * little *** **** ** **, ******* it ** * *************.

** *** ******* **** **** * customer, ************* ***** *********, ***making **** **** *** ****** ** ********** ** * *** **** ******* ***** *********. [Emphasis added]

**** ** ***** * ***** *** the ******* ************** *** **. * have **** ********* **** **** ** our ******** ** **** ** *** deliver ***** **** ******* *********.

******** ********* ****'* ******** ***** ******** as ******** ** ***** ************, ******* that **** ********** *** ******* *** enterprise-level ********* ** ******* *********' ******** needs, *** ******* ***** *****, ********* can **** "***** ******** *** ***** systems *** ** *** ********."

********* ** ********, ****'* **** ****** 4 ******* **** ******** ******** ******** at $** ** $** ******* *** project, ** ********* ** ****'* ******** size.

AMAG ******* ********

, ******** ******* ******** *** ********* ************** ******** **********,******* **********,**** *********,****** ***********, ********* *****/***** ************ *** ** *** ********** ******* ******.******** *********** ****'* ***** ** ******** in *** ********* *** ********** *** the *******’* **** ** ******** ******** broader ******** **** ***** ** ***** access ******* **********:

***** ** ** ****** *******, ***** is ******** ****** *******, ***** ** the ****** ******* ********, ****-***** ** the ********. ****** ** ****, ** have ************, ***** ** * *********** with*******, ** ** ** ********** **** the ******* ********. *** **** ** also **** ******** *****, ***** ** a ******* ********** ******** **** **** from *** *** ***** ***** ****. There ** * ********* ***** ********** solution. *** **** ** **** ** identity ********** ****** *** **** ** in ********.

**** ** ******* ******* ***** *** a *** ** ****** ******* ********* today, * ** *** ****** ***% of ****, *** **** ** *** have **** ** ***** *********, ***** is ** ******** ******** **** * think ** ********** ** *** *********. And **** ** **** **** * PSIM ** *** ******** ****** ******* Room.

**** ******** *************** ****, * **** **** **** ******** as *********.** ******** ** *** ******** ********** systems, **** **** ********** ****************** *******.

Historical ******* **********

*********** *** **** **** *** ******** in *** ****** ******* *****, ******** admitted **** *** ********** *** **** "a ****** *** **** ** *** tooth" *** **** *** ******* "*** not ********** ****** ***** *** ********."

******** **** ******** **** **** *** faced ************ ** *********** ************ ********* and ********* *** ******** ********* ****. He ************ **** ***** ************ *** where **** "[****] *** *** ******** of **********."

** ********** **** *****, ******** **** AMAG ** ********* *** ******** **** are ****** *** ******* ******** ** work **** *** **** ******* ****** training ** ******* *************:

It ** *** ***** ** ******** *** ********* ****. It will work with that. It will be a whole new approach that will make it faster, easier, less expensive to install, and more flexible to be able to interface with other third-party solutions out there. [Emphasis added]

*** ********* ***** *** ** ** do ** ** **** *** ************** in ***** ** *** ********, ** help ******* **** ******* *** ***********.

********** ** ****** ** * **** that ** ********* *** ********* ** keep ** ****. ** ** *** responsibility ** **** **** *** ****** training *** *************, ** **** ** be ***** *** **** **** ****** to **** ******* *** ********. **** is *** **** *** *** ** to ******* ****.

Continued ******* ***********

**** *** ******* ** ********* *** products ** *********** *****-***** ***********, *****-*** interface ********, ****** *********** ************, *** visitor ********** ********* ********. ** ****** with *** *******’* ***** ** ******* improvement, ******** **-********** **** *** ******* will "******** ** ******* *** ******* the ******** ******** ***** *********** *** new ************.”

******* **** *** ************ ******* ******* its ******* *********, ** **** **** time *** **** ** **** ** its *****-***** ******* ******* *** *** ability ** ******* ************* *** ******* feature ***** *** ******** ********. ************, Sullivan ********* **** *****-***** *********** ** a *** **** ** ******* *********** for **** *** **** ** *** a ********** *********** **** *************** *** efforts:

*** ****** ***** ** **** ** havea *** ** ********* **** *** ****** ******* ** *****-***** ************. When you look at the end users seeking to have a fully integrated solution with all of their systems, we have to be able to handshake with those systems. [Emphasis added]

** ** ********* **** *** **** you **** ** ** *********, *** then *** **** ** **** ******* support *** **, ******* ***** ********** current, *** ** **** * **** of ****** **** *** ** ****.

**** ***** **** **** ********* **** I ***** **** ***** ** **** but ** ***** ********* *** *** have **. **** ** **** ****. So ***** *** *** ***** **** are *** *************** *** *** ********.

****'* ****** *********** ***** ** ********* the *****-*** **** *********. ******** **** AMAG ** ********** ***** ** **** communications **** ******* ******** ******:

** *** ** *** ******* ** developing ********** ***** ** ********* **** our *********, ******* **** ** ***** tools, ************ *****, ** ****** ** make ** ****** *** ** ** work **** *** ******* ******** ** ****they *** ****** **** ** *** *** ********* *** ******* *** ******* **********, ***** **** **** ** *** ******* ********** ** ****. [Emphasis added]

******* **** *********** ****** ** *** mobile ***********. ******** ********* ****'* *********** with ******** *** **** *** ******* wishes ** *******:

** ** **** **** ****** ********, though. ** **** *** **** ** somebody **** ********, *** ** *** of *** ******* ********, **** ***** that ******** *** ** *** ** integrate **** **** *** ******** *******.

* ***** **** ** ** * little *** **** **** *** ******** for *** *********, *** *** *** admin ** *** ****** ** ****. If [* ******] *** ***** ** to *** **** ******* *** ****, and * ** ******* ** **** having ******, * *** **** ** my *****, *** *** ** *** video *** ****** *** **** ** a ****** ** ** *****. * would **** ** ** **** **** of ****.

******* ********** *********** ** ******* **** of ***** *** ****. ******** ******* out **** *** ******* ****** ** help ******* ****** ********** *** *** customers:

***** *****, * *** ** ********* are ******* ** ****** ****** *********** and **** **** ** **** **** office ********** ********* *** ******* ********** rooms, ******* *****, ********, *** *** of ****. ***** *** *** ***** of ****** ** *** ******* ********** solutions. ***** *** ***** ** **** provide * **** ******** ******** *** office ********** *******.

New ***** ********** + ********* ******* *** ****** *******

** ******** ** ************ ** *** access ******* *******, **** ******** ******** **** ******* * ********* *********** *** *** prior ********. *******, ******** ********* **** AMAG ***** ******** ********** **** ***** M2150 *** *** ***** ******.

***** *** * ***** ******** ******** that *** ********* ** * ******** replacement *** *** ******** ****** *** there. *** **** ** **** **** is ******** ** ******* **** ******. Here ** *** *** ***** **** has *** ********* ** ****** **** communications ** **. **** ***** ** the *** *****, ******* *** *** systems ** *** **** ****. [***] customers [****] *** ******* ** **** the **** **** *** ******* **** system. *** ** *** ***** ** continue ** ******* **** ******.

Mercury **. ****'* ******

******** ********* ** *** *** *********** panels ******* ****** ****** ** ******** than ***** ***********’ *********, **** ** Mercury ********’* **** ***** *********:

** ******* * *********** ****** **** gives *** ****** ******** ** * result. ** **** *** **** *** same **** ***** ********* **** *** get **** *******, *** ***** ** an ********* ** **.

Cloud-Based ******** ******* ***********

******** **** **** ***** ** ******* cloud-based ********* *** *** ****** ******* system *** ********* *** ** ********* has ***** ********* ** ******* *** PSIM:

**** *** ***** ******* ** ***** the ******** ** ******, *** ***** to ****more *** **** *****-***** *********. We do not have a cloud-based solution for access control. We do it in CONNECT, and we do it in PSIM. Those are both able to be in the cloud. [Emphasis added]

*** ****** ******* ********* ** * thick ****** *****. *** ***** ** has *** * *** ** ******** in **, ***** ** **** **** opportunity ** *******.

******** **** ******** *** ** ***** to ******* ********** *********' ***** ** providing *********** ** ******** ***** ** on-prem ********:

** **** **** *** **** * cloud ******* ******* ******* ********* **** to **** ****.

*** ******** ** *** ******** **** is *** ******* ** **** ******* cloud ******** *****, **what ** **** ** ********* *** ******* **** *** ** *** ** *** ***** ** **-****, without having to force a customer one way or another. You will get the same feature sets in both. [Emphasis added]

****'* ******** **** ** ** **** a ****-***-**** ****** ***** ******** *** hardware *** ********* **********, ******** ********* to *** ******* ***** *** **-**** at ****:

** *** **** ** ** **** to **** ** *** *****, *** have ******* *** **** ******** *********, we ***** **** ** ** **** tomove ** *** ***** ******* ****** ** ******* *** **** ********. [Emphasis added]

** ***** ****** ** * ** carte ****. ** *** **** *****, you *** **** ****; ** *** want **-****, *** *** **** ****.

** * ******* *******, ******** ********* that *** ***** ******** **** ** part ** * "****-********** ****** ******* system" *** ******* ** ********** **** realigning *** *********** *****. ******** **** this ******* ***** **** *-* ***** to ********:

** *** *** * ****, ** three *****, ** **** **** **** quantum ***** ** *** *** ** approach, *** *** ** ******, ****** control.

*** ************** ****** [**** ****] * different *** ** *** **. ** will ***** **** *** ******* ** operate *** **** ***, *** ** doesprovide * ********* **** ** ******** ***** *** *********** **** *** ** *** ******** *** ** **** *** ** ********* *** ******** ******. Like separating data into different areas so that no one area can be hacked and then giving access to the system. It is just a more complicated, more sophisticated approach to network design. [Emphasis added]

**** ****** **** ** ********** * new, **** *********** ******, ******** ******* customers **** **** **** "***** ******** the ********* **** ** *** ****** business":

* ***** ***** **** **** **** because **** ******** ******** ** ****** control ******, **** ******** ** ** there *** * **** ****. * do *** **** **** ** **** to **** **** *** ******* ** is ********, ** ***** ********; ***** is ** ****** ** ******* **.

Biometric *** ****** *********** **********

*** *********** ** ********** *** **** a *** ********** ***** ** *** industry. ******** ********** ****’* ********* ***** in *** **** ******* *** ***** of****'******* *********** ********** ** ****** *******. The ******* **** ***** ** ******* this ******** ** *** **** ****:

* **** **** ** ********* **** facial ***********. ** ***** ******** **** fast *** ****. *** ** **** have * ***** ********* *** ********.** **** ** ******* **** ** our ******* *********** *** ********** ** the ****.

*** ****'* ***********, ******** ****** *********** ****** **** ****** Tested.

Collaboration **** ****** *********

***** **** *** ********* ****** *********’* existing ******** ****, ** ****** ****** Universal's ****** *********** ******** "******* ** other ******* ********."

****** ********* ********** ******** ** ***** a ******* **** ** ***** ***** similarly ** *** ******* ********.

** **** ** ***'* ****** ************ with *** *********** ****** ****** *********.We ***** **** *** **** *** **** ** **** ******* **** *** ****** ****. We do not have any type of partnership in pricing that is different than with partners in our channel. [Emphasis added]

******** **** **** **** ********* *** "multiple ********* ** *******" ** *** US.

********* ******** *********, ******** ********** ** AMAG’s ********* ** *****- *** **-**** across ****** *********’* ******** ****:

** **** ** *********** ** ********** and **** **** ****[****** *********] **** large ********. **** **** **** ***,*** [customer] ******** ***** ***. **** ** certainly * ***** **** *** ** to ** **** ** **** ****.

**** ** ** ******* **** ****, this *** *** ** **** **** different **** ***, *** ** ** unique ** *** ***** **** ** can ** **** ***** ********* *** sit **** *** **** ***** ***** overall ******** ***********.It ** *** **** *** ****** ********, ** ** *** ****** ******** ** ********, whether it be through manpower or systems. [Emphasis added]

** *** ***** ***** ******* * whole **** *******, *** ***** ** advise **** ** **** ** ***** they *** ******* ***** ******** **********. Or ** *** ******* ** ******* manpower, *** **** ******* *** *******.

Near-Term ******* *******

******** **** **** ****** ** "**** not **** *** **** ** **** about *****," **** **** ** *********** "eye-catching" ******** ** *** **** *** years:

**** **** ** *** ***** ** have ********* **** *** ***** ** be ********* ***-******** *** *** ********. I ** **** **** ****** *** going ** ** ******* ***** ***** and ***** **, ***, **** ** what ***** **** ***. *** ***** that * ** **** ******* ***** is ********* ** ** *********** **** right ***, ******* ***** ********** ********** in *** *** **** ** *** going ** ****** *** **** ******.