Genetec's Financials and Competitiveness Examined

Author: John Honovich, Published on Oct 25, 2011

Genetec is well known as one of the largest and most advanced VMS systems in the market, growing from obscurity a decade ago to become a leading choice of large enterprises. The question, though, is how much has Genetec grown recently and how big is it today, especially in light of the major shifts within the VMS market over the last 2 years. In this note, we examine those numbers and positioning.

Let's start first with a review of Genetec's key financial metrics:

  • 2009 total revenue was just over $36 Million CAD
  • 2010 total revenue was just $41.8 Million CAD (confirmed by Gentec and extrapolated from Deloitte published financial rankings)
  • 2010 revenue growth rate was ~16%

With those fundamental points noted, there are important limitations in using these numbers:

  • Genetec manufacturers access control and LPR. Results in those segments could skew the total results relative to performance in their core VMS market segments
  • Fluctuations in exchange rates can misrepresent 'actual' product uptake, especially as the USD - CAD exchange rates have been volital over the past few years.

Genetec declined to comment on the skewing that these two factors might have relative to VMS adoption.

Analysis

With total revenue growth of ~16%, even assuming some skewing due to the factors above, it appears to us that Genetec is losing ground to companies like Avigilon, Exacq and Milestone. We see that it in our own discussions with integrators. While Genetec remains very highly respected, we are seeing a lot of integrator's choosing the more basic but easier to use Avigilon and Exacq VMSes (both of whom had over 75% growth last year and are achieving fairly significant share themselves).

We attribute this revenue / market shift to an increased competitiveness of the mid market for VMSes. While companies like Avigilon and Exacq have gotten better in the last few year and Milestone has lead the charge to drop prices, Genetec has not made major moves for its mid market offerings. That noted, Genetec certainly continues to innovate at the high end (e.g., Security Center and edge based recording) but it will be interesting to watch what Genetec chooses to do to compete more effectively in the low to middle of the VMS market.

Comments : PRO Members only. Login. or Join.

Related Reports

Hanwha Dual Imager Dome Camera Tested (PNM-7000VD) on Oct 18, 2018
Hanwha has introduced their first dual-imager model, the PNM-7000VD, a twin 1080p model featuring independently positionable sensors and a snap-in...
Axis Strong US Growth, Flat EMEA - Q3 2018 Financials on Oct 18, 2018
This spring, Axis had its best financials in many years (see Axis Strong Q2 2018 Results). However, over the summer, Axis had many products sold...
Knightscope Winning Investors, Struggling With Growth on Oct 16, 2018
While Knightscope's new financials show the company only winning 11 new customers in the past 12 months, the company continues to win new...
Integrator Laptop Guide on Oct 16, 2018
This 18-page guide provides guidance and statistics about integrator laptop use. 150 integrators explained to IPVM in detail about their laptops,...
ADI's Financials Revealed + W-Box Growth Priority on Oct 15, 2018
  ADI is one of the most powerful distributors in the security industry but how big are they? How much profit do they make? How much do they sell...
Mysterious Patent Troll 'Secure Cam' Targets Industry, Sues Hanwha, Hikvison, JCI, Panasonic, More on Oct 11, 2018
A company named "Secure Cam," who is actively hiding their ownership, has acquired a slew of video patents and is systematically suing video...
Security System Health Monitoring Usage Statistics 2018 on Oct 09, 2018
How well and quickly do integrators know if devices are offline or broken? New IPVM statistics show that typically no health monitoring is...
IACP 2018 Police Show Final Report on Oct 08, 2018
IPVM went to Orlando to cover the 2018 IACP conference, the country's largest police show (about as big as ASIS), examining the 700+...
VMS Mobile App Shootout - Avigilon, Dahua, Exacq, Genetec, Hikvision, Milestone on Oct 01, 2018
Mobile VMS apps are a critical interface for the modern surveillance user. But who does it best and worst? We tested 6 manufacturers - Avigilon,...
Hikvision 4MP Camera Tested (DS-2CD2345FWD-I) on Sep 27, 2018
Hikvision's latest Performance Series / EasyIP 3.0 4MP model, the DS-2CD2345FWD-I, was the top performer in our 4MP shootout, besting rivals from...

Most Recent Industry Reports

Hanwha Dual Imager Dome Camera Tested (PNM-7000VD) on Oct 18, 2018
Hanwha has introduced their first dual-imager model, the PNM-7000VD, a twin 1080p model featuring independently positionable sensors and a snap-in...
Camera Height / Blind Spot Added to IPVM Camera Calculator on Oct 18, 2018
IPVM has added camera height and blind spot estimation to the Camera Calculator. This is especially helpful for those who need to mount cameras up...
Axis Strong US Growth, Flat EMEA - Q3 2018 Financials on Oct 18, 2018
This spring, Axis had its best financials in many years (see Axis Strong Q2 2018 Results). However, over the summer, Axis had many products sold...
Best Alternatives to Banned Dahua and Hikvision on Oct 17, 2018
With the US government ban and a growing number of users banning Dahua and Hikvision, one key question is what to use for low cost? While Dahua and...
Video Quality / Compression Tutorial on Oct 17, 2018
While CODECs, like H.264, H.265, and MJPEG, get a lot of attention, a camera's 'quality' or compression setting has a big impact on overall...
Knightscope Winning Investors, Struggling With Growth on Oct 16, 2018
While Knightscope's new financials show the company only winning 11 new customers in the past 12 months, the company continues to win new...
Integrator Laptop Guide on Oct 16, 2018
This 18-page guide provides guidance and statistics about integrator laptop use. 150 integrators explained to IPVM in detail about their laptops,...
Huawei Admits AI "Bubble" on Oct 16, 2018
A fascinating article from the Chinese government's Global Times: Huawei’s AI ambition to reshape industries. While the Global Times talks about...
ADI's Financials Revealed + W-Box Growth Priority on Oct 15, 2018
  ADI is one of the most powerful distributors in the security industry but how big are they? How much profit do they make? How much do they sell...
Dahua Face Recognition Camera Tested on Oct 15, 2018
Dahua has been one of the industry's most vocal proponents of the value that AI creates: As part of this, Dahua has released a facial...

The world's leading video surveillance information source, IPVM provides the best reporting, testing and training for 10,000+ members globally. Dedicated to independent and objective information, we uniquely refuse any and all advertisements, sponsorship and consulting from manufacturers.

About | FAQ | Contact