Access Manufacturer iLOQ Aims For $500 Million Annual Revenue
iLOQ is a European manufacturer expanding into the US, aiming for $500 million annual revenue in three years, but what do they do, and how do they aim to get there?
Based on an interview with the US General Manager Joni Lampinen and IPVM research, we examine the company's background, positioning, and battery- and wire-less locks.
Contrast to IPVM's Salto access control profile in our ongoing series of access manufacturers.
Executive *******
**** **** **** *** ****-*********** ****** the ******** ****** ******* ****** **** this ******** *** *** ********* ** the ** *** ********* ****. **** ~$140 ******* ** **** ******* *** a **** ** ~**% ** *** last **** *****, **** ******* $*** million ** ****** *******.
**** **** **** **** ****** ********* door ********-***** ********* (********** **** *** battery-powered *****) **** *** ****** ********** solution ******* *** "*******- *** ****-****" solutions *** *****-**** *********** *** ********** customers. *** ******* **** **** *** competitive **** ***** **** *** ******* maintenance ** *** *****, ** ******** to ***** ************* (*****, *******, ****, etc.) ***** *******-******* ***** ********* ******* annual ********* *** ******* ***********.
**** ********* ***** ***** *** ******** for *** ***** ******** *******.
**********
**** *** ******* ****** ******, *** ********* ****-*******, *******-**** ******* and ****** *******, ****** **** **** conventional ********** *****.
**** ********** **** **** ******, * third-generation *********, *** ******** ********** ******* systems **** ********, ***********, *** ********. Determined ** ************* *** ********, **** devoted ***** ** * ****** ********** a ****-******* **********, * ************** ******* distinguishing **** **** ***** ******* ** smart **** *********. *** ********** *** to *** ******** ** * *******-**** system ************ *** ******** ******* *****: a ******* ******** *** ****** *** a ******-***** ******. **** ******* ******** eliminated *** **** *** ********* ** external *****, ******** ********, *****-**** *********. iLOQ's ******* ******** ************* **** ********** to ******* ***-***** *******. *****, ** continue ** ******* ********** ***** *** increasingly ********** *******-******* ***** ***** *** various ****** ******* *******.
*** ******* *** ******** ** ****** Capital** **** ***~$*** *******. ** *** ****, *** ******* reported * ******* ** ~$** *******, with *** *********.
**** **** ** *** ******** **-**% organic ****** ******** ** *** **** 5-6 ***** ******* ******* ** ************.
**** *** ************ **** * ******-******** company, ****** ** ****** ****** ******. In *** **** **** ** *** years, **'** ******** ** ****** ******* growth **** ** ************* **% ** 30%. **** ****** ** ****** *******, without ******* ** ************.
**** *** ********* *** ****** ***** since ****, ********* **** ****** *** select ***-******** ******* ** *** ****** territories ********, ********* *********, *********, **** Kong, ***** ** ****** *** ********* Asia, *** ******* ***** *******, *** Lampinen.
***** * ****** **** ** ***** 2018, *** ***** *** ******** **** the ****** *** ****** ***-******** ******* to ******* ** ***** *** *** markets ********. **** *********, ********** **** after ****** ******* ****** *** *****, has *********** ** ** * ******** level. **** ** ******* **** ***** European *******, ** ******** ****** ******. In ****, ** ******* *********, *********, Hong ****, *** ***** ** ****** and ********* ****. ** **** ***** operations ** ****** ** **** ****, and **** **** ********* ************ ********* in *** *.*., ******** ** ******** infrastructure ******* **** ******** **** *** mobile ** *********-***** **** *******. ** 2023, **'** ********* * ********* ** meet ******* ******** ***** ****** ***** America.
Revenue *** ******
**** ******** ******* ** ~$*** ******* in ****** *** $** ******* ** H1 ****. ****'* ******* ****** *** *% for ** **** (******** ** ** 2022),****** "**** *** ******** ** *** multi-residential *** ************ *** ********** ****** in *** *******."**** ********* ******* ******** **% ** *** Nordics *** ** ****, *** ***** revenue ****** *** *** **** ** the ***** *** **%.
***** ****'* ******* ********* ** *% in ** **** ******** ** ** 2022,** ******** * ****** $* ******* *** ** ****, compared ** ~$*.** ******* ** ******* in ** ****.****'* **** ****** ************* ~$* ******* ** ~$*.* ******* in **** ******.
***** **** *** * **** ** ~27% ******* **** *** ****, *** projected **** ******* ******** * ~*% growth *** *** ******* ****** ****.
$500 ******* ** ******* ** **** * *****
**** **** *** $*** ******* ** revenue ** *** **** ***** ***** by ******* *** ****** ****** *** market, *** ********.
****** *********** ********* ** * ******* company ** *** **** ******** *******, our **** ** *** ** ****** a ******* ********** ******* ******* *** markets ** ****, ********* **** *******, and ***** *******, **** ********* ** grow **** * $*** ******* ******* within ***** *****.
** ******* $*** ******* ** *** next ***** *****, **** ***** ** have * **** ** ~**% *** achieve * ******* ** $*** ******* for ******, ***** ******** ~$*** ******* in ** ****, **** **** ***** revenue *** ** ****.
*****, ******** ********* **** "**** ***** growth ******** ** **-**% ****** ******" which ** **** **** *** ****** required *** $*** ******* ****** ***** years, *** ** **** ** ******* in * ** * *****.
Focus *********: ***** *********** *** ******** **************
****'* ******** ******** ******* ** *** Built *********** *** ******** ************** *******, targeting *** ********* ** ****** ******** like ***********, **********, *** ********** ********** while ************ ********* *** *********** ******.
*** ******** ******** ******** **** *** primary *****: *** ***** *********** *** Critical **************. ** *********** ** ******* like ***** ***********, **********, *********, **********, and ********** **********. *** ******** ** targeted, ****** ** ** ** *** top *** ** ***** ** ****** segments.
*********
**** **** ** *** ******** ********* its *********, ******** *********** ********* ** the ***, ********* ******** *** **** and ************ * ************ *** ********* center ** ******* ***** ********.
** ** *** **** *********** ** September, **** *** ************* *** ********* and *** **** ****** ****** ** people *** **** *** *** **** few *****. ** *** *** ** this ****, *** ** **** ** +10 *********. ** **** ** ****** the **** ** ****, *** ** the ****** **** ** ****, ** aim ** **** *** *** ************ and ********* ****** ** *** ***, enhancing ***** ********, ***********, *** ******** service.
******** ***** *** *********, **** ** ******* ******** ****** of ~**% *** **** ** *** past *** *****.
"Substantial ****** *********" ** ***** *******
**** **** *********** ****** ********* ** North *******, ********** **** *** ******'* larger ****** **** *** ******* ******** to ******* *** ***** **** ************.
** ***** *******, **** *** *********** potential *** ***** ******, *** **** due ** ****** **** *** **** due ** *** ******'* ********* ** adopt ******* *** ***** **** ************. The *.*. *** ****** ******* *** open ** ******* **************, *********** ** for * ***** ******** ********* ** these *******.
Replacing ********** ***** **** ****** ***********
**** **** ** ******* *** ******** mechanical ******* ******* ** *** *.*., which ********** **% ** *** ****** according ** ********, **** *** *******-**** smart *****, ******** ** ************ ******** buildings **** ******* ********* *** *****-***** software.
** ***** *******, ****'* **** *********** comes **** ********** ******* *******, ***** dominate ****** **% ** *** *.*. market. *** **** ** ** ********* these ******** ********** ******* **** ******, battery-free **** ***** *****. ** ***** on ************ ******** *********, ********* ********** cylinders **** **** ******* ****, *** implementing *****-***** ******** *** ****** ***********. Our ************ ******* ** ********* ** speed, ***********, *** ****-**********. ****** ***** smart *****, **** ******** ******* *********, significantly ******** *********** *****, ********** ** large ********** **** ************ **** ******** cylinders.
iLOQ *******- *** ****-**** *****
****'* *** ******* *** **** *** ********* ** power ********** *** *******, ****** ***** from ****** ******* ** ************ *******. Honeywell's ******* *** *** **** *** padlock ***** *** ***** ******* **** the *****'* ***, ******** *** ********* between *** **** *** *** ****** phone.
*********** ****** ******* ******* **** * powered ******, ***** ******* ***** ** credentials (*****, ****, ***.) *** *** handshake. ** ****'* ****, *** **** acts **** * *********** **********, *** the ****** ****** **** ** *** reader, ******* *** *********** ** *** lock *** ********** ** **** *** cloud-based ******.
******** ********* ********'* ****** ************ ******** **** *** technology, ***** *** ***** *** *** cloud-connected *** *********** **** *** ***** through **** ******, ******** ******** ** function ***********-**** *** ** ** ** years *** ******** ******* ***** **** online ********** *******.
*** **** ****** ************ ** ******; the **** ********* *** *** ********* to *** *****. *******, ***** ******* to *** ***** *** **** ******, and *** ********** *********** ************* ******* the ******** *** *** *****. **** setup ***** *** ******** ** * door *** ****** ********** *** ** to ** ***** ******* ***********. ******* usage ** ********, *** ********** ******* require ****** **********.
**** ***** ***** ****** "******** ************* of **-** ** *******, *********** ** a ********** ****** ******* ** *** user's *********."
*** **** ***** ***** * ****** device ******* *** ********* *** **** padlock.
Different **** **** ******* *** *** ***********
**** *** * **** ***** ** hardware *********, ********* ********* *** ********, and ****** *****-***** ******** ** ***, along **** *** *** ******* *** keypads, ******** *** ** * *****-***** access ******* ******, ******** **** ****.
**** ****** * ************* ********* ** hardware *********, ********* * ******* ** locks **** ** *********, ******, ********, and *** *****. *** *****-***** ********, hosted ** ***, ** ************ ** our *** **** ** ******* *** keypads. **** ****** ********* ** *** the **** ****** ** * *****-***** access ******* ******.
**** ***** ** ****** ** **** API *** *********** **** ******* *******, including *******, *******, *** ********* ********, allowing *********** ** ****** *******, **** using **** * ******** *** ****** key ** * **** ****** **** readers *** ******* *** ************* **** other *********' **********.
**** ******** ** **** *** *** integrating ******* ******* **** ***********, ********, and ******** **********. ** **** ********* integrations **** ******* *********, **** ** LenelS2, *******, *** ********* ********, ********* flexibility *** ********* *** *** *** just * ******** *** ****** *** or ****** ** *** ******* *** keypads *** * **** ************* ****** control ******. **** ** **** ********** with ***** ****** ******* ******* **** iLOQ ********, *** *** ********* *** be **** ******* ********.
*******
****'* ******* ***** *********** ******** *****, software **** ***** ** *** ****** of ********* ** *** ******, *** a ******* ****** *** ****** *** user, ********* ** ********.
*** ******* ***** ******** * ******** price, * ******** ***** ***** ** the ****** ** ********* ** *** locking ******, *** * ****** *** price ********* ******* *** **** *** month. *** ******** **** ** ******* more ** *** ****** ******* ****** rather **** ********** *********.
**** **** *** ******* ** *** U.S. ****** ** ***********, **** ******-***** cost ********** *** ******* ********** ********** to ***** ******* *******, *** ******** long-term *********** ******* *** ** *** maintenance-free ******, * ****** ****** *********.
****'* *******, **** *** ******** *** software, ** ****** *********** ** *** U.S. ******. *** ******* ******** ******* on ******, **** ***** ***** *** unit *** **** ********* *** *****. Despite ******** *********** *********** ******* *** to *** ***********-**** ******, *** ******* investment **** ******* ********** ** ***** digital *******. **** * **** ** 10 ** ** *****, ********* ***** iLOQ ***** ** *********** *****, * unique ********* ** *** ******.
****'* ******** ***** ******** ****** ******** engagement *** ***** ******* * ****** network, ******** ************* ****** ******** *** cost-effective ****-**** ********* *** ** *** maintenance ***** ******** ** ****** **** Salto, *********, *** *******, ******** **** IPVM.
****'* ******** ***** ******** ****** ****** customer **********. *** ***** **** ******** the ***** ** **** ******** ** mechanical *** ***** ***** *****. **** interested, ********* *** ******** ** *** dealer ******* *** *********. ** ***** of *******, **** ** ******* *** cheapest *** *** **** ********* ******** to *****, *********, ** *******. *** hardware ***** *** ***********, *** ***** there's ** ****** **** *** ******** and ****** ****, *** ****-**** *********** costs *** ************* ***** *** ** the ******* ** *********** *****.
*******
***** **** ** *********** ****** ******, expansion ** *** ***** ******** ******* comes **** ******* **********, **** ** establishing ******* ********, ***** ***********, *** product **********. **** *** **** ******* in *** ***** ******** ******* ** targeting ******** *********. *******, ** *** to ******** *********** **** *****, *******, Yale, *** ******.
* **** **** ******** ** ***** innovative ******** *** *** *******-**** ********* until * ******* **** **** ***** can't **** *** *** **** ****** in **** ****. ***** ***** ***** tech ******* *** ***** *** ************ like ****** ***** *** **** ***** single **** ************, *** **** **** they ***** ***'* ****** **** ****** (because ** *** **** **** ***'* require * *******, ****, ** ****** on ******** **********) ***** ********* **** lock ******** ** *** **** ******* as *** ***** ******* ** ******-**-**** type *********.