Milestone CEO Book: Why He Aborted the IPO and Chose Canon

By: John Honovich, Published on Sep 15, 2015

Milestone's CEO just published [link no longer available] a 205-page book titled 'Business Magnetism'.

Why? No idea. Would assume he had better things to do...

The first 150 pages are painful, with statements like:

"They realize the rarity of this opportunity, and feel the pressure to succeed, but delving into this unchartered territory is also liberating."

and:

"As I go about my daily life, I try to exemplify Kierkegaard’s idea by never becoming complacent and always challenging the status quo."

One of the ways he did that was:

"In a meeting which is likely to be difficult or tense, I equip the room with a small pillow. When people feel frustrated or angry, I explain, they should feel free to release that tension by yelling loudly into the pillow"

But right after teasing about the original ending of the book, it starts getting very interesting as he explains the issues in the IPO process and why it was aborted in favor of choosing the Canon acquisition, including how Avigilon hurt their IPO prospects.

*********'* *** **** ********* [link ** ****** *********] a ***-******** ****** '******** *********'.

***? ** ****. ***** assume ** *** ****** things ** **...

*** ***** *** ***** are *******, **** ********** like:

"**** ******* *** ****** of **** ***********, *** feel *** ******** ** succeed, *** ******* **** this *********** ********* ** also **********."

***:

"** * ** ***** my ***** ****, * try ** ********* ***********’* idea ** ***** ******** complacent *** ****** *********** the ****** ***."

*** ** *** **** he *** **** ***:

"** * ******* ***** is ****** ** ** difficult ** *****, * equip *** **** **** a ***** ******. **** people **** ********** ** angry, * *******, **** should **** **** ** release **** ******* ** yelling ****** **** *** pillow"

*** ***** ***** ******* about *** ******** ****** of *** ****, ** starts ******* **** *********** as ** ******** *** ****** in *** *** ******* and *** ** *** aborted ** ***** ** choosing *** ***** ***********, including *** ******** **** their *** *********.

[***************]

Problems **** *******

************* ***** *** ********* for ** ***. ** ******* ******* on ****, ******** *** CEO:

"********** **** *********, *** I **** **** ******* this ****** ****’* ** style. ** ****’* *********’* style. ** *** ************ to *** ************ ********** style ** ************* **** we *** ***** *** company ****."

*************

*****, *********'* *** ****** the ******** ** *** public:

"[*****] ******, *** ********** would ** ****** ************, and **’* ********** ** under ******** ** ***********. To ** ******* ******, it ****’* ********* * was ******* ******* **."

**** ** * **** problem, ** **** ******** and **** *** ****** to. *** **** ****** go ***** ** **** numbers *** *** ***, everyone *** **** *** and **** **** ****, creating **** ********** *** field ******.

Showing *****

****** *** **, ***** entreprenuer ******** *** ********* cheered, *********'* *** **** it ** ********* ** Denmark:

"****’* ** ********, “*** original ****** **** **** a *** ** *****.” It’s ******* ********* ** the ** ** ********* in *** *****. *** here **’* ******* ** what *** *********** **** ‘Tall ***** ********’ – cutting **** *** ****** that ****** ******* ** its *****."

Avigilon *** ****** **** *********

** *** *** *** in *******, *********'* ******* cut *********'* *********, ** the *** ********:

"**** **** **** ** provide ******* ** ******** their ***** *********, *** in **** **** **** pointed ** * ***** American ********** ** **** (whose ***** ***** ** the **** *** ********* downwards), *** ***** *** *** ********. ** **** **** that **** **** ***** forced ** ***** ***** valuation ** * ****** of **** ****** ********."

********'* ****** *** ** not **** *********** *** triggering *** ***** ** Avigilon's ******* *** ****** a **** ** ********* the ************** ** * Milestone ***, ** * falling ******** ***** ***** served ** * ****** comparable *** *********'* *** price.

Lack ** ***

*** ************ ******** ** Milestone ******* ** *** time *** *********, ***** leads ** ***** ********* than ************ **********. *** bankers ****** ** ********* / *** ************ ** more ********* ******* ***** Milestone *** ********* ** do:

"**** ******, *** ***, really **** ******, *** stood *** ******. *** bankers **** ********** **********, determined **** **** **** going ** *** *** to ******* **** *********** about ‘********* *******’, *** he **** *******, **** after ****. *******’ ******** was ** *** ***** that ** ** ******’* provide **** ***********, **** we ******’* ***** *** a ****** *********."

Canon *** * *** *** ** ****

** ********, ***** ******* a ******* ****, ***** they ***** *** **** to **** ****** *** price **** *** **** they **** ***** (****** Danish *** ***** ******** annual ********** - *** *********'* **** ********** ********).

******** ****** ******** ** say *** **** *** in *** $*** ** $500 ******* *****, ***** would ** * ********* ~5x *********'* *******. ** course, *********'* *** *** not ******** *** ***** but *********** ***** *** overpaid *** **** **** than * **** *****, we ***** *** ** surprised ** ** *** a ****, ********* ****.

The ******

*********'* *** ***** *** book ******* ***** *** future. ** *** **** post, ** ******* *** ***** ** 'the ***** ** ****** services' *** *** ***** against '*****.*'.

Comments (12)

John Honovich

IPVM | 09/16/15 12:25am

Btw, this is Milestone's CEO best writing ever: Milestone Seeks Global VMS Market Dominance (2011).

Undisclosed Integrator #1

09/16/15 12:30am

CCTV 2.0? Is this a reference to HD-TVI, HD-CVI, etc?

John Honovich

IPVM | In reply to Undisclosed Integrator #1 | 09/16/15 12:33am

According to Milestone's CEO: "bundled solutions look as if they are making a comeback. I call this CCTV 2.0" He laments that this is "return to Proprietary Jail"

More on that in the follow up to this post.

Rogier van der Heide

09/16/15 09:56am

I sure could use a pillow every now and then to scream at. Although, I'm sure my collegue would start to give me weird faces.

Lynn Harold

09/16/15 08:54pm

Who knew there was actually a pillow for this purpose?? Maybe it'll become their new source of revenue.

Scream into Pillow

John Honovich

IPVM | In reply to Lynn Harold | 09/16/15 09:06pm

"Maybe it'll become their new source of revenue."

Perhaps a pillow of the month club to get some RMR?

Here's the real deal:

Undisclosed #2

In reply to John Honovich | 09/16/15 09:21pm

Canon's Fujio Mitarai doesn't look like your typical pillow-screamer:

Of course that may change when Axis reports Q3 earnings...

Jonathan Lawry

Trecerdo, LLC | In reply to John Honovich | 09/22/15 12:52pm

Maybe their RMR will come from laundry services for those pillows? Yucky stuff would build up over time.

Undisclosed #2

09/19/15 03:37am

John's too modest to mention it, but IPVM figures "prominently" in the book:

Not only were many of our partners there, a large number of security industry press were in attendance as well, and one of the more prominent websites had run with the Sky News story. I needed to nip the speculation in the bud as it risked overwhelming the message of the conference, which was the work we were doing with our partners. We put together a statement, approved by our banking team.

This is what I said onstage: “You have most likely seen today’s home page of the website that is one of the prominent industry watchers in our business. As you can see they are asking a question about us –is Milestone going to IPO? “Milestone is a successful company with a 17-year solid track record in our business. Our primary focus is the continued development of our business but we are also lucky enough to be at a stage in our growth where IPO is one of the options available to us. But it’s just one option and no decision has been made....

Though Security Today remembered it slightly differently:

Taking the stage for an opening keynote speech, Thinggaard asked how many people in the audience follow this analysts’ blog. So few hands were raised in the air, you couldn’t populate a six-year-olds’ birthday cake with an equivalent number of candles.

Security Today also make Lars' denials much more gratuitous and damming, and has him taking a final shot at a certain person in his close:

“We’re not preparing for an IPO this week, in two weeks or two months. An IPO is not on our plate at this time. We’re focusing on a lot of things that pertain to our business structure at this time. Period.” Taking advantage of attending MIPS, Thinggaard reiterated more than once that an initial public offering was not in the works and that everything a person might read on a certain blog just isn’t true.

John Honovich

IPVM | 09/28/15 10:40am

Milestone has now released a video trailer for the book:

John Honovich

IPVM | 10/03/15 12:57am

Milestone, unsolicited, sent me a hardcover copy of the book. It includes numerous photos of Milestone's CEO posing like so:

Undisclosed #2

12/27/15 07:38pm

Independence is one of our core values so when we say stand-alone, we mean stand-alone. If Canon Japan wants Milestone software, they can choose to do so: by being a distributor, or coming to an OEM or other commercial arrangement. They can’t demand that we deliver something to them for free.

Sure they can Lars, they already paid you for it.

Login to read this IPVM report.

Why do I need to log in?

IPVM conducts unique testing and research funded by member's payments enabling us to offer the most independent, accurate and in-depth information.

Related Reports

Barnes Buchanan 2019: Despite 'Strange Narrative' Great Time To Be In Security on Feb 11, 2019

A "strange narrative" is being spun, said Michael Barnes [link no longer available] at the 2019 Barnes Buchanan Conference. However, despite that...

Knightscope Adds Just 2 Total Customers In Past Year, Yet Raising Money at $300 Million Valuation on May 02, 2019

This is no longer funny. While Knightscope has laughed it up promoting robot selfies, joking about a 'suicidal robot', the man who attacked a...

Inside Look Into Scam Market Research on May 17, 2019

Scam market research has exploded over the last few years becoming the most commonly cited 'statistics' for most industries, despite there clearly...

Closed Cloud Cameras Trashed on May 13, 2019

When you buy a camera, do you own it? Not anymore. In the world of closed cloud cameras, you may think you are buying a camera but all you are...

Genetec Beats Milestone For IHS #1 on Jun 21, 2019

For years, Milestone has touted that they are the #1 VMS. Now, Genetec has beaten them in IHS rankings. But what is this? Even other manufacturers...

Avigilon President Henderson Is Out on Jul 09, 2019

Avigilon's President and COO James Henderson is out, abruptly, after a remarkable ascension over the past 8 years, Motorola VP Jack Molloy has...

Knightscope Sells Just 1 Net New Robot In 6 Months on Oct 04, 2019

For the first half of 2019, US government records show that Knightscope has sold just 1 net new robots ('machines-in-network'), inching up from 52...

Security Canada Central Show Report 2019 on Oct 24, 2019

IPVM attended Security Canada Central in Toronto to see what is new in the Canadian market. Inside, we share videos and dozens of images...

"Stress in the Residential Market" - Major Lender Exits on Nov 06, 2019

The residential security / 'alarm' market is getting worse, at least for traditional players. Now, one of the biggest lenders in the industry has...

"Good Market, Bad Business Models" - Residential Security on Dec 11, 2019

Industry banker John Mack, at his company's annual event, took aim squarely at the problems in the residential security...

Most Recent Industry Reports

Axis and Genetec Drop IFSEC 2020 on Jan 23, 2020

Two of the best-known video surveillance manufacturers are dropping IFSEC International 2020, joining Milestone who dropped IFSEC in 2019. The...

Multipoint Door Lock Tutorial on Jan 23, 2020

Despite widespread use, locked doors are notoriously weak at stopping entry, and thousands can be misspent on locks that leave doors quite...

Avigilon Shifts Cloud Strategy - Merges Blue and ACC on Jan 23, 2020

Avigilon is shifting its cloud strategy, phasing out its Blue web-managed surveillance platform as a stand-alone brand and merging it with its ACC...

Verkada Paying $100 For Referrals Just To Demo on Jan 22, 2020

Some companies pay for referrals when the referral becomes a customer. Verkada is taking it to the next level - paying $100 referrals fees simply...

Camera Analytics Shootout 2020 - Avigilon, Axis, Bosch, Dahua, Hanwha, Hikvision, Uniview, Vivotek on Jan 22, 2020

Analytics are hot again, thanks to a slew of AI-powered cameras, but whose analytics really work? And how do these new smart cameras compare to top...