Milestone vs Genetec - Who Will Win?

By John Honovich, Published Aug 26, 2012, 08:00pm EDT (Info+)

Recently, many investors has asked us about Milestone vs Genetec: Who is better? Who will be bigger? Who will win? In this note, we analyze these questions in-depth, looking at:

No Winner Take All

  • *** ******* **** ** *** ****** and ***** *** ********* ******* ***********
  • *** ******* *******, *************, *************, *****, distribution *** ********** ** *** *********
  • *** ******* ********** ** ****** *********** between *** *** *********
  • *** *** ****** ******* ********* **** in *** ******
  • *** ****** ******** *** **** ********* and *******
  • *******, *** **** '***'?

***** *********** *** ****** ****** ********** as ** *** ******* ***** ** anywhere ***** ** ***** ***** ******** (in *** ***** ** ****** ** Microsoft). ******, ** ** *********** ** think *** *** ******* **** **** become ***. *********, **** ******* *** Milestone **** **** **** **** **% of *** ******** ******* *** **** excludes *** **** ******* ** ********** (DVRs *** ****) ***** ****. ******* Milestone's**** ******* ********, ** *** ** ****** ** any *** ******* ******* **** * third ** *****. *** ****** ****** simply ******* *** *** ********** **** no ******* ***** ** *********** ** eliminate ***********. ***** *** ********* ** Genetec ******* ** ***********, ********** ** who '****', ******* **** ** ******* the ***** ******.

Tale ** *** ****

****** ** ***** **** ***** ***********, let's ****** ***** ******:

  • *******: ******* - *******'* **** ******* was ~$** *******, *********'* ******* *** ~$47 ******* [**** ** ****** *********]. After ********* *** *** *****, *** sales, ***., **** *** ******* ** fairly *****.
  • *************: **** ******* - ***** ********* has********* ******* ** ******, ******* ******** **** ******* ** consistently **********.
  • *************: **** ********* - ***** ******* may **** ****** ********, ********* *** far **** ******** *** *** **** users.
  • ******** ********: **** ********* - ***** Genetec's ******* ******* ***** ** ******, Milestone's*** ****** **************** ***** *** **** ***** ******** being ********.
  • *****: **** ********* - ***** ********* has ******** ******** **** * ****** of ******* ************, ******* ********* ** *** ****** known ********** *** *****.
  • ******* / ************: **** ********* - Milestone *** **** **** ******* **** Genetec *** * **** **** ****** global ***** ***** ** *****.
  • **********: **** ******* - ********** ** the **** *** ** *** ******, Genetec ***** **** ************* ********** ****** Milestone ** * **** ******** ********** releasing ******** ******* ** ******* *** to *** ***** *****.

** *** *** ******* *****, *** tally ** ********* *, ******* * (though **** ** ******** ** ****** reductionistic).

Different ***********

** *** **** * *****, ******* and *********'* *********** ** *** ****** have ******* *************. ***** **** ***** of ******* ** ***** ****** ** technology *** ********* ** ****** ** marketing, ** ***** **** ********, ***** fair, ** *** ******* ** *********** who **** ***. ******, *** *** differentiator ** ***** ****** ***********: ********* is * **** ****** *** ******** while ******* ** * *****, **** end **** ********.

  • **** ****** *** ********: *********'* *** ** ********* ***************, ***, *** * **** ****** of *******. **** ***** * **** VMS ******* [**** ** ****** *********] and *** ****** ***** $*** *** channel (*********,*******) ** ******** ** **** *** lines. ********* *** ***** *** ******** to ** * *** *** ******** that *** ** ********* ** ********.
  • *****, **** *** **** ********: *******'* ******** ** ****** **********, available **** ******* * ******* ****** of ******** *******. ****** **** ***** Milestone's ***** *** ***** *********** *** software, ******* *** **** ********* *** PSIM ********,**************, **** ****** **** *********** ******* access, ***** *** ***** ******** ******* (note: ******* ***** ** * '******* security ********' ***, ** ********, ** is * ****). ******* *** ***** its ******** ** ** * *** for **** ********* ******** ***** ********* by *** *******.

**** *********** ** * ******* ********* of *** ************* *** ********* ** the ********* ********** ***** ***, **** if **** ******, ***** ** ********* painful ** ************* ******. ***** ********* could ***** **** ** *********** ** Genetec ***** ***** **** ** *********, we ******* ********* **** ****** ********* to *** **** ****** ***** ******* will ***** ** *** **** ***.

*** ******** **** *******, "***** *** the*** ****** **** ****** **** *** next * *****, *** **** **** ****** **** companies?"

Key *** ****** *******

***'* ****** *********** *** ****** *******:

  • ** ****** ***** ************: **** ** ******* ***************, **** ****** ********* ** ****** to ** ***. ***** ** ****** and *** ***** **** ******** ** grow, **** **** ************ ******** ** the **** ***** ****** **** ** the ****** ************ ****** ** *** switchover *********.
  • *** ** *** ****** ***** ******** significant *********** ********* ******** ********* ***, ****** video ***, **** *************** *******/****** ** ****************.
  • *** ** **** *** ****** ***** almost ** *********** ********* ****** ******** ********* ****** ****** *** *** ******* demands ** ***** ******* ***** *** PSIM ******* *** *** ***** *** too ********* ** ******** *** ********* to ** **********.

***** * **** ****** ******** **** be **** ****** **** ***** * niche **** *** ********, ********** ** how **** ** ****** *** ********, simply ******* ** *** ******** ****** companies ****.

Genetec *******

** ****** ******* ** ****** *** lead ** *** **** *** ** the ****** ***** ************ ********** **** the ***** ***, ****** ******* **** appears ** ** ** ******, ****** because ***** *********** ********* ****** **** in **** *********. ******* ** ****, we ****** ******* ** ****** **** less ***** ** *** '****' ****** but ******** ***** ********** ** *** best **** *** *** / **** around *** *****.

***** ** ******* *******'* ******* ****** rate **** ** ****** **** *** next ****** (**-**% ****), ** **** likely ****** **** * **** ********* cash ***. ***** ** ******** ** already ************ ** *** **** *** of *** ******, ******* ****** ************* are *****. *******, ***** ********* *** relativity ******, ***** ********* **** ********* to ** *******, *** *******'* ******* security ******** ***** ***** ******** **** more ****** ******** **** ***** ********. Because ** ****, ** *** *** market ***** **** ********, ******* *** increase *** ************* **** *******.

Milestone *******

*********'* ******* ***** ** *************. ** a **+ **** *** ******* ****'* never ********* **** **** ****, *** radically *********** ************, ***** ************ ****** growth *** ********** *********** **** *** technologies, ** ** ********** **** **** eventually *********** ***** *****. *********** **** *** ***** ************ ***** ** ** ********** ********** that **** *** **** ********* ******** (40%+) *** ***** ***** *** ** profitability. ****** ** ***** **** **** realize (** *****) **** **** ****** do ** *** **** ** ******. We *** ****************** ******* ************** **** **** ** * ****** of **** ** ****.

***** * *** ******* ** *** changes ********* *****, ** ***** **** will ****** ** ********* ****** ****** the *** ****** ** **** ** they ***** * **** *********** *** less ********* *****. ************ ** ****** sales *** ********** ********** **** *** technology **** **** **** **** ******* huge *** ***** **** ** ** more ******* ** ********. ** **** point, ** ****** **** ** ****** their *****, ******* ** ****** ** sell *** ******* ***** *** *** market ********. ******* **** **** ***** the ******* ***** *** **** ***** certainly ***** **** ** ******* ******* to ******* ** **** **** * huge **** ***** *** ********** ******* lead ** *** **** ***.

Who **** ***?

******* **** '***' ** *** ********* market *********** ******* **** *** ****** of *** ************. *******, ******* ** likely ** **** ** ****** ****** path *** ****** ************* ****** **** an ************ ****** ****** ********. ** contrast, *** ******** ******* *** ********* is ****** ** *******. ***** ********* will **** *** ***** ** ***** unrealistic ********* *** **** ** *********** their *****, ***** ******* ***** *** remain ******* ** *******'* *** **** far ***** ************* *** **** ****.

** *** ******** ** ***, *** market '******' ** ****** ********** ** that. **** ******* *** ********* *** clearly ***** ****** ** ******* ************** for **** ********, ***** **** ******** other ***********, *** **** ****** **** down ** *** *** ******** ************, not ******* *** ****** **********.

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