April 14, 2024

Milestone Systems Posts $242 Million Net Revenue In 2023

Healthcare And Hospitality Boost The Bottomline

Milestone Systems, the Danish data-driven video management technology provider, has reported a historic net revenue of $242.71 million and earnings before interest and taxation (EBIT) of $15.10 million for the fiscal year 2023, boosted by its role in crucial sectors like healthcare and hospitality.

The company, headquartered in Copenhagen, marked its 25th year in operation in February 2023.

Milestone’s net revenue was $147.70 million in 2019. As part of its global growth strategy, it aims to double its 2023 revenue by 2026.

In context to the company’s newly released annual report for 2023, Thomas Jensen, CEO of Milestone Systems, stated: “As we commemorate Milestone’s remarkable 25-year journey, we not only applaud our past accomplishments but also eagerly anticipate the future.

‘Pivotal Sectors’

“The evolution of artificial intelligence and video analytics presents boundless opportunities for data-driven video technology. Our strategic emphasis on pivotal sectors such as healthcare and hospitality demonstrates our commitment to making significant societal and economic contributions globally. While we take pride in our achievements thus far, we are even more enthusiastic about what lies ahead.”

(L-R) Thomas Jensen and Lars Larsen see a bright future for their company in 2024. Credit: Milestone Systems

Milestone has long championed the responsible development, sale, and utilisation of technology.

In 2023, the company established a formal initiative on Responsible Technology, outlining principles that will govern the development of Milestone’s products and services and interactions across the value chain.

Jensen stressed the significance of this endeavour: “I firmly believe that technology should serve humanity, not the other way around. Responsible Technology embodies our steadfast dedication to serving our customers and society ethically. It is not merely a buzzword at Milestone but a fundamental aspect of our operations.”

Promising 2024

Regarding growth prospects, Lars Larsen, CFO of Milestone Systems, expressed optimism for the upcoming year, anticipating a dynamic and promising 2024.

Larsen said: “Looking ahead, we anticipate an eventful and promising 2024. We will continue our growth journey regarding revenue, investments, and profitability. We expect the coming financial year will bring many opportunities, particularly within the cloud and video analytics spaces.”

Key developments in 2023 included the launch of XProtect Hospital Assist, a video solution empowering medical personnel to remotely monitor multiple patients simultaneously and respond swiftly to incidents.

Additionally, Milestone introduced an updated approach tailored to the casino industry, renowned for its stringent regulations. This approach aims to ensure gaming compliance and enhance guest experiences.

By year-end, Milestone integrated Camera to Cloud capabilities into its cloud-based offering, Milestone Kite, a user-friendly, secure, and scalable Video Surveillance as a Service (VSaaS) platform.

This enhancement enables computing, recording, and video storage directly on cameras, enhancing operational efficiency and user flexibility.

In 25 countries worldwide, Milestone has grown from 776 employees in 2019 to 1,294 in 2023.

Established in 1998, Milestone is an independent entity within the Canon Group, fostering an open platform community. This community spurs collaboration and innovation in network video technology, boasting reliable and scalable solutions. With over 500,000 installations globally, Milestone’s track record speaks to its efficacy and adaptability.

Featured image: Milestone Systems’ exhibitor pavilion at Intersec 2024 in Dubai, UAE. Credit: Arnold Pinto

    Middle East News 247

    Middle East News 247

    Middle East News 247 delivers the latest business and lifestyle news and essential infotainment for, and from the Middle East region, with key focus on the GCC nations: United Arab Emirates (UAE), Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman.
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