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SOURCE NAPCO Security Technologies, Inc.
-Growth in Activations for iBridge Products During the Last Six Months, Demonstrates Increasing Adoption-
-Sets the Stage for Recurring Revenue Growth-
AMITYVILLE, N.Y., Jan. 21, 2014 /PRNewswire/ -- NAPCO Security Technologies, Inc. (NSSC), one of the world's leading suppliers of high-performance electronic security equipment for over 30 years, today reported vibrant growth for its recently launched, iBridge Connected Home solutions.
The launch occurred approximately nine months ago and new activations have grown sequentially 62% and 45% for the three months ended September 30, 2013 and December 31, 2013, respectively. These SaaS-based products, which enable remote management of thermostats, locks, lighting, video cameras, security systems and small appliances via most smartphones, create a growing base of recurring revenue for NAPCO, and dealers share in the recurring revenue opportunity, creating a strong incentive to sell the product to their end users.
Richard Soloway, CEO, stated, "The trend toward technology to facilitate a connected home is clear, driving the sales growth we are experiencing for our comprehensive iBridge™ solution. NAPCO pioneered one of the first connected home, internet-enabled products, with the launch of the iSee Video™ product line, a few years ago. The first product of its kind, iSee Video gave consumers the ability to see real-time video of their homes, from any smartphone, tablet or PC. Building upon that proprietary, patented technology, we developed for iSee Video, last Spring saw the launch of the iBridge product line, the most comprehensive suite of broadband-based, connected home solutions on the market today."
Installed by NAPCO's vast dealer network, a complete iBridge system enables consumers to remotely control and schedule, all major home systems, including:
Additionally, text, email and video notifications are sent to users, notifying them of any important status conditions or events. All of this utility is controlled by the consumer using free NAPCO proprietary apps, when using a smartphone or tablet or operating from any available internet-connected PC.
Mr. Soloway added, "Extensive qualitative consumer research completed by us has shown that the success of the connected home space will be determined by the amount of intrinsic value these products and services represent to the eventual consumer. As an example, with iBridge you can monitor an ailing parent at home remotely, either via video, motion detection or panic sensor. Should there be an emergency, after calling for help, one could remotely unlock the door and disarm the security system of the home, to assist emergency responders. The architecture of the iBridge system makes it so that any component can communicate real time with any other part of the system, making permutations of value to the consumer endless. In addition, our iBridge solution is the most sophisticated solution on the market, and simultaneously the easiest to install, thanks to NAPCO's patented G-box technology, which makes our iBridge solution plug-and-play."
The iBridge system is the most feature-rich option in the connected home category when it comes to video, delivering an unrivaled ability to transmit real-time, high-resolution and frame rate video to consumers anytime, anywhere, through any internet-enabled device. By contrast, most of NAPCO's competitors rely on limited bandwidth, cellular networks and as a result, are limited to distributing low-quality, still snapshots, rather than true video. Most impressively, iBridge is the only connected home, server-based product line in the industry, that enables consumers to record and access 24/7 video recordings of their residences, remotely, via the internet. iBridge also works with a NAPCO 7-inch, Wi-Fi, touch screen tablet, for local control. This wireless, centralized control center lets people operate their alarm systems, video cameras, electronic locking, lighting and temperature management systems, from anywhere in the home.
Mr. Soloway continued, "The trend is clear, and consumer adoption is increasing. We are still in the early stages of this paradigm shift, but consumers increasingly recognize the benefits of monitoring and controlling their home systems, from almost anywhere via their smart devices. This industry trend is further demonstrated by Google's recent $3.2 billion acquisition of Nest Labs, Inc. Some of the largest companies in the world are participating in the connected home movement, and NAPCO is excited to be part of this emerging and accelerating trend."
About NAPCO Security Technologies, Inc.
NAPCO Security Technologies, Inc. is one of the world's leading manufacturers of technologically advanced electronic security equipment including intrusion and fire alarm systems, access control and door locking systems. The Company consists of NAPCO plus three wholly-owned subsidiaries: Alarm Lock, Continental Instruments, and Marks USA. The products are installed by security professionals worldwide in commercial, industrial, institutional, residential and government applications. NAPCO products have earned a reputation for technical excellence, reliability and innovation, poising the Company for growth in the rapidly expanding electronic security market, a multi-billion dollar market. For additional information on NAPCO, please visit the Company's web site at www.napcosecurity.com
Safe Harbor Statement
This press release contains forward-looking statements that involve numerous risks and uncertainties. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company's filings with the Securities and Exchange Commission.
Peter Seltzberg, Regional Vice President
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