In this Research Note, we examine Allegion plc, a pure-play provider of security and access solutions. Our analysis is based on their 2023 annual results, presentation, earnings call and 10K Report. We highlight growth in electronic security products, software and corporate venture capital investments in 2023. Note that we reviewed Allegion’s May 2023 Investor Day presentation in our previous article last year. Allegion, a US public company, headquartered in Ireland is the standalone business formed in 2013 from the former commercial and residential security businesses of Ingersoll Rand. The group is predominantly focused on mechanical security products and systems, which are currently undergoing digital transformation in their core access control, door and locking systems businesses. Allegion reports approximately 12,400 employees worldwide. Allegion 2023 Financials Full-year 2023 net revenues of $3.65 billion increased 11.6%, compared with the prior year. Net revenues increased 5.2% on an organic basis, excluding impacts of acquisitions, divestitures and foreign currency movements. […]