Security

ASSA ABLOY Global Technologies Division & 2023 Financials Examined

This Research Note examines the Global Technologies Division of ASSA ABLOY, the Swedish global access control group with the largest installed base of locks and different access solutions in the world. Our analysis is based on ASSA ABLOY’s 2023 Annual Report, their Capital Markets Day Presentation, 14th May 2024, and subsequent acquisitions in 2024. ASSA ABLOY Global Technologies Division Overview The division comprises HID Global (about 70%) and Global Solutions (about 30%). 100% of the division’s business relates to commercial and institutional markets. Global Technologies has about 7,895 employees. HID Global is a vendor of "identities for people, places and things". Millions of people across businesses, healthcare, education, financial, government and state institutions use HID products and services, such as e-passports, payment verification, ID smart cards, biometric readers, and RFID tags. HID is organized into six business areas, with the largest being Physical Access Control Solutions. ASSA ABLOY Global Solutions was founded to support the […]

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This Research Note examines the Global Technologies Division of ASSA ABLOY, the Swedish global access control group with the largest installed base of locks and different access solutions in the world.

Our analysis is based on ASSA ABLOY’s 2023 Annual Report, their Capital Markets Day Presentation, 14th May 2024, and subsequent acquisitions in 2024.

ASSA ABLOY Global Technologies Division Overview

The division comprises HID Global (about 70%) and Global Solutions (about 30%). 100% of the division’s business relates to commercial and institutional markets. Global Technologies has about 7,895 employees.

HID Global is a vendor of "identities for people, places and things". Millions of people across businesses, healthcare, education, financial, government and state institutions use HID products and services, such as e-passports, payment verification, ID smart cards, biometric readers, and RFID tags.

HID is organized into six business areas, with the largest being Physical Access Control Solutions.

ASSA ABLOY Global Solutions was founded to support the adoption of electronic access, software, and identity solutions across industry specialisms. The business unit comprises of seven business areas, with the largest being Hospitality.

Global Solutions has leading market positions in the hospitality, marine, senior care, construction, key and asset management, critical infrastructure, and self-storage segments.

Global Technologies 2023 Financial Performance

  • 2023 Sales: SEK 23,009 M (19,344) with +9% organic growth.
  • 2023 Operating income (EBIT): SEK 3,996 M (3,065).
  • Operating margin: 17.3% (15.8).

Global Technologies accounts for about 16% (around $2.14 billion) of ASSA ABLOY Group sales. The division grew organically by 9%, driven by strong underlying growth in most business areas and a catch-up in the prior year on backlog in the Physical Access Control business area. This led to a significant improvement of the margin by 150bps to 17.3%.

Acquisitions

Ten acquisitions were completed by Global Technologies in 2023. The largest acquisitions were:

  • Guard RFID, a provider of real-time location (RTLS) hardware and software solutions in the healthcare industry, was acquired by HID in January 2023.
  • Connexient, a provider of a BLE beacon-based digital wayfinding and indoor navigation system based in the USA, was acquired from Everbridge in April 2023.
  • Iberon, a US-based company providing SaaS-based applications enabling identity verification, background checking, and visitor management solutions for US government and law enforcement agencies.
  • Evolis, a leading French manufacturer of ID card printers and consumables, acquired by HID.
  • Access Technology, a Danish IT engineering company that specializes in software solutions for senior and assisted living.

In addition, Global Solutions entered the US construction market through the acquisition of Crewsight.

Our Research Note in September 2023 examined the technology strategy of ASSA ABLOY, mapping M&A activity in physical security, access control and identification solutions by categorizing the various acquisitions by technology since January 2022.

Acquisitions remain a critical component of group strategy, as highlighted at their recent Capital Markets Day.

Assa Abloy Capital Markets Day 2024
ASSA ABLOY Capital Markets Day Presentation, 14th May 2024

2024 acquisitions to date by Global Technologies include:

  • HID Global announced the acquisition of ZeroSSL, an SSL certificate provider established in 2020 and based in Austria. The acquisition will not only augment HID’s capabilities in providing protected communications to and from websites, but also strengthen its reputation as a leading provider of trusted PKI solutions.
  • Global Solutions augmented their Hospitality business area with the acquisitions of Messerschmitt Systems, Nomadix and Global Reach.

ASSA ABLOY’s ambition stated at their 2021 Capital Markets Day was to double the sales of Global Technologies in 5 years, organically and through M&A. The group confirmed at its 2024 CMD that it was well on track for this target.

This article was written by Daphne Tomlinson, Senior Research Associate at Memoori.

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