Access Control

In this Research Note, we examine what’s behind Legrand’s agreement to acquire a majority stake in Cogelec, a French specialist in access control. We explore the transaction details, Cogelec’s business model and current offerings, Legrand’s door entry systems, and the strategic rationale of the acquisition. Transaction Details On 9th July 2025, Legrand and Cogelec announced the signing of […]

In this Research Note, we examine Paxton Access, the UK-based private company manufacturing electronic IP access control and video door entry solutions. This article is based on their 2024 company accounts and press releases, updating our previous coverage of the company in December 2023. Paxton Company Profile Founded in Brighton, UK in 1985, Paxton has […]

In this Research Note, we examine the Axis Communications video surveillance business. This analysis is based on Axis Communications 2024 Sustainability Report published in June 2025, Canon 2024 Financial Results Presentation, published 30th January 2025, and Memoori analysis. Founded in 1984 with headquarters in Lund, Sweden, Axis Communications offers products and services for video surveillance […]

In this Research Note, we look at what’s behind Allegion’s acquisition of Elatec GmbH, a German manufacturer of security and access technology, specializing in RFID credentials and reader solutions. We highlight the transaction details and strategic rationale before examining their financial development since 2020, recent acquisitions, and private equity ownership. Elatec Profile Founded in Puchheim […]

This Research Note examines the strategic reorganization of the French security solutions player, Vitaprotech, following its buy-and-build strategy with 13 acquisitions completed over the last 5 years, the most recent of which was Identiv in April 2024. This article highlights the group`s simplified go-to-market approach based on 4 distinct sales channels. Vitaprotech Group Profile Created in […]

In this Research Note, we examine the Chinese video surveillance giant, Hikvision (Hangzhou Hikvision Digital Technology Co., Ltd), focusing on their strategic repositioning and business organization, before highlighting their 2024 results. This article is based on an IR presentation, October 2024, Hikvision’s 2024 Annual Report, 19 April 2025, associated press release, and Memoori analysis. See […]

In this Research Note, we examine the Finnish digital locking innovator iLOQ.This article is based on the financial statements and the 2024 Annual Report of Capnor Weasel Bidco Oyj, iLOQ’s parent company, published 14th April 2025. We highlight the group’s growth strategy, 2025 outlook, and the recent announcement of headcount reductions. iLOQ Profile Founded in […]

This Research Note examines Advancis Software & Services GmbH, a medium-sized German company providing physical security & identity software solutions. We review their latest company accounts y/e 31st December 2023 released on 4th February 2025, and comment on their private equity minority investment and positioning in the Physical Security Information Management (PSIM) market. Advancis Profile […]