Physical Security

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 examine Irisity AB, a Swedish provider of AI-powered video analytics solutions.  This analysis highlights their financials based on the 2024 Annual Report, the acquisition of Ultinous announced in February 2024, and the subsequent reshaping of group operations to strengthen its financial future. This article updates our previous coverage of Irisity in […]

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 Evolv Technology, a US public company providing AI-based weapons detection for security screening. We highlight the firm’s 2024 financial results, restated following a US SEC investigation, based on their 28th April 2025 announcement, 2024 10-K Report, and Investor Presentation, October 2024.  This article also includes Evolv’s resolution of the […]

In this Research Note, we examine Senstar Technologies (NASDAQ: SNT), a Canadian provider of perimeter intrusion detection systems for the protection of critical infrastructure, based on their 2024 20F financial report, earnings release, investor presentation, vertical market focus, and strategy.  This article updates our previous June 2023 analysis. Senstar Profile Founded in 1984 as an […]