Milestone Systems' net revenue peaks at $245m on 25th anniversary

Milestone Systems, a Danish leader in video technology, has achieved four consecutive years of peak net revenue, culminating in a record-breaking 1.69 billion DKK (USD $245 million) in 2023, according to the company's recently published Annual Report. This milestone coincides with the firm's 25th anniversary, which was celebrated with noteworthy expansion into key sectors such as healthcare and hospitality.

Thomas Jensen, CEO of Milestone Systems, reflected on the organisation's impressive journey: "As we reflect on Milestone's remarkable journey of 25 years, we not only celebrate our past achievements but also look forward to what lies ahead. The advancement of artificial intelligence and video analytics opens up endless possibilities for data-driven video technology. We already see how our strategic focus on key sectors such as healthcare and hospitality can make meaningful contributions to people, businesses, and societies around the world. We are proud of Milestone's achievements to-date, but we are even more excited about the future."

Aside from its commercial accomplishments, Milestone has demonstrated a steadfast commitment to the ethical use of technology. In 2023, it launched a formal Responsible Technology programme designed to direct the ethical development of its products and services, as well as regulate its interactions throughout its value chain. Jensen stated: "I truly believe that technology should serve humanity not the other way around. Responsible Technology is not just a buzzword at Milestone—it is a crucial aspect of our commitment to serving our customers and societies at large. We are dedicated to ensuring that our software is not only innovative but also ethical."

Looking to the future, Milestone Systems views 2024 with optimism, forecasting continued growth in revenue, investments, and profitability. CFO Lars Larsen said: "We will continue our growth journey, in terms of revenue, investments, and profitability. We expect the coming financial year will bring many opportunities, particularly within the cloud and video analytics spaces."

Highlights of 2023 included the roll-out of XProtect Hospital Assist, a video solution enabling medical staff to remotely monitor multiple patients simultaneously, and an updated gaming compliance solution for the highly regulated casino industry. Milestone also expanded its cloud-based portfolio by integrating Camera to Cloud capabilities into its Video Surveillance as a Service (VSaaS), Milestone Kite, enabling computing, recording and video storage to occur directly on the cameras.

FY 2023 had a raft of significant achievements for Milestone Systems. Alongside its record net revenue, it had a pre-tax profit of 109.9 million DKK (USD $15 million), expanded its workforce to 1,294 employees, operated across 25 international locations, and invested 101 million DKK (USD $14 million) in development projects.