Milestone Systems (Milestone) saw another year of strong growth during 2022 with our net revenue approaching 1.5 billion Danish kroner (DKK) for the first time with a profit before tax of DKK 11 million.
During 2022, we continued to invest heavily in making Milestone a stronger company — adding more people, expanding technology, and boosting marketing. Considering the challenging business environment during the year, the result was within our expectations.
Year-on-year growth of 30%
Despite continuing challenges such as war in Europe, the aftermath of the COVID-19 pandemic, inflation, increasing component prices, and supply chain challenges, Milestone saw strong year-on-year growth in net revenue of 30 percent compared with 2021.
One of the year’s highlights was that our Husky IVOTM business increased182 percent. Our increasing revenue on hardware reflects the combination of our conscious decision to continue to invest in our future growth and the increase in component prices for Husky.
As we enter our 25th anniversary year, this solid growth, combined with our investments in 2022, puts Milestone in a strong position to follow our strategic direction to transform our industry by setting the standard for using data-driven video technology in and beyond security.
One of the most reliable video technology solutions
Thanks to the dedication and expertise of the people at Milestone during our 25 years in business, we have earned respect from our partners, customers, and competitors as a powerful influencer in the safety and security industry. In the early 2000s, together with our partners, we revolutionized the industry by leading the transformation from analog to IP technology.
The transformation defined modern video technology for surveillance. Since the transformation, Milestone has built a strong position as one of the most reliable video technology solutions providers in the industry.
Data-driven video technology as a game-changer
At our annual partner summit in October 2022, we shared our strategic direction to revolutionize the industry once again. Over the next five years, we plan to become a global leader in data- driven video technology, in security and beyond security. As we continue to build our success within our core business, our goal is to seize many new opportunities by leading the way to using video technology beyond security.
We see a future in which data-driven video technology is a game-changer in helping to make society a better place for people to live and work. But we also acknowledge that there are risks to using video technology in such a broad way.
Responsible technology – a license to operate
Because of these risks, we see responsible technology as a prerequisite for future growth. In the next three to five years, we expect that responsible technology will be required as a license to operate.
As a technology company, Milestone believes that people deserve the right to feel safe and to know that our technology is used in a responsible way.
Together with our partners, we will strengthen our commitment to responsible technology by introducing further initiatives around:
• How we develop technology
• How our partners sell our technology
• And how our customers use our technology
This is part of our DNA. We have consistently developed our responsible technology principles over many years, beginning in 2009 with the human rights clause in our End User Licensing Agreement (EULA). In 2017, we were joint signatories to the Copenhagen Letter after which we introduced Milestone’s Copenhagen Clause into our contracts.
In 2022, we decided to make a commitment to the United Nations Guiding Principles on Business and Human Rights.
Investing, growing and hiring
Even in the difficult business environment of 2022, Milestone continued to invest, grow, and hire for the future. We accelerated our investment in the United States, we have grown our company to close to 1,300 colleagues, and we continue to hire new people.
Looking ahead, we expect many of the challenging conditions we saw in 2022 to continue into the next year.
Despite this, our investment in the company during 2022 has put us in a strong position to continue our growth story together with our partners in 2023.
In December 2022 we announced the appointment of Rahul Yadav as our new Chief Technology Officer.
Rahul comes with extensive experience in setting up, scaling, and leading multi-site, global technology and product organizations and collaborating with technology providers. Rahul joins Milestone from TV 2, the Danish broadcaster, where he held the position of Chief Technology and Digital Officer.
Rahul’s primary focus will be on further strengthening Milestone Systems’ position as a provider of market-leading data-driven video technology.
The Executive Leadership Team is comprised of six people, although the position as Chief Revenue Officer is currently vacant. The team members have a wide range of diverse capabilities and leadership skills. We believe they will complement each other as we set the direction of Milestone for the future.