Investorideas.com - Viscount Systems (VSYS) - Emerging as the "Intel Inside" of Cloud Secure Access
June 27, 2013 (Investorideas.com Newswire) SoundView Technology Group: Since initially covering the arrival of cloud-based technology for physical security back in October of 2012 the market in general and Viscount Systems (VSYS) in particular have been developing faster than expected.
Physical security and access control one of the last non-digital, proprietary and very large markets that is now shifting over to software and internet based solutions that leverage smartphones and IP networks. Viscount is the only company that has developed a pure software/internet solution.
Recently they have announced a partnership with Microsoft to be a key component of their Global Security Operations Center . We expect this agreement to be a building block to additional agreements with Microsoft (who with Active Directory already holds the keys to the digital security kingdom.) Viscount is also developing relationships with all the existing large players who are likely to use the Viscount solution for access control as part of their overall proposals.
Near-term business trends have been very positive with a reported pipeline of over $12M (versus their current revenue run rate of $4M/year). The next few quarters will be an important test for the expanded and experienced management team but the momentum and market is clearly on their side.
Viscount also has extensive patent protection (60 filed claims) that will help protect them and make them a more attractive partner to the massive firms serving the industry with old technology (Honeywell, Johnson Controls, ASSA ABLOY) and IT firms like Cisco that have tried to approach the market but whose solutions have been wanting.
Viscount stock has moved up nicely since our initial coverage report but remains well below our near-term expectation of $0.26 and our intrinsic value (IV) estimate of $0.82 for 2014.
Our brief update on current trends is available here: http://s3.amazonaws.com/ Published_Research/ Viscount_VSYS_Report_June_2013.pdf
The original 20-page overview report is available here: http://s3.amazonaws.com/ Published_Research/ Viscount_VSYS_Report_Oct_11_2012.pdf
Any questions please contact:
Director of Research
SoundView Technology Group
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