Suprema records 52% CAGR over five years
South Korean biometric and ID firm Suprema has announced that its revenue increased at a CAGR of 52% between 2006 and 2011. For the year ended 31 December 2011, the company, which makes products such as ePassport readers, biometric security solutions and live scanning systems, recorded KRW 41.6 billion (US$36.94 million) in global sales, a 22% increase on 2010.
The strong performance by the company’s biometric security systems and fingerprint solutions made a major contribution to its profits topped by the success of its newly-launched businesses in the government sectors. Suprema says while its fingerprint module business is top for its international market share, the company’s access control business also grew strongly by acquiring a number of multi-national security distributors.
In the coming year, Suprema predicts that market conditions will be right to introduce advanced face recognition technology to fast-growing international markets as well as to expand its public ID solution business, which includes live scanners and passport readers.
Since it was set up in 2000, Suprema says it has recorded double-digit growth for 11 consecutive years and its current market capital is in excess of KRW 212 billion (US$188 million).