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Milestone Systems Record Financial Performance
Milestone Systems, a video technology provider, reported an achievement in its financial performance with a new record of net revenue of 1.69 billion DKK (€226 million) for the fiscal year 2023, as revealed in its recently published Annual Report.
Founded and headquartered in Copenhagen, the company marked a significant milestone in February 2023, commemorating 25 years of successful operation. Throughout this landmark year, Milestone demonstrated notable progress in advancing its growth strategy, with a particular focus on pivotal sectors such as healthcare and hospitality.
These achievements underscore Milestone's steadfast commitment to innovation and excellence in providing cutting-edge video technology solutions to its global clientele. As the industry continues to evolve, Milestone remains dedicated to meeting the evolving needs of its customers while further solidifying its position as a leader in the field of video technology.
Thomas Jensen, CEO, of Milestone Systems, said: “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.”
In 2023, Milestone took a decisive step towards advocating responsible technology development, sales, and usage by launching a formal program on Responsible Technology. Emphasizing ethical practices, this initiative sets forth principles that will govern the development of Milestone's products and services, as well as interactions across its entire value chain.
By prioritizing responsibility in technology, Milestone aims to ensure that its innovations align with ethical standards and contribute positively to society. This commitment underscores Milestone's dedication to fostering trust, transparency, and integrity in its operations, ultimately reinforcing its reputation as a socially conscious and ethical leader in the industry.
Through the Responsible Technology program, Milestone reaffirms its commitment to shaping a future where technology serves the greater good while addressing potential ethical implications and societal concerns.
Thomas Jensen said: “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.”
Growth plans
Reflecting on Milestone’s growth ambitions, Lars Larsen, CFO, of Milestone Systems, said: “Looking ahead, we anticipate an eventful and promising 2024. 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.”
Key developments from the year encompassed the introduction of XProtect Hospital Assist, a video solution empowering medical personnel to remotely monitor multiple patients simultaneously and promptly address incidents. Additionally, the company unveiled a revised approach tailored to the casino industry, renowned for its stringent regulations worldwide. This updated strategy not only ensures gaming compliance but also aids businesses in providing exceptional guest experiences.
In 2023, Milestone took a decisive step towards advocating responsible technology development, sales, and usage by launching a formal program on Responsible Technology. Emphasizing ethical practices, this initiative sets forth principles that will govern the development of Milestone's products and services, as well as interactions across its entire value chain.
By prioritizing responsibility in technology, Milestone aims to ensure that its innovations align with ethical standards and contribute positively to society. This commitment underscores Milestone's dedication to fostering trust, transparency, and integrity in its operations, ultimately reinforcing its reputation as a socially conscious and ethical leader in the industry.
Through the Responsible Technology program, Milestone reaffirms its commitment to shaping a future where technology serves the greater good while addressing potential ethical implications and societal concerns.