Frost & Sullivan Lauds Sirit Inc.

Based on its recent analysis of the North American radio frequency identification (RFID) market, Frost & Sullivan recognizes Sirit Inc. with the 2009 North American Frost & Sullivan Award for Competitive Strategy Leadership of the Year for its superior performance, innovation, technological advancement and sound business strategies.

Sirit has evolved to become a perfect choice for automotive vehicle identification application solutions, including vehicle asset tracking, congestion pricing, and electronic vehicle registration (EVR). Moreover, the company’s complete line of products has helped it penetrate supply chain and logistics, cashless payment (including electronic tolling), access control, inventory control and management, asset tracking, and product authentication.

“Through its well-planned, customer-oriented growth strategies, Sirit has consistently grown to a leadership position in the market,” says Frost & Sullivan research analyst Neelima Sagar. “Besides successfully delivering products worldwide and displaying exceptional year-on-year growth in revenues, the company’s unique capability of demonstrating excellence in its security solutions has given it an edge over other market participants, making it a pioneer in RFID security solutions.”

Sirit offers a comprehensive, secure, flexible and scalable solution to end users. The company is consistently innovating products to add to its existing line of solutions. For example, it recently launched the IDentity 4100 fixed position reader and the IDentity 3100 desktop reader to its line of leading UHF reader products. The IDentity 4100 can work in extreme conditions and is expected to be a threat for the other competitive products in the market because of its price and performance. The IDentity 3100, a desktop reader, verifies and commissions a variety of transponder form factors with ease-of-use and space constraints.

To broaden its reach and efficiently serve its customer base across the world, Sirit diligently provides technical and market-oriented support through partners, distributors, and system integrators. Furthermore, the company has strengthened its position in the market through strategic alliances and acquisitions. For instance, the company completed its acquisition of RSI ID Technologies, Inc in April 2008. This acquisition was aimed at providing complete end-to-end solutions to the existing and potential customers.

While the economic downturn had an adverse impact on most of the companies in the North American RFID market, Sirit has shown continued growth. Its success is evident from the higher revenue growth rate in late 2008 and into 2009. Revenues for Q1 2009 were $5.6 million as compared to $4.3 million in 2008, at a growth rate of 30.2 percent. The company has seen large-scale deployments recently. In October 2008, Sirit’s flagship reader, the INfinity 510 was selected by five of the six integrators awarded under the blanket purchase agreement contract to supply, and to support passive RFID applications to the Department of Defense. In February 2009, Sirit received an order for RFID Title 21 toll equipment to be installed on the Golden Ears Bridge near Vancouver, British Columbia, Canada.

“The superior performance, ergonomic product, and satisfactory customer service have enabled Sirit to gain imperative market share and penetrate various market segments,” notes Sagar. “Moreover, the company is expected to increase its revenue in the future, due to the unique features and greater price-performance value of its products that encourage greater customer acceptance.”