STid Shares Growth Plan Following Record-Breaking Revenue in 2021

STid credits its sourcing strategy for allowing the company to ensure the timely availability of its products and systems during the component shortage.

IRVING, Texas — STid, a provider of contactless identification solutions, announces that the company has achieved a record annual revenue growth of +50%, compared to 2020.

STid says this growth is witnessed in all of the company’s strategic business areas in Europe and throughout the world. STid recently won numerous large and small projects, including ones at the Massachusetts Institute of Technology, Michelin and Olympic Games among others.

In 2021, STid announced the opening a brand new office in Dubai and the commencement of strategic partnerships with European and American industry leaders that decided to incorporate STid identification solutions into their portfolio.

“The year behind us probably is best described as challenging for most of us. In times like these, companies are challenged to adapt to changing market conditions and dynamics. We have been able to thrive and significantly expand our footprint in the industry. We tried to respond quickly to the global challenges and immediately began to innovate and develop ergonomic solutions in response to hygienic challenges: remote biometric identification using the smartphone, flexibility in managing access cards, etc.,” says Vincent Dupart, CEO of STid.

STid group management recently approved the release and implementation of its 2021-2026 growth plan. It outlines the group’s strategy and related action plan to, within the next five years, become the leading access control manufacturer in Europe.

In addition, the company says it is planning to develop into a serious competitor of current global market leaders. Between 2021 and 2023, STid has budgeted to invest more than $13.5 million in its growth plan.

The company will recruit another hundred new skilled people to ensure continuity in its ability to adequately support and satisfy its growing channel of partners all over the world, according to the announcement.

“Despite the measures related to social distancing and working from home, we have been able to find safe ways to maintain in close contact with our partners to support them in their security projects. Considering the global tension related to component shortage, we profited from utilizing our sourcing strategy and enjoy the benefits of our local production capacity. This sourcing strategy, which is quite specific to STid when comparing it to the competition, has allowed us to ensure the timely availability of our products and systems. Something that our existing and new clients valued highly,” Dupart notes.

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