Denmark's Milestone Systems, a global developer of open platform IP video management software for surveillance systems, has gained a DKK 128m (USD 27m) investment from Index Ventures, one of Europe's leading venture capital firms, writes financial daily newspaper Børsen. Index Ventures is the first external investor to put money into Milestone Systems.
The money will be channelled into opening more regional offices abroad, further developing the company's technology platform and paving the way for new business activities.
Milestone Systems MD Lars Thinggaard says: "Milestone Systems has managed to maintain stable and continuous annual growth of 40-60% since we were established. We expect a lot from the market for IP based video surveillance – especially because the security market for IP based technology is seeing rapid growth. A large part of the market will convert from analogue to IP based technology in the coming years. The investment from Index Ventures supports our growth plans and enables us to keep our position as market leaders."
IP based surveillance solutions are used across business sectors. IMS Research estimates the global market for video surveillance will reach USD 12bn by 2010 of which one third will represent digital solutions, with annual growth rates of more than 40%.
Milestone Systems was founded in 1998 and is headquartered in Copenhagen. The company has subsidiaries and sales offices in Germany, Italy, Japan, Singapore, UK, United Arab Emirates, and the US.