Posted on Friday, May 3rd 2019
According to a Market Watch report,
the global connected home market is estimated to grow 14% annually to reach a valuation of more than $138 billion by 2026. Connected homes include the ability to operate and connect various devices and appliances including those that provide security, healthcare, energy management, media, lighting, and kitchen solutions with mobile and internet connected devices. The high growth rate of the market has attracted tech giants like Amazon and Google to enter the space too. One early participant in the market is Virgina-based Alarm.com (NASDAQ: ALRM) that provides security solutions for smart homes and businesses. Alarm.com’s Offerings
Alarm.com was founded in 2000 as a business unit within a business intelligence firm MicroStrategy. In the first few years of being set up, the Alarm.com team invented its first interactive home security solution, thus revolutionizing the way people interacted with their homes. In 2009, MicroStrategy sold off all its interests in Alarm.com to a venture capital firm ABS Capital Partners for $27.7 million to form Alarm.com Holdings, Inc.
For the next few years, the Alarm.com team continued to develop innovative home security solutions. They created device integrations to create a Smart Home as a Service offering. They diversified to automating thermostats and controlling locks and lights. They launched video monitoring, image sensors, motion detection, geo-services, and even an emergency wellness solution for seniors.
Today, Alarm.com services are installed in millions of households across the country and its services are monitored through “
tens of millions of devices”. Its award-winning suite of tools continues to provide security, energy management and wellness solutions for both homes and businesses. Alarm.com’s
For the first 15 years of being founded, Alarm.com was privately held. It raised $163 million for its operations from investors including TCV, Egis Capital Partners, and ABS Capital Partners at an undisclosed valuation. In 2015, Alarm.com listed on the Nasdaq under the ticker ALRM. It
raised $98 million at a valuation of $900 million.
The company recently reported its fourth quarter results
that saw revenues grow 25% over the year to $111.4 million. Net income for the
period grew to $7.9 million for the quarter compared with a modest $0.3 million
recorded a year ago. Adjusted Net Income increased to $14.5 million, or $0.29
per share, compared to $13.0 million, or $0.26 a share, reported a year ago.
By segment, SaaS and license revenue increased 19% to $77.8
million and hardware and other revenues grew 42% to $33.58 million.
It ended the year with revenues of $420.5 million, up 25% and net income of $21.5 million, compared with $29.3 million a year ago.
For the first quarter of this year, the company provided a forecast of SaaS and license revenues of $78.5-$78.8 million. It expects to end the current year with total revenues of $440-$450 million and an EPS of $1.37- $1.41. The market has forecast revenues of $445.88 million with an EPS of $1.39 for the year.
Alarm.com continues to expand its product and service offerings. Earlier this year, it announced that it had entered into a strategic tie-up with D.R. Horton, America’s largest home builder by volume. As part of the agreement, D.R. Horton will integrate Alarm.com’s services into its new Home is Connected offering to build smart home systems that include smart locks, lights, thermostats, voice control, and doorbell cameras. D.R. Horton will benefit with access to Alarm.com’s nationwide network of service provider partners for hardware installation and long-term support after the sale.
As part of technological advancements, Alarm.com deployed
facial recognition technology within the alarm systems. The added capability
will analyze pictures taken when the security panel is disarmed to associate a
person with a specific user code. It will then be able to offer enhanced security
by enabling certain security panels with built-in cameras to proactively
monitor for unauthorized sharing or theft of an authorized user’s security
Within the Wellness segment, Alarm.com introduced Wellness Insights that applies predictive analytics to data generated by a suite of sensors in the home to detect changes that can indicate an emerging health or other quality of life issues. It also launched Wellcam, an enhanced 180-degree field of view video camera that provides caregivers with the ability to check in and communicate through a live two-way audio and wide-angle view.
Alarm.com also provides apps that connect smartphones and tablets with the multiple devices that it provides for smart homes and businesses. It has also integrated its products with the Apple Watch, Amazon Alexa, Google Home, Apple TV, and Amazon Fire TV. It offers a partner ecosystem that is used to connect new products to its network. But its platform is closed to third party developers and does not let them build other smart home apps. I think Alarm.com should open its platform to third party developers to build upon. What kind of apps do you think it could add to its platform to help expand the usability of its products and services?
Its stock is trading at $70.23 with a market capitalization of $3.4 billion. It had climbed to a 52-week high of $71.46 earlier this month. It has recovered from the 52-week low of $36.28 that it had fallen to in June last year.
This segment is a part in the series : Cloud Stocks . Smartsheet Acquiring Bootstrapped Startups to Drive Growth . Bootstrapped Unicorn Atlassian is Acquiring Capital Efficient Startups . Netflix Price Hike Ruffles Competition . How Will Carbon Black Differentiate? . ServiceNow Grows Through Addition of Capital-Efficient Startups . Zendesk and Freshworks Follow Different Acquisition Strategies . Tableau Grows Through Small Acquisitions . Open Platform Strategy Stands Intuit in Good Stead . Will GoDaddy Follow the PaaS Route? . Adobe Delivers Via PaaS More »» . A Look at Oracle’s 2018 M&A Activity . What Apps Will Drive More Traction for Cloudera? . Slack's App Focus Will Be Key to Post-IPO Success . IBM Counts on its Cloud and Platform for the Turnaround . Atlassian Acquires From its PaaS Marketplace . What Should SAP Acquire to Triple its Value by 2023? . Expect ServiceNow to Acquire From App Marketplace . Should Alarm.com Follow a PaaS Strategy? . 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Sprinklr's Deepening Integrations with TikTok and Amazon . Analysis of IBM's Randori Acquisition . Expensify Tests Other Services for Growth . monday.com Builds Capabilities for its App Marketplace . Snowflake Leverages the Streamlit Acquisition . Google Hones its Search Tech . Microsoft's Momentum in Commercial and Cloud Keeps it Steady . Amazon's Twin Engines of AWS and Prime Make it Resilient . Analysis of ServiceNow’s Hitch Works Acquisition . Twilio’s Strategy Post Segment Acquisition . HubSpot's Marketplace Strategy Continues to Thrive . Analysis of GoDaddy's Dan.com Acquisition . Freshworks Looks to Freshchat for Product Portfolio Expansion . Zendesk Agrees to be Bought Out . Tenable Provides Visibility into Internet-based Assets . Qualys Leverages Partner Network to Drive Go-to-Market Agenda . Bill.com Banks on its Organic Flywheel Amid Economic Turbulence . ON24 Targets $44 Billion Addressable Market . Palo Alto Network's Transformation Strategy Delivers Results . Atlassian’s Ecosystem Strategy Keeps it Steady . Okta Struggles with Auth0 Integration . Salesforce Targets Vertical Focused Offerings to Battle Economic Conditions . Workday Grows Strong Despite Recession . Nutanix's Subscription Model Delivers Results . Veeva Believes R&D Segment Will Deliver under Economic Uncertainty . RingCentral Focuses on Hardware Integration . MongoDB Addresses Economic Concerns Through Product Upgrades . Rapid7 Focuses on Simplifying View for Security Teams . Analysis of Smartsheet's Outfit Acquisition . HashiCorp Struggles to Maintain DecaCorn Valuation Amid Stock Conditions . Coupa Helps Maximize Savings Efficiency to Tackle Global Economic Conditions . DocuSign Focuses on Integrations