Frost & Sullivan lauds Sirit Inc. for its aggressive growth and customer oriented strategies

Frost & Sullivan lauds Sirit Inc. for its aggressive growth and customer oriented strategies which have led to its leadership in the North American RFID market
Based on its recent analysis of the North American radio frequency identification (RFID) market, Frost & Sullivan recognizes Sirit Inc. (Sirit) 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 companys 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 companys 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 5 of the 6 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.

Apart from its standard products, Sirit offers customized support predefined by the end user, which provides value addition to the customers. It ensures compatibility with the current standards of RFID industry by maintaining a high degree of flexibility and accuracy. Sirit has demonstrated deep technical expertise, vertical domain experience, and strict adherence to stringent quality and security standards. The high-quality and cost-effective services provided by its superior engineering talent provide a higher return on investment to customers as well as reliable and long-lasting client-vendor partnerships.

The company leverages years of accumulated knowledge and experience, and complements it with an in-depth understanding of end-user needs. Moreover, its value-based solution to clients has positioned it well for future growth. Frost & Sullivan acknowledges and recognizes the best practices incorporated by Sirit, and is proud to present it with the 2009 Frost & Sullivan Competitive Strategy Leadership of the Year Award in the North American RFID market.

Each year, Frost & Sullivan presents this award to the company whose competitive strategy has yielded significant gains in market share during the research period. Often, the recognized company has taken advantage of recent market changes that facilitate the introduction of never-before seen methods of capturing and solidifying market presence. Alternatively, the Award recipient may have executed an innovative strategy within the existing competitive landscape, empowering the company to overtake the competition. In either case, the company captures the attention of the competition, which quickly adjusts in order to protect its own market position. Frost & Sullivan analysts expect such innovations to produce lasting, precedent-setting trends in the industry.

Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 31 offices on six continents.
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