NAV Projects Continued Success in 2013 and Beyond
North American Video (NAV) reported that the company experienced 10 percent revenue growth in 2012, based on continued expansion of their core gaming business in addition to growth with key customers in new vertical markets. The company anticipates this positive trend to continue in 2013, driven by recent, large, gaming project awards and growth in their service business. The projection came from Jason Oakley, president and CEO, North American Video, who celebrated his fifth year at NAV in March.
NAV is widely recognized for its innovative video surveillance and security solutions for the gaming industry. During 2012, the company signed multiple, new, corporate-level service clients, both in gaming and in numerous other industries. The upward trend in growth beyond gaming is attributed to the company’s expanded offering and growing presence in a wide range of markets including the commercial, banking/financial, higher education, transportation, and government sectors. Large clients, currently working with NAV, including several of the nation’s largest retail and financial corporations, are also significantly expanding their service business. Last year NAV logged 500+ service calls each month to multiple large companies in the Northeast and has continued to build its presence in other markets, including Colorado and Texas.
“Continued growth in our core gaming business is being driven by a combination of our expanded offerings and new jurisdictions as states approve or expand gaming to raise tax revenues,” said Laurie Smock-Jackson, VP sales, North American Video. “Many of the capital improvements earmarked for video surveillance and security system improvements were delayed during the height of the recession. We are now seeing those budgets freeing-up to replace or upgrade obsolete systems.”
Significant gaming projects completed in 2012 include the Valley Forge Casino Resort in Pennsylvania featuring a 400 IP camera system integrated with an access control system; an IP video surveillance and security system for the new $135 million Isle of Capri Casino and Hotel in the historic downtown area of Cape Girardeau, Missouri; and for Maryland Live, one of the largest commercial casinos in the country, a design/build that includes an 800-camera, IP video surveillance system integrated with access control, VMS, digital recording and an analytics logic engine for people and car counting.
“Our gaming business remains at the heart of what we do and is vital to our continued success. In fact, it is our reputation and resume in gaming that has led customers in new markets to trust NAV to take care of their security technology needs,” said Oakley. “As a result of the reputation we’ve built in gaming, almost half of our business in 2012 came from customers in other industries.”
NAV’s expertise in designing and building integrated networked video surveillance and security systems enables the company to capitalize on new business opportunities that also integrate adjacent technology offerings to core video projects. The company now routinely offers access control, perimeter security, license plate recognition, car counting, people counting and retail POS integration.
“More than 70 percent of NAV’s current projects include integrated technology offerings beyond video” said Oakley. The new technology offerings, combined with new business development opportunities in vertical markets, stimulated a host of complementary changes within NAV during the past year. New hires were put in place to direct sales in specific vertical markets and, according to Oakley, more than 4,000 hours of technical training was conducted by NAV personnel to further enhance the skill set of the expanding integration team.
As for overall prospects for NAV in 2013, Oakley is enthusiastic. “We believe that NAV has the right team and the right strategy in place,” he added. "Our gaming business continues to grow and our expanded integration business is proving to be a winning formula for the continued expansion of our company."