LONDON -- Acknowledging On Track Innovations' (OTI's) technology leadership, significant revenue expansion and its prominent position in the smart card contactless solutions market, including OTI's excellent strategic moves and ability to expand its market reach with providing its customers with optimum solutions, Frost & Sullivan presented it with the 2005 Company of the Year Award. The company's exceptional sales and marketing strategies for its microprocessor-based smart cards have given it the scale and growth required to succeed in the global contactless card solutions market.
Despite not having the marketing clout of the larger, well-established companies, OTI's efforts in extending its market reach in the contactlesss arena is helping the company becoming a market leader.
OTI's products and technologies include card readers and related software used for applications such as contactless payment, fuel payment systems (EasyFuel), electronic personal identification (Smart ID), mass transit ticketing, parking (EasyPark) and corporate campus security. The solutions for these applications are based on the same OTI platform and are compliant with ISO 14443 standards.
"OTI has developed and patented a communications technology that includes both a proprietary communication protocol and an encryption method, ensuring high-speed, secure transmission of data between the card and reader," says Frost & Sullivan Smart Card Analyst Anoop Ubhey. "OTI's versatile product line includes OEM components, customised products and complete systems that meet diverse customer requirements."
The company's remarkable revenue growth owes a lot to its provision of a complete suite of products rather than a component of the entire solution. Moreover, growing awareness about contactless technologies is opening up revenue streams from other application segments including access control, retail, payment, government ID cards and more recently, e-passports. The integration of transit with small payment applications is likely to further drive demand for contactless smart cards.
Further, OTI plans to leverage its success in the market with an aggressive industry expansion strategy. Not only does it hope to increase its global presence, but the company is also working on taking advantage of its existing relationships to build new ones and establish powerful strategic alliances.
OTI has collaborated with market leaders in both the card and reader segments. Its partnerships with Hypercom Corporation and Ingenico, two established point-of-sale manufactures, have helped it provide integrated contactless solutions to companies that wish to advance to contactless payments. In the card segment, it has aligned with multiple plastic card manufacturers to seamlessly integrate its inlays in the production lines enabling cost effective reliable and secured delivery of contactless cards to the payment market.
"While maintaining its market position, OTI has expanded and strengthened its marketing network so it can easily anticipate local needs and adopt a flexible approach to implement products cost effectively," notes Mr. Ubhey. "OTI partners with leading companies in a number of vertical markets, enabling the company to continue developing new products for these different vertical markets while providing solutions to its customer base."
The company is making rapid strides in the vertical markets of payments, SmartID and petroleum payments solutions and is also focusing on customising its solution for each market. It bases its product specifications on customer and supplier preferences, while making as few changes as possible to the existing infrastructure. OTI builds scalable products that can be upgraded without having the infrastructure replaced.
To effectively market these advantages and create demand for its products globally, OTI has set up local subsidiaries all over the world. These subsidiaries do not just market the products but also provide local technical support for current projects.
For these excellent strategic moves by OTI to expand its market reach and provide its customers with the best possible solutions, Frost & Sullivan has presented the company with the 2005 Company of the Year Award.