iLOQ reached sixth place on Deloitte’s list of fast growing companies

iLOQ is a Finnish company that leads the Finnish electronic lock market. The Deloitte Technology Fast 50 listing again ranked iLOQ, this time sixth on the Finnish list of fast growing companies. Last year’s first place and this year second among Greentech companies on the list shows that the company still keeps up strong growth.

“We are proud of this recognition, but humble in front of customers” says iLOQ CEO Esa Myllylä.

The Deloitte Technology Fast 50 program measures the growth rate of Finnish technology companies on the basis of turnover growth between 2009 and 2013. iLOQ has grown over 1,800% in the past five years. While the company turnover was less than 0.7 MEUR 2009, this year it will exceed 17 million. The company currently employs more than 50 people.

“First of all I would like to thank all our customers and partners with whom we have built our success. Many of the customers are expanding their systems and – enjoy the benefits of our solution. We have always provided clear customer benefits and developed our products and solutions based on real customer needs. I also want to thank our excellent team, which has worked hard to make this happen.”

iLOQ was no stranger to awards before, either. In 2008, just after the market introduction the company won two international security industry awards: the IFSEC Security Industry 2008 award and the Detektor International Award 2008. They also received the Finnish INNOSUOMI 2008 award. The company was awarded the Detektor International Award for a second time in 2010. Last year, the company won the Technology Fast 50 listing and was also the fastest growing Greentech Company in the 2013 Deloitte Technology Fast 500 EMEA, the year before it was ranked fifth in the Deloitte Rising Star Finland listing.
“We have received numerous awards for both access management systems and traditional locking systems. This shows that our solution extensively covers customer needs.”

The digital revolution is expanding to the locking market, encouraging internationalisation

The digital revolution in the field of consumer products is a result of the easy, cost efficient solutions available through technology. The same applies to locking solutions.
“The digital revolution has shaken up many industries. The digital camera has replaced the traditional camera and online music and movie distribution services have emerged as significant trading channels. Our success indicates that the time to digitise the lock industry has come,” says Myllylä.

iLOQ is the only company in the world to offer an electronic locking system that self powers by harvesting electricity from key insertion. Hundreds of thousands of iLOQ keys are already in use. The iLOQ system solves the problems of keys being copied or lost as well as locking maintenance and lifecycle costs with a sustainable battery and cable free solution.
The costs and environmental impacts of replacing the batteries in millions of lock cylinders and keys are emerging as a major problem in Europe. This is why iLOQ has a good starting point in the large Central European markets.

“We have obtained over 15% market share in Finland and a foothold in Sweden in only a few years. Our products have raised extensive interest in Germany and the Netherlands, which is why we founded sales companies in both countries in 2012 and began deliveries of mid-European lock cylinder. We are seeking aggressive growth in these markets, in particular. Our future growth will increasingly focus on Central Europe,” says Myllylä.

For more information, please contact:
CEO Esa Myllylä, iLOQ, rfn.zlyylyn@vybd.pbz, tel. +358 40 3170 222

iLOQ Ltd. is a Finnish company that transforms mechanical locking into digital access management. iLOQ provides self-powered digital locking and access management that revolutionizes the locking industry, as digital cameras have transformed photography. iLOQ replaces mechanical and electromechanical locking systems by solving the problems of keys being copied or lost as well as locking maintenance and lifecycle-costs, with an environmentally friendly battery and cable free solution. iLOQ sets new standards in the locking security.
This year is the 10th time when Deloitte’s Technology Fast 50 program seeked out Finland’s fastest growing technology companies. The program lists 50 fastest growing technology companies in Finland based on percentage revenue growth over five years (2009–2013) period.