TSSI SYSTEMS REPORTS STRONG GROWTH IN 2007
December 20, 2007 (PRLEAP.COM) Technology NewsTSSI, the document and personal identity specialist, today said that it had exceeded its financial targets for 2007. The company reported revenues of £3.4 million for the year ending 31 May 2007 and expects to see growth of more than 20 per cent through this financial year.
Based in Swindon, UK, TSSI is a world-class manufacturer of document verification, fingerprint biometrics and identification solutions.
TSSI invested heavily in a joint venture in China during the last 12 months and expects this venture to make significant returns in 2008. The new company, Shenzhen TSSI Systems, is marketing and manufacturing TSSI’s document security products OpVantia and OptiGard. Both products contain permanent security features for use in securing paper based documents and protecting against fraud or counterfeit.
Unit volumes are already set to reach 50 million in 2008 with five-fold growth expected over the next 18 months. Customers include the China Construction Bank, the Bank of Agriculture and the Guandong Development Bank.
“TSSI is emerging as a great British technology story. It has developed world-class technology and has secured deals with blue-chip customers worldwide. The new joint venture relationship has the potential to drive significant growth in 2008 and beyond,” said Danny Chapchal, Chairman, TSSI.
TSSI’s key products are WaterMark magnetic tape for the protection of plastic cards, DeedMark structured magnetic foil for document and packaging protection, OpVantia embedded thread for paper documents and Verid biometric fingerprint readers for personal identification and verification.
TSSI, was founded in 2005 when a group of angel investors led by technology entrepreneur Danny Chapchal and Lord Young (former Minister of Trade and Industry), acquired the business.
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TSSI, based in Swindon, UK, is a leading supplier of technology solutions for the verification of personnel and documents. Its document verification, fingerprint biometrics and identification systems are used in over 20 countries worldwide; wherever proving the identity of individuals or documents is a necessity. TSSI's target markets include healthcare entities, retailers, airports and financial institutions. Its blue chip customer list includes, NHS and the John Lewis Partnership.
Tel: +44 (0)20 7494 6570