How would you spend $63m? Openpath’s founders are “on a tear” says James Segil, using their sizeable budget last year to add cloud-managed access control to 24m sq ft of space. Segil explains how they achieved that figure.
Openpath is the fourth business in 20 years that Segil and his co-founders have built, including internet carrier Edgecast, sold to Verizon, and now a $100m turnover business.
James Segil speaks to Paul Unger in this latest episode of the PlaceTech podcast
What we learned
- 50% knowledge workers in large corporates will stay remote – but as corporates are still in long-term leases they must become landlords – putting space into sublet market. They face the challenge of how to make that space appealing to flexible occupiers – access control systems allow them to make it flexible
- Before pandemic property companies thought moving to cloud access control systems was a good idea but are only now moving from nice-to-have to must-have – the health and safety argument of reducing touch points is compelling
- Openpath rolled out new touchless capabilities – ‘wave to unlock’ – during 2020 ‘without anybody having to do anything’
- Vision of smart buildings is being realised: responsive and adapting to circumstances
- Almost doubled employees from 40 to 90 last year and added 24m sq ft installed space – ‘phenomenal’ sales growth and likely to triple in next two years, adding 40m sq ft of installed space
- Now is a good time for capital investments in empty buildings – but service providers who install elevators, access control are booking up fast, get them while you can