Rapiscan Systems, a supplier of security inspection systems, announced that it has been named by consulting firm Frost & Sullivan as the 2008 North American Homeland Security Inspection and Screening Company of the Year. The selection was based on the company's ability to produce results in a maturing industry, drive technological innovation, apply strategic vision to bring products and services successfully to market, and deliver the highest level of customer value and satisfaction. Rapiscan Systems emerged clearly as the market leader and was cited specifically for its capacity to develop and deploy solutions that provide intelligence and enhance security at airports, seaports and border crossings around the world.
Additionally, Rapiscan Systems is developing the Rapiscan RTT (Real Time Tomography), a high-speed stationary gantry baggage screening system, and Rapiscan Laboratories (located in Sunnyvale, California), won a number of innovative contracts from the Domestic Nuclear Detection Office of the Department of Homeland Security as a result of its pioneering work in the area of Radiation-Nuclear material detection.
David Fishering, Frost & Sullivan Homeland Security Industry Analyst, stated, Rapiscan Systems has built up momentum and continued to ride the wave of success throughout 2008. Increasing its revenue with novel products and a strategic business model, the company has been able to overcome the challenges of a maturing market. This trend of success and innovation will continue to increase Rapiscan Systems market share and industry influence.
The awards methodology included interviews with all the market participants, including customers and suppliers, coupled with extensive secondary and technology research. Rapiscan Systems efforts were then analyzed based on the number of new customers, new market segments, and commitment to business expansion, coupled with overall growth.
The company also received The Queen's Awards for Enterprise in April of this year. This award, in the International Trade category, recognized Rapiscan System's continued success in the Europe, Middle East and Africa (EMEA) region.
The Frost & Sullivan Award for Company of the Year is presented each year to the company that has demonstrated unparalleled excellence within the Homeland Security Inspection and Screening industry. The Award is based on numerous factors including a company's business development, competitive strategy, customer satisfaction and leadership within a particular Frost & Sullivan Industry Research Group (IRG). The recipient also exhibits outstanding management and consistent growth, must offer high quality products and services and has positive social and economic impact on local and national communities. Finally, it is imperative that the company has proven expertise in taking advantage of market changes by capturing and solidifying market presence through execution of innovative strategies within the existing competitive landscape.