Yahoo Finance Janus (JBI) Boosts Product Portfolio With Noke Ion's Launch
Janus International Group, Inc. JBI announces the release of Noke Ion, the newest addition to its Noke Smart Entry products line.
This new product is a hardwired smart locking system, which is magnetic and fits on the inside track of the door, thus showcasing an innovative and simplified design. This low voltage powered smart locking system has customization options through LED lights and motion sensors and aligns with a cloud native software portal. Furthermore, its mobile application is customer friendly and offers easy accessibility, while the robust manager mobile app makes the operating facility much smoother.
Paired with the JBI Noke Smart Entry platform’s already existing product, Noke ONE, Noke Ion will jointly offer a solution for all self-storage smart access applications. Noke ONE is a high-tech, battery-powered external smart lock.
Shares of Janus declined 2.4% during the trading hours on Apr 2, 2024.
Product Innovation Bodes Well
Janus primarily focuses on achieving long-term growth targets by expanding its position in its end markets, increasing the Noke Smart Entry system adoption by its self-storage customers, driving efficiencies across the platform along with executing strategic and value-accretive mergers and acquisitions.
Regarding the Noke Smart Entry system, the company witnessed 66.3% year-over-year unit growth to 276,000 in 2023. Also, the complete backend migration of the Noke Smart Entry system to Amazon Web Services, Inc. in October 2023 complemented this uptrend. This migration allowed Noke to ensure its digital innovation by leveraging Amazon Web Services’ leading industrial Internet of Things, Artificial Intelligence and security capabilities.
Apart from its focus on the expansion of the product portfolio and adoption of the Noke Smart Entry system, Janus also seeks accretive inorganic growth opportunities to support its uptrend. It states that the potential merger and acquisition pipeline remains strong through 2024.
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Shares of this manufacturer and supplier of turnkey solutions gained 38% in the past six months compared with the Zacks Building Products - Miscellaneous industry’s 47.5% growth. Although the shares of the company have underperformed its industry, its focus on the efficient execution of business growth strategies, especially through the expansion of Noke Smart Entry system adoption, is likely to ensure possibilities of an outperformance in the near term.
Zacks Rank & Key Picks
Janus currently carries a Zacks Rank #3 (Hold).
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