Cogent Inc.COGT

Stock Research and Analysis

by Rick Hanna

Cogent has solid technology in the rapidly expanding market for fingerprint identification systems and boasts several high-profile customers, such as the U.S. Department of Homeland Security. We believe the company is well positioned to grow in the Read more

Bulls Say

Cogent's technology wins rave reviews for its algorithms and processing capabilities, in terms of both accuracy and speed.

The market for automated fingerprint identification systems is projecting double-digit average revenue growth to 2013.

Many U.S. and international government agencies are upgrading their systems to use the latest multimodal and fingerprint technologies. Read more

Bears Say

Revenue is highly concentrated in the firm's two largest customers, which have represented more than half of total revenue in the past five years.

There is a risk of systems integrators developing and offering biometric systems in competition with biometric-only providers, such as Cogent.

Competition is intense for biometric applications, and the company must compete with much larger technology companies, such as NEC and French defense contractor Sagem.

The company faces competition from other biometric modalities (facial and iris) and nonbiometric technologies, such as smart cards.

Revenue streams are highly volatile and depend on government funding. Read more

Strategy

Cogent's strategy is to offer high-performance and low-cost fingerprint biometric capabilities. The company offers a comprehensive solution for high-end AFIS installations and works closely with systems Read more

Management

Ming Hsieh has been CEO since he founded Cogent in 1990. He brought with him deep experience in application-specific integrated circuits and customized software programming, which serves as the company's core competitive advantage today. The board of Read more

Profile

Cogent is a leading provider of automated fingerprint identification systems and other biometric systems. The company has proprietary hardware and software that provides Read more

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