MINNEAPOLIS, January 15, 2020—BLM Technologies, a leading single-source provider of complete technology solutions, today reported its end of year results for 2019, demonstrating solid performance in each of its lines of business and further cementing its position as a leading full-service technology solutions provider, specifically in its core portfolio of project services, managed services, and hardware sales.
“2019 was a year in which we truly solidified our market leadership in several areas, and grew all of our business lines, in addition to making inroads into new channels,” said Kevin Flaherty, Board Chairman, President, and CEO, BLM Technologies. “We strengthened relationships with customers with whom we’ve worked for decades, diversified the industries we serve and attracted scores of new customers who came to us after learning how wide and deep our expertise extends across multiple industries.”
Core Business Growth
Financial institution hardware, the company’s longest-standing line of business, experienced its fourth consecutive year of growth in 2019, and grew its revenue 25%, despite a reported industry-wide 7%-12% decline in demand for banking transaction devices. The company offers financial institution customers hardware sales, installation, tech support, on-site, and depot repair programs that cover both in- and out-of-warranty repairs. It attributes this growth to focusing on responsiveness to customers, customer retention, and being a full-service solution provider offering customers access to a full spectrum of services in support of their hardware purchases.
BLM Technologies’ Depot Repair business also demonstrated exceptional performance by securing critical new partnerships with large business organizations. “Our Depot repair service is incredibly advantageous for our customers,” said Flaherty. “When you combine the number of product brands and models we can repair with the fact that we can also repair in- or -out-of-warranty devices, our customers only have one vendor to call for all their devices.”
Tuning into Trends; Managed Services Growth
The company has also parlayed recent industry trends into a growth opportunity. One such example is the “gig economy,” which meshes perfectly with BLM’s FlexForce Program. FlexForce gives BLM's customers project management and an on-demand tech labor workforce to complete a wide variety of projects, allowing customers to remove the pain of sourcing tech labor, trying to manage projects, and all associated administrative work.
“Our company recognized the vast demand in multiple industries for what FlexForce offers, which also happens to dovetail with the gig economy, where we’re seeing an increase in the availability of contract workers,” said Pat Hickey, Senior Vice President of Operations. “We responded accordingly, both internally and externally, adding more talent and senior-level leadership, fully building our feature set of services, and adding more resources such as a new ERP system. These actions enhance our ability to complete huge projects for customers in the timeframes they need. Our very successful recent digital signage and sound masking project for one of the largest banks in the country is a prime example of our ability to bring in expertise and workforce at scale.”
Industry Diversification Success and a Look to the Future
Finally, because so many of the company’s services benefit other industries, BLM Technologies spent 2019 on industry diversification—a strategy that paid off with additional growth.
As the company looks to open additional lines of business, it continually bears in mind its core promise – to become more important to the financial institutions it has served for more than 45 years – as well as to its aspirations: to grow and expand to new industry verticals with new products and services that highlight its core competencies in technology and service delivery.
“We follow the industry, IT spending, and other technology trends closely, and nearly all of them are pointing to needs that only companies with broad technical expertise that continually hone their solutions to meet existing and future customer needs can meet,” said Flaherty. “Whether it’s offering IT decision-makers at financial institutions the latest secure software, providing hundreds or thousands of on-demand workers to complete installation, repair or project services, or staying on the leading edge of the latest audio-visual advancements, BLM Technologies welcomes 2020 and the opportunity to go beyond for all of our customers.”
About BLM Technologies
BLM Technologies, Inc. solves technology and automation challenges by providing end-to-end solutions in imaging, payment and transaction, digital signage, on-site repairs, maintenance repair center service, IT outsourcing, and project management services. By applying more than 45 years of technical expertise and a consultative, vendor-neutral approach, BLM serves thousands of customers in the U.S. by packaging hardware and services to provide complete, turnkey technology solutions for customers across multiple industries including financial, retail, restaurant, education, healthcare, and government.
A proven single-source provider of technology products and services, BLM Technologies partners with the top manufacturers in the technology industry to offer customers the newest and most innovative technology solutions available. Headquartered in Minneapolis, Minnesota, BLM Technologies has additional facilities strategically located in Missouri, and California to serve IT and repair customers quickly and conveniently.
Krista Van Lewen for BLM Technologies