TZ Limited (ASX: TZL) is preparing itself for further expansion after repositioning itself to capture the growing market for access control software solutions.

The company provides its clients (including Apple, Westpac, Microsoft and numerous US universities) with both physical locks and cabinetry, and a software platform enabling users to control and record who accesses each lock, and when.

Users can even set notifications for themselves and others to remind them to close certain doors or check the temperature of certain rooms or cabinets, such as those used in data centres or for storing temperature-sensitive medications.

Following a leadership reshuffle that saw Scott Beeton take the reins as CEO and Peter Graham take the helm as chairman, the company is now looking to develop and expand its range of open APIs, which will allow its software platform to power other manufacturers’ smart locks.

“We want to be the brain behind every smart lock,” Mr Beeton said.

This refocus will move TZ away from its roots as a hardware play and open new opportunities in the rapidly-growing internet-of-things market – tipped to reach a valuation of USD $1,319 billion by 2026, up from USD $212.1 billion in 2018.

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Sources:

• Cision PR Newswire, Internet of Things (IoT) Market Worth $1319.08 Billion, Globally, by 2026 at 25.68% CAGR: Verified Market Research