Electric Weapons creator, TASER International, Inc. (NASDAQ: TASR) will change its name to Axon Enterprise Inc., Axon derives from the business unit that sells police body cameras and patrol car cameras as well as the software for managing digital footage generated through the cameras.
The company offers a free body camera to police officers as well as a year of free access to Evidence.com, an online software for managing video and other evidence in exchange for police departments signing up for paid software subscriptions.
TASER obtains majority of its revenue from selling weapons that utilize electrical current to immobilize targets. In 2016, over $200 million in revenue was generated from its weapon segment which is over 75 percent of its total revenue. Almost a quarter of TASER’s revenue comes from its Axon segment, software revenue from Evidence.com has almost doubled to $11.7 million.
“The hardware creates an issue for police departments in a sense that you’re creating hours and hours of raw data,” senior research analyst for Craig-Hallum Capital Group, Steve Dyer said. “You have the question not only of how to store the data in an industry that is not traditionally that tech savvy, but also how to handle digital evidence with the same safeguards as physical evidence.”