LAS VEGAS - Feb. 24, 2021 - Snap Network Surveillance Pty Ltd of Adelaide, Australia, the developer of Force Multiplier, an AI-enabled multi-camera tracking solution, has sold the assets of the company to SenSen Networks Limited (ASX and OTCQB) of Sydney, Australia, with equity priced at A$1,000,000.
The acquisition of Snap Surveillance is a result of significant synergies between Snap and SenSen's technology stacks and common target markets. It is indeed a great news for customers and partners of Snap Surveillance as both the Australian team and the team based in the USA have now joined SenSen with significant backing to become a market leader in the space. SenSen is pleased to invest more in the region to support the growing current customer base and partner network in the Americas.
Snap Surveillance has demonstrated strong traction for its Force Multiplier product in multiple vertical markets including casinos, airports and universities – some of the market segments SenSen has been targeting and serving.
SenSen, a world leading AI solutions provider, launched its operations in North America in 2017 and currently serves cities of Calgary and Edmonton in Alberta, Canada, with a variety of Smart City AI solutions. SenSen launched its operations in April 2020, in the USA after winning a multi-year, multi-million-dollar contract with the City of Las Vegas.
By combining Snap Surveillance's AI-powered multi-camera networked tracking technology with SenSen's automated multi-object tracking technology within individual camera views, SenSen plans to release ground-breaking new products that will have new capabilities to automatically detect and track people throughout a large-scale video surveillance camera network to support a multitude of high-value customer applications including 'path to purchase,' 'occupancy in buildings,' 'tag-n-track,' and more.
Snap Surveillance offices in Australia and North America will remain operational as before the transaction.
About Snap Surveillance USA
Founded in 2009, Snap Network Surveillance Pty Ltd delivers the world's first and only fully automated subject tracking software for large-scale security camera networks. Snap Surveillance USA is based in San Diego, CA.
About SenSen Networks Limited
SenSen Networks, Founded in 2007, is a leading innovator in the enterprise AI software solutions space. Collaborating with customers in industries such as municipalities, airports, casinos, and retail. Sensen's customer activity tracking solutions provide the necessary insights to improve a customer's operations, efficiencies, and bottom line. SenSen solutions are currently deployed and operating in Australia, New Zealand, Canada, USA, Singapore, Philippines, parts of Europe and the Middle East. SenSen has offices in Australia, United States, and India and customers worldwide.
SenSen is listed on the Australian Stock Exchange and the US based OTC Exchange. For more information visit http://www.sensennetworks.com
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Jay Jason Bartlett
