Global physical security and secure identification solution provider, Identiv announced recently that it has secured two major banking customers. The first new agreement that the company has signed is a three-year software and services agreement with an existing customer that has been using Identiv’s 3VR video and analytics solution for bank branch security, fraud detection and ATM skimming prevention.
This top 5 U.S. bank customer has contracted with Identiv to provide maintenance services to support its video security and analytics infrastructure, which encompasses over 10,000 video surveillance cameras throughout North America. The aggregate value of the contract exceeds $3 million.
The company also secured a win with a leading Mexican banking conglomerate for the initial deployment across more than 100 locations combines video security, customer experience and business enablement.
“These two wins reflect our focus on expanding our recurring revenue base, as well as continued growth and momentum in our banking vertical,” said Steven Humphreys, CEO at Identiv. “It is representative of our emphasis on strategic verticals, as well as growing our recurring revenues across our customer base. Through our comprehensive solutions and our strong customer relationships, we are expanding the software revenue and services aspects of our business, as well as expanding from pure security applications into business-enabling solutions. As we continue to leverage our installed base and secure new customers, we expect our recurring revenue business to continue to increase, generating more sustainable growth and margin expansion over time.”
