March Networks Awarded $7 Million Contract with Top Global Financial Institution
Source: Mara Meroni | Date: 04/22/2010
OTTAWA, ONTARIO, April 22, 2010 –– March Networks? (TSX: MN), a global provider of intelligent IP video solutions, today announced that a top ten global financial institution will deploy the March Networks VideoSphere? Banking solution across more than 2,000 U.S. banking locations. The company expects to complete the delivery of the order, which is valued at over $7 million, during the next 12 months.
This financial institution chose to displace a competitor’s products and standardize on the VideoSphere Banking solution as a result of March Networks' history of reliability, centralized management capabilities and overall ease-of-use. Additionally, the VideoSphere expansion capability for enterprise-level ATM/Teller integration and high-definition (HD) IP camera expansion on the same device were important deciding factors.
The industry leading VideoSphere portfolio delivers a highly scalable, end-to-end HD video security solution that provides security staff with an intuitive way to manage cases and accelerate investigations. With advanced analytic applications the solution will significantly reduce losses from ATM skimming and other fraudulent activity. Additionally, software analytics such as queue line monitoring, people counting, and facial detection allow VideoSphere customers to increase customer satisfaction and overall efficiency through improved operations.
“This contract confirms the strength of our position as a global leader in the finance and banking vertical,” said Peter Strom, president and CEO, March Networks. “As banks and financial institutions continue to stabilize following the effects of the recession, we are confident that March Networks is well positioned to continue to grow and service our very strong customer base.”
This release contains certain forward-looking information, including expectations of future business. This information is based on the Company’s current expectations and assumptions that are subject to a variety of risks and uncertainties that are difficult to predict and that may be beyond March Networks’ control. Actual results could differ materially from those expressed in any forward-looking statements due to factors such as customer demand and timing of purchasing decisions, increased levels of competition, technological changes and the successful development of new products, dependence on third-party manufacturers, risks relating to intellectual property infringement claims, and other risks and factors identified in March Networks’ public filings with regulatory authorities in Canada. March Networks assumes no obligation to － these forward-looking statements as a result of new information or future events.
*MARCH NETWORKS, VideoSphere and the MARCH NETWORKS logo are registered trademarks of March Networks Corporation. All other trademarks are the property of their respective owners.
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