Wednesday, 26 May 2021 16:03

SenSen inks agreement to acquire Scancam Featured

By Staff Writer
SenSen CEO Dr. Subhash Challa SenSen CEO Dr. Subhash Challa

Australian-listed AI data fusion enterprise solutions provider SenSen Networks is set to acquire Scancam Industries, a provider of AI solutions for fuel retailers in Australia.

SenSen (ASX:SNS) announced on Wednesday it has entered into a Share Purchase Agreement for the acquisition of 100% of the issued share capital in Scancam Industries.

The proposed acquisition follows the completion of technical, financial and legal due diligence by SenSen.

Scancam’s anti-fuel theft solution is designed to prevent drive-offs from motorists at service stations, and protects the profits of fuel retailers.

After capturing license plates and images of known offenders, the anti-fuel theft technology triggers operational processes to prevent further losses and it can be used as a reliable tool for law enforcement investigation.

SenSen says Scancam technology brings together latest advances in computer vision, AI, cloud computing and Internet of Things (IoT) and feeds a “growing demand for more sophisticated security solutions, solving a serious problem faced by fuel retailers”.

SenSen notes that Scancam’s blue-chip fuel retail clients include BP, Ampol (Caltex), Chevron, Euro Garages (formerly Woolworths Caltex) as well as the Western Australia Police Force - with its longstanding clients located across Australia in Western Australia, Queensland, and includes a growing presence in NSW, Victoria and the Northern Territory.

SenSen says that although Scancam developed its solution to address a serious problem that is costing the fuel retail industry A$59 million per annum across Australia alone, its grand vision is to use this as a springboard to launch product enhancements and variants to solve broader retail theft problems.

“Retail crime in Australia alone is a A$9 billion dollar problem, according to the National Retail Association (NRA),” says SenSen, adding that globally, retail theft is estimated to be costing the industry about US$60 billion annually.

“SenSen is particularly excited about this large market and how solutions powered by the companies’ combined technologies could help offer a highly effective solution to prevent retail theft globally,” SenSen said in its statement on Wednesday.

The acquisition follows an announcement from 1 December 2020, when SenSen acquired SNAP Networks Surveillance and. in line with SenSen’s strategy, the company says it is integrating SNAP technology into the SenSen platform, SenDISA, to develop a ground-breaking new product line called SenTRACK – the world’s first completely automated person-tracking solution across an entire surveillance network.

“The combination of Scancam technology to track vehicles of interest and SenTRACK to track people of interest is expected to deliver the world’s first AI data fusion solution to prevent theft in all retail environments, not just fuel retailers,” SenSen claimed.

SenSen CEO Dr. Subhash Challa said: “This is an important strategic acquisition for SenSen, a move that not only aligns to our ARR generating growth plans for FY22 and beyond, but also provides a strong foundation and impetus to move into the broader retail business vertical.

“SenSen is looking forward to welcoming the Scancam team into our group and expanding revenue-earning offerings for Scancam’s high-quality customer base.

“Further, by integrating Scancam technology into SenSen’s proprietary platform SenDISA, we can provide further value to new and existing retail customers.

“Our scalable digital AI architecture is a SaaS solution. Our ingenuity provides new and existing customers with a zero-capex solution – removing what was a barrier to entry for some retailers – and solving a problem that was once thought technically impossible.

“As we acquire more service stations across the country on our network, this will enhance margins for SenSen, further increasing revenue growth. We are excited about the potential this integration holds to further accelerate annual recurring revenues whilst enhancing the margins of our solutions”.

Scancam’s Eoin Byrne said: “After many years of growing our anti-fuel theft business, we are excited to find a partner in SenSen to supercharge Scancam’s technology solutions and move into new markets and geographies. The Scancam team is also very pleased to be joining a world-leading AI data fusion solutions company in SenSen.”

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