Brivo Systems Access Control Softwares (4)
OnSite Aparato is a full-featured appliance-based access control platform with unmatched built-in security features. With a capacity of up to 1,000 readers and half a million active card holders, Aparato’s scalable licensing model gives users the ability to choose the system that best fits their needs, increase capacity as needs grow, and add capabilities in an à la carte manner.Add to Compare
ACS OnSite is a cost-effective, easy to use, Web-based access control solution that requires no dedicated PCs and provides robust access control features. ACS OnSite is ideally suited for providing security at a single facility, even if that facility houses more than one business. The system is also fully convertible to accommodate the growth of a business to additional facilities.Add to Compare
Brivo Systems LLC, leader in cloud applications for security management, recently announced the company’s release of Brivo OnAirSM version 10.11, featuring an updated User Interface (UI). Brivo OnAir is the new brand name for the former Brivo ACS WebService cloud-based access control management solution. With the introduction of this updated interface, Brivo further extends its leadership in the cloud-based access control and video surveillance space by offering a more visually rich and responsive experience for its customers. The Brivo OnAir interface is streamlined and designed for usability, reducing the learning curve and simplifying both system deployment and day-to-day security management. For the redesign project, Brivo engaged a team of user experience (UX) experts. The team conducted hundreds of hours of interviews with current and prospective users to determine how they worked. They incorporated this information into profiles of user “personas” in order to bring focus to ensuring that the resulting interface responded to the needs of Brivo’s users. This first phase of the interface re-design incorporates the key findings from this process and sets the stage for additional enhancements to follow. “This is an exciting day for Brivo, our channel partners and end-users,” said John Szczygiel, Executive Vice President. “The Brivo OnAir name better captures the essence of our cloud-based solution. The revamped UI directly reflects feedback from our users and further demonstrates our commitment to continuous improvement. What's more, this major upgrade is delivered automatically and without charge to all of our users. That’s cloud computing, that’s Brivo OnAir.” Among the features the Brivo OnAir version 10.11 offers: A rich user experience that maximises video and access control management. A new top-level video tab provides immediate access to recorded and live Online Video Recorder (OVR) video. Simplified search capability provides a comprehensive view of access and video motion events on a timeline display; events are visually represented and prioritised using color coding, intuitive icons and other visual cues. The system landing page is optimised to provide shortcuts for everyday operations: create a new user, find a user or a card, change passwords and search video all on this page—saving time navigating through multiple screens.Add to Compare
OVR WebService significantly extends Brivo’s ACS WebService, providing centralized video storage alongside hosted access control. View live or event-related video at a fraction of the cost of traditional hardware DVRs. OVR WebService is available to all of Brivo’s ACS WebService customers.Add to Compare
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Metal theft is nothing new, but the impact of the pandemic has left many in financial uncertainty, couple this with the rising price of metal, and one result is an increase in the level of acquisitive crime. It seems there is no limit to the types of materials stolen. Just recently, lead stolen from church roofs has caught the media’s attention again, but this type of theft reaches to more commonplace materials too, including steel, cast iron, and aluminium, and even items like street signs and fencing panels. As such, publically accessible infrastructure could be left vulnerable if measures aren’t taken to properly protect them. Perimeter fencing solution Begin this process by thoroughly checking and assessing the perimeter fencing of the site. Here, you’re looking for any signs of tampering or wear and tear, and checking if the fencing is still robust. If the fixings in fencing systems can be removed easily, the entire perimeter fencing solution risks being compromised with little effort. Both the fixings themselves, and the metal fence panels they secure can be targets for theft, and if stolen would significantly reduce the security on and around the site. The connectors, fittings, and fixings are arguably the most integral part of any security fencing installation The connectors, fittings, and fixings are arguably the most integral part of any security fencing installation. They’re responsible for holding the fencing and gates together and keeping them in place. Remember, fencing solutions will only be as robust as the components used to hold them together, if these have inherent flaws, the fencing and gates in question will be more vulnerable to attack. Equal level of protection This is because poor quality fixings can often be easily broken or removed by their design or placement, so it’s best to steer clear. Further, while fencing labelled as ‘quick and easy installation’ may sound cost effective, if it takes no time to install, it’s likely it will also be quick to take down, defeating the purpose of perimeter fencing. There’s a multitude of varying types of fixings available on the market, and it’s important to remember that not all fencing and gates provide an equal level of protection. Below we take a closer look at fixings that should be avoided where possible. Standard head screws Standard head screws and bolts. This can be extended to anything that looks like it can be easily removed with a screwdriver or drill. Security Torx or ‘Star’ screws. These were once an effective tamper-proof fixing, however, in more recent times the driver bits have become more readily available in most DIY toolkits, and as such these fixings are now far from secure. Installing screws on the outside of the fence line. Leaving the fixings accessible from the outside of the fence ultimately means you’re exposing them to anyone and everyone, authorised or not. This enables them to attempt to remove the fixings without the added deterrent of having to climb the fence and risking being caught. Low quality fixings. All fixings should be galvanised or stainless steel to ensure they don’t rust away. Tamper-proof fixings Vertical bar fencing and metal railings have concealed bolts and screws So now we know what not to specify, let’s take this one step further and discuss some of the most effective design components found in fencing systems. Look for security fencing with ‘tamper-proof fixings’. We believe this is so essential, that all Jacksons metal fencing is produced using these in one form or another. Vertical bar fencing and metal railings have concealed bolts and screws, while the welded mesh panels have tamper-proof screws with unique heads that can’t be loosened or fastened with normal tools. Be wary when specifying fencing types such as steel palisade fencing; not only does this type of fencing hinder surveillance and provide an unattractive aesthetic, but the bolts and rivets are also very easily accessible meaning it isn’t very secure. Twin wire panels V mesh and twin wire panels can be attached to posts in different ways. Most commonly this will be via the use of clips. These vary in the level of security they provide, for example, generic mesh clips secured with generic Torx screws can be easily removed using a standard toolkit. However, there are other products on the market which make use of anti-vandal connectors and tamper-proof fixings. Once tightened, the hexagonal part of the nut breaks off, leaving a smooth dome These fixings can only be accessed from the secure side of the fence, significantly improving the level of security. Shear nuts are arguably one of the most secure fixings which should ideally be used on gate hinges. They are a type of breakaway nut which are almost impossible to remove once installed. Once tightened, the hexagonal part of the nut breaks off, leaving a smooth dome that is hard to grip with normal tools. Knit mesh fencing With tightly knit mesh fencing such as 358 mesh, panels can be fixed to the posts in different ways, but again not all ways are secure. Some manufacturers use smaller clips and screws/bolts, however, the clips are susceptible to damage – being so small, and it also leaves the edge of the panels exposed to tools that could prise the panel away from the posts. Close-knit mesh panels with clamp bars and tamper proof bolts are highly secure. Concealed panel to post connectors and tamper proof bolts help to further enhance the security of the fencing, these are commonly used in vertical bar and metal railings. Highly secure finish Here rails are sleeved onto the pales and welded for a seamless, highly secure finish. There are no bolts or rivets that could be removed to enable swing pales to be set aside and gain access. The role that fixings and connectors play is absolutely crucial to the level of security of the perimeter fencing. This article touches on the myriad of different options available on the market, but if in doubt, don’t hesitate to consult an expert on what type of components should be used when specifying fencing and gate solutions for your specific project.
In the field of access control, face recognition has come a long way. Once considered too slow to authenticate people's identities and credentials in high traffic conditions, face recognition technology has evolved to become one of the quickest, most effective access control identity authentication solutions across all industries. Advancements in artificial intelligence and advanced neural network (ANN) technology from industry leaders like Intel have improved the accuracy and efficiency of face recognition. However, another reason the technology is gaining traction is due to the swiftly rising demand for touchless access control solutions that can help mitigate the spread of disease in public spaces. Effective for high volumes Face recognition eliminates security risks and is also virtually impossible to counterfeit Modern face recognition technology meets all the criteria for becoming the go-to solution for frictionless access control. It provides an accurate, non-invasive means of authenticating people's identities in high-traffic areas, including multi-tenant office buildings, industrial sites, and factories where multiple shifts per day are common. Typical electronic access control systems rely on people providing physical credentials, such as proximity cards, key fobs, or Bluetooth-enabled mobile phones, all of which can be misplaced, lost, or stolen. Face recognition eliminates these security risks and is also virtually impossible to counterfeit. Affordable biometric option Although there are other biometric tools available, face recognition offers significant advantages. Some technologies use hand geometry or iris scans, for example, but these options are generally slower and more expensive. This makes face recognition a natural application for day-to-day access control activities, including chronicling time and attendance for large workforces at construction sites, warehouses, and agricultural and mining operations. In addition to verifying personal credentials, face recognition can also identify whether an individual is wearing a facial covering in compliance with government or corporate mandates regarding health safety protocols. Beyond securing physical locations, face recognition can also be used to manage access to computers, as well as specialised equipment and devices. Overcoming challenges with AI So how did face recognition become so reliable when the technology was once dogged by many challenges, including difficulties with camera angles, certain types of facial expressions, and diverse lighting conditions? Thanks to the emergence of so-called "convolutional" neural network-based algorithms, engineers have been able to overcome these roadblocks. SecurOS FaceX face recognition solution FaceX is powered by neural networks and machine learning which makes it capable of authenticating a wide range of faces One joint effort between New Jersey-based Intelligent Security Systems (ISS) and tech giant Intel has created the SecurOS FaceX face recognition solution. FaceX is powered by neural networks and machine learning which makes it capable of authenticating a wide range of faces and facial expressions, including those captured under changing light, at different resolution levels, and varying distances from the video camera. Secure video management system A common face recognition system deployment begins with IP video cameras that feed footage into a secure video management system connected to a video archive. When the software initially enrolls a person’s face, it creates a "digital descriptor" that is stored as a numeric code that will forever be associated with one identity. The system encrypts and stores these numeric codes in a SQL database. For the sake of convenience and cost savings, the video server CPU performs all neural network processes without requiring any special GPU cards. Unique digital identifiers The next step involves correlating faces captured in a video recording with their unique digital descriptors on file. The system can compare newly captured images against large databases of known individuals or faces captured from video streams. Face recognition technology can provide multi-factor authentication, searching watchlists for specific types of features, such as age, hair colour, gender, ethnicity, facial hair, glasses, headwear, and other identifying characteristics including bald spots. Robust encryption SED-compatible drives rely on dedicated chips that encrypt data with AES-128 or AES-256 To support privacy concerns, the entire system features an encrypted and secure login process that prevents unauthorized access to both the database and the archive. An additional layer of encryption is available through the use of Self-Encrypting Drives (SEDs) that hold video recordings and metadata. SED-compatible drives rely on dedicated chips that encrypt data with AES-128 or AES-256 (short for Advanced Encryption Standard). Anti-spoofing safeguards How do face recognition systems handle people who try to trick the system by wearing a costume mask or holding up a picture to hide their faces? FaceX from ISS, for example, includes anti-spoofing capabilities that essentially check for the "liveliness" of a given face. The algorithm can easily flag the flat, two-dimensional nature of a face mask, printed photo, or image on a mobile phone and issue a "spoof" alarm. Increased speed of entry Incorporating facial recognition into existing access control systems is straightforward and cost-effective Incorporating facial recognition into existing access control systems is straightforward and cost-effective. Systems can operate with off-the-shelf security cameras and computers. Users can also leverage existing infrastructure to maintain building aesthetics. A face recognition system can complete the process of detection and recognition in an instant, opening a door or turnstile in less than 500ms. Such efficiency can eliminate hours associated with security personnel checking and managing credentials manually. A vital tool Modern face recognition solutions are infinitely scalable to accommodate global enterprises. As a result, face recognition as a credential is increasingly being implemented for a wide range of applications that transcend traditional access control and physical security to include health safety and workforce management. All these capabilities make face recognition a natural, frictionless solution for managing access control, both in terms of performance and cost.
As anti-fraud company Revector marks 20 years of operating, CEO and Founder Andy Gent believes that telecommunications fraud is still not high enough on the corporate agenda for network operators – this should be a significant concern to shareholders. In 2001, Revector was launched to combat specific fraudulent activity against mobile network operators. The company’s management expected the business to have a shelf life of no more than five years – such as the belief that mobile operators would quickly get a grip on network fraud and reduce it to zero. Twenty years later frauds continue to persist – costing shareholders, networks, and Governments billions in lost revenue annually. Revenue through mobile service According to Andy Gent, fraudsters are, at heart, business people, exploiting an opportunity for money. Gent explains how this relates to network fraud thus, “Mobile service providers generate revenues in two ways - by having their subscribers that pay the company to access the networks they run and associated services such as voice calls, text messages, and data usage. The second – known as termination revenue – involves transporting calls from other networks.” Revenues from termination are shared between all networks that help deliver the call Revenues from termination are shared between all networks that help deliver the call, as Gent outlines: “Imagine a call from the UK to Australia. This will pass through several service providers that will each take a small percentage of the call revenues for passing on the call.” “Telecommunications companies establish relationships with others around predictable calling patterns. For example, BT may know that they need one million minutes of calls to South Africa per month. They, therefore, establish a relationship with a South African telecommunications company to provide this.” Trading termination minutes The issue comes when the unexpected happens, for example, an earthquake in Cape Town. Now UK residents with relatives in Cape Town suddenly demand a lot more telephone time. BT needs more minutes than it has. It is unlikely that its partner in South Africa can provide these – they are facing the same issue due to the increased volume of calls in and out of the country – so it will look to the open market for the minutes it needs. Gent continues, “Termination minutes are traded in the same way as other commodities. Exchanges combine minutes from multiple sources, bundle these together and sell them. The issue is where these minutes come from. The bundles may well include “white” routes – premium minutes provided by legitimate telecommunications companies. However, many will include so-called “grey” routes.” A simple but effective fraud Grey routes are not provided by the telecommunications companies but by third parties or through fraudulent means. Typically, the “grey” routes come at a lower cost than the “white” routes, but some telecommunications service providers may not know this or care about it. The natural pressure on cost means some telecommunications companies end up using “grey” route minutes. The threats to network providers’ revenues come from these “grey” routes. A primary risk is SIM Box fraud. SIM Box fraud SIM Box fraud occurs where there is a differential price between the cost of routing a call in a country and the cost of terminating a call, as Gent outlines below: “Imagine a network is offering a promotion with free calls to others on the same network. At the same time, the value of terminating a call to that network’s customers is $0.05 per call.” One single SIM card being used in this way can generate $3000 per month and there are hundreds of cards in each SIM box “If someone can procure SIM cards with the promotion, these can be loaded into a SIM Box – a device that can house hundreds of SIM cards in racks and be connected to the internet - to terminate calls. The owner of the SIM box can then offer to terminate calls for $0.03 per call. The cost to the SIM box owner is close to zero – the local minutes they are using to terminate calls are bundled with the SIM deal. The $0.03 per call is pure profit after the SIM cards and SIM boxes have been purchased.” While this sounds like a complicated scam it can be lucrative. One single SIM card being used in this way can generate $3000 per month and there are hundreds of cards in each SIM box. Loss of termination revenues Service providers can quickly find a large proportion of revenues lost to SIM boxes. Gent has seen “up to 90 percent of termination revenues being lost.” “The nature of SIM box fraud is transitory: fraudsters will pick the countries with the strongest opportunity to generate revenues quickly, sweep in and terminate calls for a month or two before the operator notices the revenue drop and takes action.” Is it illegal? If this practice sounds entrepreneurial rather than illegal, it is probably because it seems like a victimless crime. However, mobile network operators have paid millions if not billions for the ability to operate networks and generate termination revenues. A reduction in this revenue will mean less investment into next-generation networks or customer service. For the consumer, illegal termination often means poor quality calls with a lack of services such as caller line identification (CLI). But perhaps the most concerning issue is where the proceeds of crime go, as Gent outlines. “Often these SIM box frauds are run by criminal gangs using the process to launder money or finance organised crime or people trafficking.” “With widespread restrictions on the number of SIM cards that can be sold to one person, the only way to procure enough SIM cards is via criminal activity. Gangs bribe or coerce network operation staff into supplying SIM cards by the thousand, generating millions in illicit revenues.” Other telecommunications fraud Threat to operator termination revenues comes from OTT service providers that have an eye on termination revenues Another threat to operator termination revenues comes from Over-the-Top (OTT) service providers that have an eye on termination revenues as well as competing with telecommunications service providers for a share of the voice and messaging market. While most telecommunications companies see Voice over IP (or OTT) as fair competition, in recent years several new OTT service providers have grown extremely quickly. WhatsApp, for example, was incorporated in 2009 and acquired by Facebook just five years later for almost $20 billion. The business models of these companies vary. Some focus on the “freemium” approach where the initial service is free but add-ons become chargeable. OTT app fraud However, recently some OTT players are looking to terminate revenue to monetise their business models. These operators have been offering competitive termination rates by hijacking a traditional call made from one telephone number to another and terminating it within an OTT app, as Gent explains, “We are seeing OTT apps intercepting traditional telephone calls and delivering them within a user’s app.” “The call starts as a dialled telephone call, but the user receives it within an OTT app. If OTT players can achieve this, they can generate termination revenues at zero cost – other than to the traditional operator.” Using an app to make calls “Of course, if the recipient of the call believes the caller has used an app to call them, they are more likely to use this method of communication in the future – and less likely to dial a number directly. For the OTT players, termination acts as a marketing tool as well as a revenue stream.” According to Gent, one OTT service provider has gone as far as including a setting within their app that states “receive regular incoming calls within the app when possible”. This is defaulted to “on” when the app is downloaded. Only the most technologically savvy users would even know it was there. Combatting the fraud against networks Networks are less worried about losing revenue to fraud and more about grabbing as many subscribers as possible" Why do networks not do more to combat fraud? The reality, according to Gent, is a combination of priorities and ignorance. He comments, “Most mobile network operators are large but still relatively young companies – typically built around customer acquisition.” “Networks are less worried about losing revenue to fraud and more about grabbing as many subscribers as possible. This has led to a mindset where whatever the questions the answer is always more marketing promotions.” A small number of innovators around the world continue to fight these frauds directly, but the fraudsters simply move on to the next victim and, when the anti-fraud measures are relaxed, the fraudsters return. An opportunity for the future As mobile networks mature and become more commoditised, Gent believes the issues around combatting fraud will become a wider concern. “If you had told me in 2001 that fraud would still be an issue in 2021, I would have been shocked. Yet operators are still losing significant revenues to criminals. Addressing this needs to remain a priority for the industry, not just to ensure networks have the revenues to build and maintain robust networks but also to ensure that criminal behaviour that this kind of illicit activity funds is reduced. This is not just an issue for network operators but also for wider society.”
Brivo – a pioneer in cloud-based access control and smart building technologies – announces the release of anomaly detection in its flagship access control solution, Brivo Access. Anomaly detection is a patent-pending technology that uses advanced analytics with machine learning algorithms to compare massive amounts of user and event data to identify events that are out of the ordinary or look suspicious, and issues priority alerts for immediate follow up. With anomaly detection, business leaders can get a nuanced understanding of security vulnerabilities across their facility portfolio and take action on early indicators of suspicious user behaviours that may otherwise go unnoticed. Simplifying access management "With anomaly detection, Brivo is incorporating the latest data and machine learning technology in ways never before seen in physical security," said Steve Van Till, Founder and CEO of Brivo. "Along with our recently released Brivo Snapshot capability, anomaly detection uses AI to simplify access management by notifying customers about abnormal situations and prioritising them for further investigation. After training, each customer's neural network will know more about traffic patterns in their space than the property managers themselves. This means that property managers can stop searching for the needle in the haystack. We identify it and flag it for them automatically." Static security protocols Anomaly detection creates a priority alert in Brivo Access Event Tracker indicating the severity of the aberration Anomaly detection's AI engine learns the unique behavioural patterns of each person in each property they use to develop a signature user and spatial profile, which is continuously refined as behaviours evolve. This dynamic real-time picture of normal activity complements static security protocols, permissions, and schedules. In practice, when someone engages in activity that is a departure from their past behaviour, anomaly detection creates a priority alert in Brivo Access Event Tracker indicating the severity of the aberration. This programmed protocol helps organisations prioritise what to investigate. As more companies roll out hybrid work policies for employees, most businesses are poised to see a lot of variation in office schedules and movement. For human operators, learning these new patterns would take a tremendous amount of time, particularly analysing out-of-the-ordinary behaviours that are technically still within the formal bounds of acceptable use. Time-intensive legwork With anomaly detection in Brivo Access, security teams can gain better visibility and understanding as the underlying technology continuously learns users' behaviours and patterns as they transition over time. The release of anomaly detection continues Brivo's significant investments in Brivo Access and AI over the last year to offer building owners and managers more comprehensible, actionable insights and save time-intensive legwork. With a comprehensive enterprise-grade UI, real-time data visualisations, and clear indicators of emerging trends across properties, organisations can secure and manage many spaces from a central hub. Anomaly detection is now available in the enterprise edition of Brivo Access.
Brivo, Inc., the global pioneer in cloud-based access control and smart building technologies, and Crown PropTech Acquisitions (“Crown”), a publicly-traded special purpose acquisition company, today announced that they have entered into a definitive merger agreement that will result in Brivo becoming a publicly listed company. The transaction values the company at a pro forma enterprise value of $808 million. Upon closing, the combined company will operate as Brivo, and its Class A common stock is expected to be listed under the ticker symbol “BRVS.” This strategic business combination will enable Brivo to leverage Crown’s experience and relationships as an owner and operator of commercial real estate to accelerate market expansion. Since its founding in 1999, Brivo has pioneered and defined the cloud-based access control category. Brivo’s leadership was instrumental in transforming the security industry, which at the time was dominated by on-premise client-server technology, and has achieved remarkable growth with the innovative cloud-based hardware and software solutions it began rolling out in 2002. Commercial real estate Brivo expects to benefit from the dramatic increase in smart space adoption driven by the PropTech boom Today, Brivo builds and sells Software-as-a-Service-based (SaaS) building access management services and innovative connected devices to enterprises and property owners through over 1,500 channel partners. These partners provide local sales, service and installation across all classes of commercial real estate including office, industrial, multifamily and retail properties. As it continues to scale, Brivo expects to benefit from the dramatic increase in smart space adoption driven by the PropTech boom, the growing customer preference for cloud-based services, the new normal in safety and health, and a shift in security integrator channel sentiment – which has swung from 20% to 75% in favor of the cloud over the last five years. Greystar Brivo has become the single largest access control system in the world, serving a large, diversified global customer base of more than 44,500 customer accounts comprising over 300 million square feet of commercial property, 330,000 doors and 23 million credentialed Brivo users across 42 countries, all 50 states and Puerto Rico. Corporations and owners and operators of commercial real estate that use Brivo’s technology and services include Greystar, Whole Foods, NTT, DocuSign and Realogy. Brivo’s foundational platform for smart spaces includes access management, sensor monitoring, visual awareness, visitor and delivery management, and AI-driven data analytics, providing customers with all the core functionality required to operate, glean valuable insights, and optimise the performance of their buildings. Brivo’s sustained double-digit annual growth has been driven by constant innovation Brivo’s sustained double-digit annual growth has been driven by constant innovation coupled with a focused land and expands strategy that has successfully increased annual recurring revenue over time by scaling customer adoption of products and services. Future financial performance The company’s extensive channel partner ecosystem is a key differentiator that allows Brivo to achieve attractive unit economics that drives highly productive and profitable customer relationships, with a compelling lifetime value (LTV) to customer acquisition cost (CAC) ratio of 6.1x. The company has significant organic growth opportunities with strong visibility into the future financial performance from its high-retention SaaS-based model. “Brivo is unique not only in that we created the category-defining smart spaces platform, but that our products and services are foundational systems within our customers’ buildings, ensuring the safety and security of their tenants, residents and employees,” said Steve Van Till, Founder and CEO of Brivo. “We have more experience executing on a cloud-based access control model and successfully creating innovative smart devices than any other company in the world.” Cloud-based access control platform Brivo has demonstrated its value through its strong subscription revenues" “This is demonstrated by our market position and channel penetration vs other cloud-based access control providers. We have a track record of innovation, a network of sales and service channel partners, and direct insights into the needs of customers across all classes of commercial real estate – including enterprise, which is a meaningful differentiator for Brivo." "We are entering our next phase of growth as a public company supported by favorable secular tailwinds driving a smart spaces revolution, and Brivo is uniquely positioned to continue to capture the growing opportunity as we realise exceptional customer buy-in, continued expansion and high levels of retention.” High-quality products Dean Drako, Chairman of Brivo, added, “Brivo is the most sophisticated and mature cloud-based access control platform on the market and enjoys a highly compelling growth trajectory. This transaction will provide us with a significant source of capital to continue to fuel innovation and introduce high-quality products and services that protect lives and assets. Brivo is truly first and best in class, with a significant head start on others that have more recently entered this rapidly growing space. We look forward to continuing to set the industry standard and expand our position as the category leader.” Golub Capital Credit Opportunities has agreed to lead $75 million Richard Chera, Chairman and CEO of Crown PropTech Acquisitions, commented, “As an owner and operator of a sizable portfolio of commercial properties, we recognise the significant value Brivo brings to the ecosystem, and we believe there is a compelling opportunity to leverage our experience and relationships to further establish the company as the pre-eminent provider of cloud-based access control and smart building technology." "Brivo has demonstrated its value through its strong subscription revenues, retention rates, network of channel partners, and successful land and expand strategy, creating a highly loyal customer base. We look forward to supporting Steve and the team as they advance their strategic priorities.” Transaction Overview Golub Capital Credit Opportunities has agreed to lead $75 million in a convertible note to the combined company that will close concurrently with the business combination subject to satisfaction of related conditions. Eagle Eye Networks is also a strategic investor in the PIPE. There is approximately $276 million currently held in Crown’s trust account, subject to any redemptions by Crown shareholders. Existing Brivo shareholders will roll over 100 percent of their equity, retaining 69 percent ownership in the pro forma company. Assuming no redemptions, Crown shareholders will own approximately 31 percent of the combined company. The business combination will provide Brivo with up to $304 million of capital to advance its mission “We are excited to provide a highly structured and flexible financing solution to support Brivo, the market-leading provider of cloud-based access control solutions in the enterprise and commercial segments,” said Marko Soldo, Head of Golub Capital Credit Opportunities. “We think Brivo’s strong management team, coupled with Crown’s deep experience in real estate and the leadership of a proven serial technology entrepreneur like Dean Drako make for a world-class combination.” SaaS service expansion The business combination will provide Brivo with up to $304 million of capital to advance its mission of delivering the highest quality products and services to protect its customers and to fuel growth via the expansion of sales and marketing, customer acquisition, SaaS service expansion and product development, with the actual amount of capital provided depending on the level of redemptions by Crown shareholders. The company has a substantial runway within its current user base and a focused commercial strategy to drive market penetration and upselling. Brivo expects to generate $417 million in revenue and an annualised $290 million in annual recurring revenue in 2025, representing 2021E to 2025E CAGRs of 55% and 70%, respectively. Brivo’s proven management team – including Van Till, COO John Szczygiel, CFO Mike Voslow and CTO Jeff Nielsen – will continue to operate and manage the combined company following the transaction. Dean Drako, the founding CEO of Barracuda Networks, will continue to serve Brivo’s chairman of the board. The boards of directors of Brivo and Crown have unanimously approved the business combination. The transaction will require the approval of the stockholders of Crown and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. The transaction is expected to close in the first half of 2022.
Smart Building Certification, a global certifying organisation that is dedicated to creating smarter and more efficient buildings, has announced that Eagle Eye Networks, the globally renowned company in cloud video surveillance solutions and Brivo, an international company in cloud-based access control solutions, are the first physical security companies to go through the Smart Solution Certification, affirming the fact that smart security, namely cloud video surveillance and access control, is a foundation of the smart building movement. Cloud video security platform with AI and analytics Eagle Eye Networks’ cloud video surveillance platform uses artificial intelligence (AI) and analytics Eagle Eye Networks’ cloud video surveillance platform uses artificial intelligence (AI) and analytics, to enable security cameras to become the primary sensor in a building. This integration enables effective measuring of the pulse of the building and creates alerts, when needed, in order to provide essential data required to optimise the energy efficiency, security and sustainability of buildings. Integration with Brivo’s cloud-based access control solution The power of the system increases exponentially when integrated with Brivo’s cloud-based access control solution. Brivo adds a comprehensive product suite that includes smart readers, touchless mobile credentials, visitor management, occupancy monitoring, health and safety features, and integrated video surveillance, smart locks, and intercoms. Eagle Eye Networks and Brivo together provide AI-powered access control and video management integration that uses machine learning technology, in order to detect the presence of people within an access-indexed video stream, while also providing better insights with less manual effort.
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