Identiv, Inc., a global provider of physical security and secure identification, has secured new agreements with two major customers in the banking vertical.
The first new agreement 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.
Expanding recurring revenue base
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.
Additionally, the company recently secured a win with a leading Mexican banking conglomerate. The initial deployment across more than 100 locations combines video security, customer experience and business enablement.
Business-enabling solutions
“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, Identiv CEO. “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.”
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