SoundThinking, Inc. (Nasdaq: SSTI) (formerly
ShotSpotter, Inc.), a leading public safety technology company that
combines data-driven solutions and strategic advisory services for
law enforcement and community assistance groups, acquired
SafePointe, LLC (SafePointe), an innovator in intelligent weapons
detection technology, on August 18, 2023.
SafePointe OverviewSafePointe specializes in
intelligent weapons detection technology developed with strong
roots in U.S. military defense programs. Its team has more than a
decade of experience in developing, fielding, and monitoring
perimeter and route security in the most challenging environments
in the world.
Unlike bulky legacy metal detectors, SafePointe’s AI-based
solution is designed for high-traffic environments that require
highly secure, frictionless access in a low-profile form factor.
SafePointe’s systems have been installed in workplaces, museums,
schools, casinos, financial institutions and hospitals that rely on
SafePointe to field, monitor and screen on-premises security
concerns.
SafePointe Acquisition Summary and
Rationale
- Enables SoundThinking to enter the
underpenetrated $20 billion global weapons detection market
(According to a financial analyst’s February 2023 report).
- Extends SoundThinking’s SafetySmart™
platform with a proven weapons (firearms, tactical knives,
explosives) detection solution that identifies potential
threats.
- Adds an expanding base of commercial
and enterprise customers, providing attractive cross-selling
opportunities for SoundThinking’s public safety and security
customers.
- Complementary software-as-a-service (SaaS) business model with
attractive unit economics, efficient sales strategy and strong
customer retention.
Market Opportunity and SafePointe Competitive
AdvantagesAccording to the February 2023 report, the $20
billion intelligent weapons detection market remains
underpenetrated. The market growth and demand for these solutions
seem bolstered by organizations' desire to enhance their
situational awareness around potential threats while reducing
operating and labor costs. According to the report, the serviceable
addressable market for these solutions includes highly trafficked
public and private facilities including hospitality, casinos,
education, and others.
Over the years, SafePointe has established itself as a leader in
the emerging intelligent weapons detection market by offering
customers low total cost of ownership and minimal false positives
and false negatives packaged in a low-profile form factor.
SafePointe’s proprietary AI-based weapons detection system provides
a better visitor and employee throughput experience as well as low
total cost of ownership, all while maintaining a robust detection
capability.
Management Commentary“SafePointe significantly
extends our SafetySmart Platform and provides our combined customer
base with another robust solution to enhance public safety outcomes
in places where we have unfortunately seen a marked increase in
workplace and active shooter violence,” said Ralph Clark, President
and CEO of SoundThinking. "This acquisition makes strategic
sense given SafePointe’s proven technology, unique differentiation,
and early traction in entirely new verticals for SoundThinking. It
also allows us to expand our positive impact on public safety
outcomes and enables acceleration of SoundThinking’s growth
potential. We have already been collaborating with SafePointe on
key opportunities in anticipation of this acquisition.”
Gregory Holifield Ph.D., founder of SafePointe, commented: “As a
pioneer in the fast-growing weapons detection space, we are excited
to join SoundThinking at this pivotal moment for our company and
industry. We have admired SoundThinking and its leadership in the
broader public safety space for many years. With their operational
experience, infrastructure, and strong brand, I am highly confident
we will be able to execute larger deals more effectively and
penetrate this greenfield market opportunity more quickly. Public
safety is at the heart of our mission, and by joining
SoundThinking, we expect to create a new standard of excellence in
public safety technology.”
Alan Stewart, CFO of SoundThinking, added: “SafePointe’s SaaS
business model and growing financial profile provide us with
another stream of predictable high-margin revenue to augment our
robust financial base. We utilized a portion of our existing credit
facility for the acquisition and have sufficient operating cash on
hand post-acquisition. Additionally, we believe SafePointe will be
accretive to our earnings per share by the end of 2024.”
Supplemental PresentationSoundThinking has made
available a supplemental presentation about the SafePointe
acquisition, which is available in the investor relations section
of the company’s website.
Safe Harbor StatementThis press release
contains "forward-looking statements" within the meaning of the
“safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995, including but not limited to statements
regarding market opportunity, cross-selling opportunities for the
company’s customers, and the company’s belief that the SafePointe
acquisition will positively impact the company’s growth potential,
revenue, and earnings per share. Words such as "expect,"
"anticipate," "should," "believe," "target," "project," "goals,"
"estimate," "potential," "predict," "may," "will," "could,"
"intend," or variations of these terms or the negative of these
terms and similar expressions are intended to identify these
forward-looking statements. Forward-looking statements are subject
to a number of risks and uncertainties, many of which involve
factors or circumstances that are beyond the company’s control. The
company’s actual results could differ materially from those stated
or implied in forward-looking statements due to a number of
factors, including but not limited to: the company’s ability to
successfully negotiate and execute contracts with new and existing
customers in a timely manner, if at all; the company’s ability to
maintain and increase sales, including sales of the company’s newer
product lines; the availability of funding for the company’s
customers to purchase the company’s solutions; the complexity,
expense and time associated with contracting with government
entities; the company’s ability to maintain and expand coverage of
existing public safety customer accounts and further penetrate the
public safety market; the potential effects of negative publicity;
the company’s ability to sell its solutions into international and
other new markets; the lengthy sales cycle for the company’s
solutions; changes in federal funding available to support local
law enforcement; the company’s ability to deploy and deliver its
solutions; the company’s ability to maintain and enhance its brand;
and the company’s ability to address the business and other impacts
and uncertainties associated with macroeconomic factors, as well as
other risk factors included in the company’s most recent annual
report on Form 10-K and quarterly report on Form 10-Q and other SEC
filings. These forward-looking statements are made as of the date
of this press release and are based on current expectations,
estimates, forecasts and projections as well as the beliefs and
assumptions of management. Except as required by law, the company
undertakes no duty or obligation to update any forward-looking
statements contained in this release as a result of new
information, future events or changes in its expectations.
About SoundThinkingSoundThinking, Inc. (Nasdaq:
SSTI) is a leading public safety technology company that combines
data-driven solutions and services for law enforcement, civic
leadership, and community assistance groups to drive more
efficient, effective, and equitable public safety outcomes. Our
SafetySmart™ platform includes ShotSpotter®, the leading acoustic
gunshot detection system, CrimeTracer™, the foremost law
enforcement search engine, CaseBuilder™, a one-stop investigation
management system, and ResourceRouter™, software that directs
patrol and community anti-violence resources to help maximize their
impact. SoundThinking products and technologies are used by more
than 200 customers and 2000+ agencies worldwide and has been
designated a Great Place to Work® Company.
SoundThinking Investor Relations Contact:Matt
Glover and Thomas ThayerGateway Group, Inc. +1 (949)
574-3860SSTI@gateway-grp.com
SoundThinking (NASDAQ:SSTI)
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