OTTAWA, Feb. 21, 2012 /CNW/ - March Networks® (TSX: MN), a global provider of intelligent IP video solutions, today announced more than $2.5 million in orders from a top ten global financial institution for new video recording systems. The financial institution is deploying the hybrid network video recorders (NVRs) to outfit new retail banking branches, as well as existing branches as part of a planned upgrade program. In addition, it plans to use the company's integrated Searchlight software applications in a number of locations to more aggressively reduce losses from ATM skimming, cash harvesting and other banking crime.
These latest orders will bring the bank's total March Networks video surveillance installation to approximately 8,000 locations once the rollout is complete in August 2012. The customer continues to standardize on the financial solution because of its centralized video management capability, which enables authorized staff to access video and conduct investigations remotely at a much faster pace. The solution also provides the demonstrated reliability, scalability, and advanced health monitoring and maintenance needed to ensure optimum system performance across the extensive surveillance network.
"Our financial solutions help banks maintain a competitive advantage by enhancing customer asset protection and increasing operational efficiency," said Peter Strom, President and CEO, March Networks. "We are pleased to announce new business with one of the world's largest financial institutions and look forward to showcasing the significant fraud fighting capabilities of our Searchlight portfolio."
March Networks Searchlight™ applications provide financial institutions with critical business intelligence that makes it faster and easier to detect and reduce losses from fraud and other crimes. The portfolio includes Financial Transaction Investigation software, which synchronizes ATM and teller transaction records with high-quality video to streamline case management and investigator performance. It also includes powerful Skimming Detection, Image Tracker and License Plate Tracker applications that enable banks to proactively detect fraudulent activity at ATMs and gather strong case evidence through centralized searches that correlate video, transaction information, facial images and license plate data.
More than 450 banks and credit unions worldwide currently use March Networks' financial solutions to improve security, fraud investigation and operations. The company is also ranked the #1 provider of banking video surveillance systems in the Americas by IMS Research.
About March Networks
March Networks® (TSX:MN) is a leading provider of intelligent IP video solutions. For more than a decade, the company has helped some of the world's largest commercial and government organizations transition from traditional CCTV to advanced surveillance technologies used for security, loss prevention, risk mitigation and operational efficiency. Its highly scalable and easy to use Command™ video management platform incorporates a web-based client interface to enable rapid system deployment and complete system control. It is complemented by the company's portfolio of high-definition IP cameras, encoders, video analytics and hybrid recorders, as well as outstanding professional and managed services. March Networks systems are delivered through an extensive distribution and partner network in more than 50 countries. For more information, please visit www.marchnetworks.com.
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 update these forward-looking statements as a result of new information or future events.
MARCH NETWORKS, March Networks Command, March Networks Searchlight and the MARCH NETWORKS logo are trademarks of March Networks Corporation. All other trademarks are the property of their respective owners.
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