Snap Network Surveillance, an Australian-based provider of AI-powered multi-camera networked tracking technology, announced on Thursday that it has sold the assets of the company to SenSen Networks Limited with equity priced at AU$1 million.
In a statement, the company said that the sell is a result of “significant synergies” between the two companies’ technology stacks and common target market.
Snap Surveillance has demonstrated strong traction for its Force Multiplier product in multiple vertical markets, including casinos, airports and universities, which is also some of the market segments SenSen has been targeting and serving.
SenSen, an AI solutions provider, launched its operations in North America in 2017 and currently serves cities of Calgary and Edmonton in Alberta, Canada, with a variety of Smart City AI solutions. SenSen launched its U.S. operations in April 2020 after winning a multi-year, multi-million-dollar contract with the City of Las Vegas.
By combining Snap Surveillance’s AI-powered multi-camera networked tracking technology with SenSen’s automated multi-object tracking technology within individual camera views, SenSen plans to release products with the capability to automatically detect and track people throughout a large-scale video surveillance camera network to support a multitude of high-value customer applications including ‘path to purchase,’ ‘occupancy in buildings,’ ‘tag-n-track,’ and more.
Snap Surveillance offices in Australia and North America will remain operational as before the transaction and the combined company is scheduled to release a new Version 1.8 of Force Multiplier next month.
