March Networks has received orders totaling $2.4 million from an existing retail customer for the Company’s Visual Intelligence software and professional Managed Services. More than half of the value of these orders is expected to contribute to fourth quarter fiscal 2011 revenue, pushing the Company’s fiscal 2011 revenue expectations beyond $100 million.
The retailer will deploy the Company’s scalable software in 2011 to better manage more than 30,000 March Networks hybrid recording systems currently installed in the retailer’s U.S. stores and membership warehouses. The software will provide the retailer with improved video compression, advanced software investigation tools, retail video analytics and future IP camera integration while equipping store managers and loss prevention investigators with high-quality video that can be accessed quickly from any networked location. The Visual Intelligence software is a key component of the organization’s complete March Networks Retail Solution, which enables retailers to enhance customer and employee safety and reduce losses from retail shrink. In the U.S. alone, losses from theft and fraud cost the industry more than $30 billion annually.
The retailer is also expanding its Managed Video Network Services contract through which experienced March Networks professionals monitor the health of the surveillance systems remotely and dispatch technicians on behalf of the retailer when required. In addition, the offering includes scheduled maintenance upgrades conducted over the network. The managed service provides retailers with a cost-effective means to ensure optimum system performance and leaves internal staff free to focus on the company’s core business operations.
“These new software and service orders confirm our ability to meet the needs of one of the world’s largest and most demanding customers, and exemplifies the ease with which customers can deploy the latest software and its new functionality,” said Net Payne, Chief Marketing Officer, March Networks. “Our complete solutions also include professional services that relieve customers of day-to-day system management, making it even easier for them to work efficiently and extract valuable business intelligence from their systems.”
“We are encouraged by the market’s continued adoption of our newest technology and services, and the expected growth in the Company’s revenue to more than $100 million for fiscal year 2011,” stated Peter Strom, President and Chief Executive Officer, March Networks.