SenSen acquires Scancam
SenSen has entered into an agreement to acquire Scancam Industries Pty Ltd, Australia’s leading provider of AI solutions to fuel retailers.
Scancam’s award-winning AI technology prevents drive-offs at service stations, addressing a significant problem for fuel retailers in Australia.
Scancam is a leading provider of AI solutions for fuel retailers in Australia. Its anti-fuel theft solution is designed to prevent drive-offs from motorists at service stations, and thereby
protect the profits of fuel retailers. After capturing license plates and images of known offenders, Scancam’s anti-fuel theft technology triggers operational processes to prevent further losses and it can be used as a reliable tool for law enforcement investigation.
Scancam technology brings together latest advances in computer vision, AI, cloud computing and Internet of Things (IoT) and feeds a growing demand for more sophisticated security solutions, solving a serious problem faced by fuel retailers.
Although Scancam developed this solution to address a serious problem that is costing the fuel retail industry ~A$59 million per annum across Australia alone*, SenSen’s grand vision is to use this as a springboard to launch product enhancements and variants to solve broader retail theft problems.
Retail crime in Australia alone is a A$9 billion dollar problem, according to the National Retail Association (NRA)**. Globally, retail theft is estimated to be costing the industry about US$60 billion annually***. SenSen is particularly excited about this large market and how solutions powered by the companies’ combined technologies could help offer a highly effective solution to prevent retail theft globally.
This acquisition follows an announcement from 1 December 2020, when SenSen acquired SNAP Networks Surveillance. In line with SenSen’s strategy, the Company is integrating SNAP technology into the SenSen platform, SenDISA, to develop a ground-breaking new product line called SenTRACK – the world’s first completely automated person-tracking solution across an entire surveillance network.
The combination of Scancam technology to track vehicles of interest and SenTRACK to track people of interest is expected to deliver the world’s first AI data fusion solution to prevent theft in all retail environments, not just fuel retailers.
Commenting on the Scancam acquisition, SenSen’s CEO Dr. Subhash Challa said: “This is an important strategic acquisition for SenSen, a move that not only aligns to our ARR generating growth plans for FY22 and beyond, but also provides a strong foundation and impetus to move into the broader retail business vertical”.