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SoundThinking Acquires Intelligent Weapons Detection Provider, SafePointe
Acquisition Enables SoundThinking’s Entrance into Underpenetrated and Growing $20 Billion Global Weapons Detection Market SafePointe Extends SoundThinking’s
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[{"type":"text","content":"Acquisition Enables SoundThinking’s Entrance into Underpenetrated and Growing $20 Billion Global Weapons Detection Market SafePointe Extends SoundThinking’s SafetySmart™ Platform with Proven Artificial Intelligence (AI)-based Low Profile, Frictionless Weapons Detection Solution FREMONT, Calif., Aug. 22, 2023 (GLOBE NEWSWIRE) -- 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 poten...