Security and surveillance specialist Spectur (ASX:SP3) has received an advanced payment from Southern Cross Protection for a multi-year SpecturConnect+ subscription and support services valued at more than $614,000.
Under the contract, Spectur will provide comprehensive subscription, data, and warranty services for existing purchased systems to reflect 5 years of operations. In return, Spectur will receive an upfront payment of the full amount.
The $4.28 million market capitalisation company says this payment reflects a long-term commitment to existing purchased Spectur platforms.
Spectur’s share price has increased by 11.11% at $0.02 as of 1:30pm AEDT on 9 October.
Commenting on the purchase, Spectur Managing Director Gerard Dyson says: “Spectur has been working with Southern Cross Protection since 2021 and presently have more than 70 systems deployed and integrated with their guard, patrol, monitoring, and related services.
Spectur provides a holistic hardware, software, app, installation, and support service that allows security providers to focus on their core business without having to become hardware and software integrators.
“Spectur … allows security providers to focus on their core business without having to become hardware and software integrators”
More than 2,300 Spectur platforms and nearly 3,000 cameras are currently deployed within the Spectur ecosystem, underpinning our experience in building scalable systems that are reliable, effective, and user-friendly.
With the pending formal release of our new STA7 and HD6 platforms, to go with our recently released STA-Power and STA6-240X systems, Spectur is moving forward to a focus on user experience and our user interface.
Customers such as Southern Cross Protection are sharing their needs with us to help us develop what we believe can become an industry-standard platform for security providers.”
Southern Cross Protection has a ‘unique’ offering in the Australian market called GuardView, which uses both electronic and manned patrol and guarding services to achieve ‘unrivalled’ 24/7 protection to its clients.
Spectur is an Australian-based developer of security, surveillance, and warning solutions powered by solar, Internet of Things, camera, and cloud-based technology.
As of 30 June 2023, the company had $1.523 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au