Company to Add Market-Leading AI Technology and Robust Customer Roster As it Continues Disruption of the $4.25B Vehicle Recognition Market
CHANTILLY, VA / ACCESSWIRE / November 15, 2018 / Novume Solutions, Inc. (NASDAQ: NVMM), a holding company of leading specialty professional services and technology firms, announced today that it has executed a definitive agreement to acquire OpenALPR Technology, Inc. (OpenALPR). As part of the agreement and upon closing, OpenALPR founder and Chief Executive Officer, Matt Hill, will join Novume as Chief Science Officer.
The anticipated acquisition comes during a period of tremendous growth for OpenALPR, an internationally recognized leading provider of license place reader (LPR) software used by both law enforcement and commercial clients. OpenALPR’s proprietary AI-powered LPR solution is currently running on over 3,000 cameras, capturing millions of license plates per day, that are operated by more than 400 clients, including several Fortune 100 companies. Novume currently provides support to OpenALPR through a management services agreement.
“We are excited to take the next step toward completing our acquisition of OpenALPR,” said Robert A. Berman, Novume’s CEO. “Matt Hill has created a powerful tool that has remarkable potential on its own. Novume has already built an exciting line of products around OpenALPR and we look forward to expanding its use into other areas of the company. As Chief Science Officer, Matt will be at the center of this innovation. OpenALPR has provided a disruptive and cost-effective software solution to the typical capital-intensive need of replacing hardware. It saves money, it saves time, and with an accuracy rate of 99%, it outperforms humans. OpenALPR is truly a game-changer.”
Rather than buying expensive special-use cameras that take weeks or months to ship and install, OpenALPR provides software that can be used immediately with any existing IP camera. It can bring customers not just savings of thousands of dollars per camera, but flexibility to expand or decrease usage as needed without large additional capital expenditures. It also can be used to significantly enhance surveillance activity, collecting data such as make, model, and color of a vehicle with the same camera that’s being used for general surveillance recording.
“This is an exciting time for OpenALPR, as we join with Novume in disrupting the vehicle recognition market,” said Hill. “We see an incredible opportunity to grow our customer-base through Novume’s existing relationships in the federal and law enforcement sectors, as well as to support other technologies they bring to market.”
OpenALPR’s technology is also a natural fit for Novume’s line of automatic traffic safety enforcement cameras, which are currently in use or being tested by law enforcement agencies and cities across the U.S. and Canada, including a current pilot program in Cleveland, Ohio.
About OpenALPR Technology, Inc.
OpenALPR builds software that enables automatic license plate and vehicle recognition through virtually any IP camera. Its industry-leading artificial intelligence-based solutions can be hosted locally or in the cloud. Combined with its robust and growing license plate database covering 60 countries, OpenALPR’s software can identify in real time vehicle license plate data, color, make, model and body type.
About Novume Solutions, Inc.
Novume provides products and services to both government and private sector clients, with an emphasis on public safety, risk management and workforce solutions. We are a holding company that integrates technology and human capital to solve complex client challenges in today’s world. We provide Solutions for a New Generation. For more information, please visit novume.com, or connect with us on Twitter, LinkedIn, or Facebook.
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