Abris-backed Global Technical Group acquires Lummetry.AI
Tech firm strengthens its position as the market leader in software solutions for physical security automation
BUCHAREST, Romania, Sept. 27, 2021 /PRNewswire/ -- Global Technical Group ("GTS"), the Romanian developer of software for the security industry, backed by Abris Capital Partners ("Abris"), has acquired Lummetry.AI, a Romanian artificial intelligence business. The transaction, completed on 15 September, will further strengthen GTS's position as a market leader in software solutions for physical security automation.
GTS was founded in 2007 and consists of two divisions providing software solutions for the security industry, comprising advanced IoT solutions, building technologies, engineering, automation and energy efficiency, facility management and technical maintenance. GTS is one of the largest players in this sector in Romania, counting most of the largest banks, oil companies, shopping malls, retailers and international manufacturing and distribution companies among its clients.
Abris invested in the business in 2019 with the aim of accelerating the innovation process and laying the foundations for international expansion.
Adrian Stanculescu, Partner at Abris, commented:
"The acquisition of Lummetry.AI is the next exciting step in GTS's growth story. Already the business has seen an impressive CAGR of nearly 50% in the past five years, and we expect to continue realizing double-digit revenue growth over the next five. The combination of these two teams will help us further improve our offering to clients and build our market-leading position."
Lummetry.AI offers solutions that work as AI "engines", which integrate with existing IT tools, security and video monitoring infrastructure, transforming the platforms into solutions capable of automatically processing multiple video streams and large amounts of data. The company will complement GTS by bringing capabilities for the development, implementation and maintenance of software platforms dedicated to security systems management, as well as a track record of successful projects and a team with an advanced level of expertise in the field of AI.
Mihai Stănescu, founder and CEO of GTS, added:
"GTS is differentiated by its ability to develop and integrate different areas in the IoT sector. Over the past two years, alongside Lummetry.AI, we have accelerated the integration of AI algorithms in everything we do, bringing a tremendous advantage to clients, who can benefit from advanced technology even if platforms used were not originally designed to be monitored with advanced software. As part of the value-creation process, Abris has supported the professionalization of the business, at the same time growing it significantly together with our management team."
Following the acquisition, GTS will continue to invest in Lummetry.AI's research and development of AI engines. In addition, GTS is preparing to launch a new software platform for monitoring and managing security systems that will include integrated AI-based modules such as perimeter violation, people counting, people presence identification, camera tempering and crowd detection. The company is also preparing for an international expansion, beginning in 2022, to leverage its strong IoT and AI solutions.
Pawel Gierynski, Managing Partner at Abris, commented:
"At Abris, we remain committed to our strategy of transforming local players into regional champions. During the pandemic, we saw that digitization and the transition to cloud services accelerated across most industries. I am therefore extremely proud that our Romanian portfolio company is on the right path to become the leading technology-driven security and service integrator in Central Europe. We look forward to supporting the group as it consolidates its position in the market further."
Abris Capital Partners
Abris Capital Partners is a leading independent private equity fund manager, focused on mid-market opportunities in the major countries of Central Europe. Established in 2007, Abris seeks to identify, and partner with, the most successful and dynamic mid-market businesses in Central Europe, which can benefit from an input of capital and/or management expertise at both strategic and operational levels. With investment capital of almost €1.3 billion, Abris has obtained financial backing from many leading global investment institutions including corporate and public pension plans, financial institutions, funds of funds and US university endowment funds. Abris has a long-term investment horizon and usually targets transactions in which it is able to acquire a majority or sole ownership position. The typical financial commitment by Abris to any single transaction can range from €30 million to €75 million, with larger commitments available if required. The Abris advisory business operates using teams based in Warsaw and Bucharest.
GTS
GTS is part of GTS Global Technical Group - one of the leading technology and security integrators in Romania, owned by Abris Capital Partners. The group consists of two divisions: Physical Security & Safety (focusing mostly on software) and Building Technologies (with a hardware component). The companies in the physical security division form a one-stop shop for the clients, with the ability to provide a broad range of services and expertise, from the development phase to project completion, by providing services such as: systems design, implementation, maintenance, software platform development and monitoring services. GTS Global Intelligence is known for developing CAVI Smart Monitoring & CAVI Share Alert, two innovative security solutions.
Lummetry.AI
Lummetry.AI is a Romanian artificial intelligence company that uses Big Data & in-house developed solutions to help companies identify and capitalize untapped business opportunities. The company focuses on facilitating knowledge work by leveraging Big Data and the Internet of Things (IoT) with the power of Machine Learning and Deep Learning models. Lummetry has developed VAPOR, a video analytics engine built to run on customers' existing video infrastructure; SEER, a predictive analytics engine based on Machine Learning and Deep Learning, which can be integrated both into video monitoring systems and solutions for predictive stock replenishment or sales forecasting, and ALLAN, an automated text analytics engine, also available for the Romanian language.
SOURCE Abris Capital Partners
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