NEW YORK, Aug. 13, 2012 /PRNewswire/ -- Cyclops Technologies (Cyclops) is the developer and owner of the PlateSmart, the next generation in LPR (License Plate Recognition) technology. Cyclops is pleased to announce that is has retained MidCap Advisors, a national mergers and acquisitions firm, to help it commercialize the PlateSmart technology.
According to industry experts, "The PlateSmart product has the potential to revolutionize the LPR industry. Unlike every other product on the market, PlateSmart is fully independent of both camera and computer hardware. It is the first ever software-only solution and it accurately reads state jurisdictions."
John Chigos, the CEO of Cyclops, said, "In the past LPR systems were very expensive, requiring special cameras and hardware. PlateSmart is exciting because it works with virtually all existing, previously installed camera-based security and monitoring systems. This means it is inexpensive to install and it can be used in growing new markets including:
- Border Control
- Access Control
- Homeland Security
- Commercial/Residential Security & Monitoring
- Toll Operations
- Parking Systems/Enforcement
- Market Research
- Customer Service/Social Media
- Traffic Planning
- Repo Industry"
Chigos added, "We are very excited because the global market potential for PlateSmart could be over $1 billion in the next five years. We've been developing the PlateSmart technology for the last nine years. It has been field tested and proven so we're eager to now find a strategic partner to help us take it to market."
Doug Hendrickson, managing partner at MidCap Advisors, commented, "We are honored to be working with Cyclops and to help them arrange a joint venture, licensing deal or outright sale of the PlateSmart technology with the right strategic partner. It's not often a firm develops a truly innovative, game-changing technology like PlateSmart. We have been gratified by the high level of interest we've already received from venture capital groups, as well as leading camera manufacturers and security integrators."
About Cyclops Technology
Cyclops Technologies Inc. (CTI), based in Tampa Bay, Florida, is the developer of the PlateSmart License Plate Recognition software-only technology. Cyclops is a pre-revenue software and technology development company founded in 2004 by John Chigos.
About MidCap Advisors, LLC
MidCap Advisors, LLC (MidCap) is a boutique investment banking firm that provides innovative and results-oriented financial advisory services to small and medium-sized companies. With offices in New York, Chicago, Boston, Philadelphia and Kansas City, MidCap provides merger & acquisition, strategic planning, business valuation, capital raise and transaction support services to clients nationwide.
For further information about PlateSmart and to explore strategic opportunities involving PlateSmart technology please contact:
Douglas T. Hendrickson, Partner
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SOURCE MidCap Advisors, LLC