September 23 (SeeNews) - Romanian software developer for the security industry Global Technical Group, GTS, backed by investment fund Abris Capital Partners, has acquired local artificial intelligence business Lummetry.AI, the fund said on Thursday.
The transaction will further strengthen GTS’s position as a market leader in software solutions for physical security automation, Abris said in a press release.
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"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," Abris partner Adrian Stanculescu said.
The value of the deal was not disclosed.
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.
"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," GTS founder and CEO Mihai Stanescu said.
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.
"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,” Abris managing partner Pawel Gierynski said.
GTS was founded in 2007 and consists of two divisions providing software solutions for the security industry. Abris invested in the business in 2019 with the aim of accelerating the innovation process and laying the foundations for international expansion.
Lummetry.AI is a Romanian artificial intelligence company that uses Big Data & in-house developed solutions to help companies identify and capitalize business opportunities.
Established in 2007, Abris Capital Partners is an independent private equity fund manager, focused on mid-market opportunities in the major countries of Central Europe.