New Jersey School District Order Adds New Suite of AI-based Analytics From Roughneck AI Camera Series & Valerus Video Management Software Solutions

Brooklyn, NY, Feb. 01, 2024 (GLOBE NEWSWIRE) -- - Cemtrex Inc. (NASDAQ: CETX, CETXP), an advanced security technology and industrial services company, today announced it has received a $0.8 million second phase order through Vicon Industries from a current school district customer in New Jersey to develop its security technology system with new solutions, expanding on the customer’s previous order.

The New Jersey School District project builds on the customer’s state-of-the-art video surveillance security capabilities with the addition of Valerus video management software solutions and award-winning Roughneck cameras and servers. The project is the second installment of this work, and the order is expected to be fulfilled in the first and second quarters of calendar 2024. Details of the customer were not provided due to confidentiality agreements in place.

“Vicon continues to expand revenues with orders from a diverse set of new and existing customers in government and private industry, including border protection, prison systems and schools,” said Saagar Govil, Chairman and CEO of Cemtrex. “Growing demand for Vicon’s products is being driven by unique challenges in each of these locations that require an advanced solution of technologies to monitor people and protected areas. From the new suite of AI-based analytics with our Roughneck AI Camera Series, to Anavio, a new cloud based, security Software-as-a-Service Platform for safer, smarter schools, we continue to push the edge of technology and security solutions. Layering in these new capabilities and benefits for our customers enables us to attract high value projects and repeat customers looking to modernize their current security infrastructure.

“Taken together, this demand delivered a 46% increase in revenues for Vicon and our Security segment in FY’23 to $34.7 million. The escalating need for Physical Security Equipment is driving the market towards $57.0 billion in 2024, with Video Surveillance, the largest Physical Security Equipment category, growing at CAGR of 8.2% to $33.0 billion, according to Omdia. For schools and universities, Campus Safety Magazine recently reported that security cameras and systems continue to be a popular investment in its annual Surveillance Survey. Also noted was increasing interest in AI, the cloud, and license plate recognition (LPR) that can bolster the effectiveness of campus cameras, and this year’s participants appear to be more willing than ever before to adopt these technologies. With Vicon’s 50 years expertise across these very security products and services, we believe additional orders will enable Vicon with the potential to grow 15-20% on average over the next few years,” concluded Govil.