$39 Million Contract Reportedly Largest Video Monitoring Award in Industry History
Iverify, Charlotte, N.C., was recently awarded a five-year contract valued at $39 million dollars to provide guard replacement and shrink reduction services for an NYSE national retailer. Iverify provides remotely managed security services through interactive video and audio communication to national retailers. The company has built a track record of reducing operating security costs by up to 75 percent for its clients over the costs of conventional guard services while delivering greatly improved security performance, the company said.
The company, founded by industry veteran Mike May, was established in 2005 and grew over the last six years, capturing Inc. 500 and Inc. 5000 awards for the last two years. The company's annual growth rate over five years has been in excess of 50 percent.
Mike Barnes offered the following statement, “Iverify has been at the forefront of delivering improved value in security operations for national retailers while reducing the cost of security expense.” Barnes continued, “Mike May has built a sophisticated team of Loss Prevention Professionals that remotely deliver security services at a very low cost. They have driven robbery and shrink rates down by over 50 percent at a number of national retailers. Mike's company is leading the industry into a new and highly effective business model that will be the standard for the delivery of security services for some time to come.”
May noted, “Iverify will provide services under the contract that will secure over 550 stores for the next five years with its ‘I Guard’ and ‘I Control’ products, delivering projected savings of $62.5 million to $70 million, net of costs. The suite of services will reduce guard costs, lower losses from theft, and improve employee safety. The outcome is that we will enhance overall operational compliance with security and safety practices while assisting this retailer with improved profits.”
In a recent press release, one of Iverify's notable clients, Family Dollar, operator of over 6300 stores nationwide, identified an improvement in their net income in Q1 based on reductions in shrink losses.