This strategic acquisition will enable SenSen to launch its solutions into the retail business vertical starting with Scancam’s current client portfolio of national fuel retailers, such as BP plc (LON:BP), Ampol Ltd (ASX:ALD) and Chevron Corporation (NYSE:CVX).
Notably, the acquisition is estimated to add approximately A$3 million in revenue to SenSen’s overall revenue profile for FY 2022, of which A$1 million is estimated to be in annual recurring revenue from Scancam’s blue-chip customer base.
SenSen CEO Dr Subhash Challa said: “On behalf of my fellow board members and colleagues at SenSen, I would like to extend a warm welcome to our new investors and the staff of Scancam Industries Pty Ltd.
“This strategic acquisition is foundational to SenSen’s expansion into the retail industry, enhancing customer experiences through smart analytics, reliable data and data fusion driven insights – ultimately supporting our strategy to demonstrate more value to our shareholders.”
Fuel theft reduction solution
Fuel theft is a globally recognised problem that costs Australian operators approximately $60 million in losses every year.
To date, Scancam’s high capex fuel theft reduction solution has been a barrier to entry, which has led to a slow adoption rate by some customers within this market.
Promisingly, SenSen will integrate Scancam’s technology into its Sensor AI platform SenDISA to dramatically reduce the cost of adoption of Scancam’s technology.
In-store optimisation solutions
This acquisition is expected to provide SenSen with strong organic growth opportunities to expand upon Scancam’s current customer base of 250 service stations to 6,500 sites across Australia.
The company aims to augment Scancam’s technology so that it can provide a low-to-zero capital expense for retailers.
SenSen intends to leverage the current portfolio of customers to introduce in-store optimisation solutions to help retailers make more revenue while reducing labour costs, placing SenSen at the forefront of trends shaping the retail market.
SenSen sees service stations and convenience stores as the starting point to solve important retail customer problems before moving to secure larger, retail chains as customers.
The company’s data is pivotal to help retailers improve their earnings by measuring customer activity, understanding modified customer preferences and new behaviour patterns in store.
SenSen plans to leverage its SenDISA platform and the unique product configuration SenTRACK to capture significant commercial opportunities in this segment.
- Ephrems Joseph
Story by ProactiveInvestors
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