Synectics wins £1m contract with UK financial institution

(Sharecast News) - Security and surveillance systems specialist Synectics announced a substantial contract worth £1m with a major UK financial institution on Wednesday.

The AIM-traded firm said the agreement would involve the deployment of its proprietary software platform Synergy and was set to be finalised during the 2024 financial year.

Under the contract, Synectics would enhance surveillance and security systems at various sites within the financial institution's back-office infrastructure in the UK.

It said the locations encompassed data centres, cash handling facilities, alarm receiving centres, and disaster recovery facilities.

Furthermore, Synectics would upgrade the existing on-site hardware, including installing cutting-edge 4K cameras.

The company said Synergy was customised for the client to include high-spec video feed integrations, advanced security workflows, and alarm management for monitoring entry and exit activities - a crucial requirement within the financial services sector.

"Today's announcement is significant for Synectics, as it is its largest single contract to deploy its Synergy software to a commercial customer in the UK for many years," said chief executive officer Paul Webb.

"In the public sector, similar solutions using our technologies continue to be a real driver for enhancing and enabling multi-agency, multi-site collaboration.

"Our extensive experience and expertise mean that customers can rely on us to help ensure their systems can be configured to meet demanding internal procedures, as well as all external regulatory requirements."

Reporting by Josh White for Sharecast.com.