A Romanian company that develops software for the security industry, Global Technical Group (GTS), has recently announced the acquisition of Lummetry.AI, a business that deals with artificial intelligence (AI). With this transaction, GTS strengthens its position as a market leader in physical security automation software.
Mihai Stănescu, founder and CEO of GTS, said: “GTS is differentiated by its ability to develop and integrate different areas in the IoT sector. 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. As part of the value-creation process, Abris has supported the professionalization of the business, at the same time growing it significantly together with our management team.”
Lummetry.AI’s AI engines will continue to be developed and researched by GTS following the acquisition. GTS will also launch a new software platform for managing security systems that will include AI-based modules to detect perimeter violation, identification of people, camera tampering, and crowd detection. It is also planning to expand internationally from 2022, using its strong IoT and AI solutions.
Adrian Stanculescu, Partner at Abris, commented: “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. The combination of these two teams will help us further improve our offering to clients and build our market-leading position.”
Lummetry.AI offers solutions that use AI algorithms to process video streams and large amounts of data, integrating with existing IT tools, security, and video monitoring infrastructure to create solutions capable of automatically handling multiple video streams and large amounts of data. GTS will benefit from the addition of the company’s capabilities for developing, implementing, and maintaining software platforms dedicated to security systems management. Additionally, the company’s team has an advanced level of expertise in the field of AI which will prove valuable to GTS.