Technology

VERSABANK RECEIVES FINAL U.S. APPROVAL FOR U.S. BANK ACQUISITON

Published

7 months ago

June 14, 2024

– Acquisition Will Enable VersaBank to Broadly Launch its Unique and Highly Successful
Receivable Purchase Program Financing Solution in the United States –

LONDON, ON, June 14, 2024 /PRNewswire/ – VersaBank (TSX: VBNK) (NASDAQ: VBNK), a North American leader in business-to-business digital banking, as well as technology solutions for cybersecurity, today announced that it has received approval from the Office of the Comptroller of the Currency (the “OCC”), the primary regulator of banks chartered under the United States National Bank Act, to proceed with its proposed acquisition of Minnesota-based Stearns Bank Holdingford N.A. (“Stearns Holdingford”). Stearns Holdingford is an independent OCC-chartered national bank with US$79 million in assets located in Holdingford, Minnesota that is wholly owned by Stearns Financial Services, Inc. (“Stearns Financial”). The OCC approval is the second and final U.S. regulatory approval required for VersaBank to proceed with the Stearns Holdingford acquisition. VersaBank will now seek approval for the Stearns Holdingford acquisition from its Canadian regulator, the Office of the Superintendent of Financial Institutions (OSFI). Upon VersaBank’s receipt of OSFI approval, it will proceed to close the Stearns Holdingford acquisition as soon as possible.

Stearns Financial, a multi-bank holding company owning two additional and separate national bank charters, Stearns Bank Upsala National Association and Stearns Financial’s flagship and largest national bank, Stearns Bank National Association (headquartered in St. Cloud, Minnesota), is not part of the VersaBank transaction and will continue to exist and operate independently.

“OCC approval of our proposed acquisition of Stearns Holdingford is a critical milestone in the process of taking our unique and highly successful Receivable Purchase Program (RPP) to the largest financing market in the world,” said David Taylor, President and Chief Executive Officer, VersaBank. “Having proven out the value of our innovative and proprietary RPP financing solution in Canada, our acquisition of Stearns Holdingford, a national, federally licensed U.S. bank, will enable us to pursue a methodical, phased roll out of this solution across the U.S. There is simply no equivalent to this type of funding mechanism for point-of-sale finance companies anywhere in North America. The very favourable market response to the limited initial roll out of our RPP solution in the U.S. to date, as well as the long list of potential partners waiting on our ability to broadly roll out our program, has confirmed our belief that our offering is both one-of-a-kind and an attractive alternative to the existing sources of funding for our partners. It gives us great confidence in our ability to replicate the success of our Canadian solution in the U.S. market.”

Mr. Taylor added, “Importantly, in our expansion into the U.S., we will maintain our steadfast commitment to risk mitigation throughout our organization, which has enabled us to lead the Canadian banking industry in terms of credit risk and achieve a 30-year track record of no material loan losses. Our RPP opportunity in the U.S., combined with the expected continued growth in our RPP portfolio in Canada, will enable VersaBank to drive strong, sustainable growth in our loan portfolio for years to come and increasingly capitalize on the significant operating leverage in our business model, driving outsized improvements in efficiency and growth in profitability and return on common equity that is unmatched in the North American banking industry.”

Mr. Taylor added, “As we capitalize on the significant opportunity this acquisition affords us, we look forward to continuing to serve the community of Holdingford, providing the same level of service and support that its customers have come to know for many decades.”

“On behalf of the entire team at Stearns Financial and all of the communities we serve, I would like to congratulate VersaBank on this monumental achievement and welcome VersaBank with open arms,” said Kelly Skalicky, President and CEO of Stearns Financial. “It is a testament to the diligence and integrity of the VersaBank management team and the strength and soundness of their banking model that VersaBank’s acquisition of Stearns Holdingford was approved by both the OCC and the Fed, providing VersaBank the opportunity to bring successful solutions and positively contribute to our local communities and the larger U.S. financing sector by delivering their well-established, proven Receivable Purchase Program and innovative financing offerings. We look forward to being able to proceed with the closing of the Stearns Holdingford transaction and continuing to work with VersaBank on additional future opportunities as they emerge.”

“It speaks volumes that our Canadian neighbor, VersaBank, has chosen Holdingford as its home base for entry into the U.S. market,” said Heather Plumski, President of Stearns Bank Holdingford. “The VersaBank team shares our values and culture and is committed to continuing Stearns Bank’s legacy as a vital contributor to and supporter of the local economy.”

About VersaBank’s Receivables Purchase Program

VersaBank’s Receivable Purchase Program is an innovative and highly attractive digital funding solution for finance companies who lend money to consumers and small businesses for what are typically “big ticket” purchases (e.g. consumer home improvement/HVAC projects and a wide variety of commercial equipment). It was specifically designed to address an unmet need in the market for consistently available, readily accessible, economically attractive capital using VersaBank’s proprietary, state-of-the-art banking technology. Consistent with its branchless, business-to-business, partner-based digital banking strategy, VersaBank’s RPP enables it to access the massive and growing consumer and small business financing market in an indirect, efficient and highly risk-mitigated manner.

As of April 30, 2024, VersaBank’s Receivable Purchase Program portfolio was in excess of C$3.1 billion (US$2.3 billion), growing at compounded annual rate of more than 26% over the last five years (fiscal year ended October 31). Since the Bank’s RPP was first launched in Canada in 2010 and launched on a limited basis in the U.S. in April 2022, VersaBank has provided more than C$9 billion (more than US$6.5 billion) in funding to North American finance companies.

About Stearns Financial Services, Inc.

Stearns Financial Services Inc. (SFSI) is a well-capitalized, $3.3 billion independent financial holding company based in St. Cloud, MN. It is the holding company for Stearns Bank N.A. and Stearns Bank Upsala, N.A., as well as Stearns Bank Holdingford N.A., which has been approved by U.S. regulators for acquisition by VersaBank. Recognized as one of the nation’s top-performing banks by both American Banker and Independent Banker magazines, Stearns Bank N.A. specializes in affordable housing, construction finance, small business lending, and equipment financing. Driven by a passion to help others achieve their greatest ambitions, Stearns Bank gets the job done! For more information, visit StearnsBank.com.

About VersaBank

VersaBank is a Canadian Schedule I chartered (federally licensed) bank with a difference. VersaBank became the world’s first fully digital financial institution when it adopted its highly efficient business-to-business model in 1993 using its proprietary state-of-the-art financial technology to profitably address underserved segments of the Canadian banking market in the pursuit of superior net interest margins while mitigating risk. VersaBank obtains all of its deposits and provides the majority of its loans and leases electronically, with innovative deposit and lending solutions for financial intermediaries that allow them to excel in their core businesses. In addition, leveraging its internally developed IT security software and capabilities, VersaBank established wholly owned, Washington, DC-based subsidiary, DRT Cyber Inc. to pursue significant large-market opportunities in cyber security and develop innovative solutions to address the rapidly growing volume of cyber threats challenging financial institutions, multi-national corporations and government entities on a daily basis.

VersaBank’s Common Shares trade on the Toronto Stock Exchange (“TSX”) and Nasdaq under the symbol VBNK. Its Series 1 Preferred Shares trade on the TSX under the symbol VBNK.PR.A.

Forward-Looking Statements

VersaBank’s public communications often include written or oral forward-looking statements. Statements of this type are included in this document, and may be included in other filings and with Canadian securities regulators or the U.S. Securities and Exchange Commission, or in other communications. All such statements are made pursuant to the “safe harbor” provisions of, and are intended to be forward-looking statements under, the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. The statements in this press release that relate to the future are forward-looking statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, many of which are out of our control. Risks exist that predictions, forecasts, projections, and other forward-looking statements will not be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements as several important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, the strength of the Canadian and U.S. economy in general and the strength of the local economies within Canada and U.S. in which we conduct operations; the effects of changes in monetary and fiscal policy, including changes in interest rate policies of the Bank of Canada and the U.S. Federal Reserve; changing global commodity prices; the effects of competition in the markets in which we operate; inflation; capital market fluctuations; the timely development and introduction of new products in receptive markets; the impact of changes in the laws and regulations pertaining to financial services; changes in tax laws; technological changes; unexpected judicial or regulatory proceedings; unexpected changes in consumer spending and savings habits; the impact of wars or conflicts including the crisis in Ukraine and the impact of the crisis on global supply chains; the impact of new variants of COVID-19 and the Bank’s anticipation of and success in managing the risks implicated by the foregoing. For a detailed discussion of certain key factors that may affect our future results, please see our annual MD&A for the year ended October 31, 2022.

The foregoing list of important factors is not exhaustive. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The forward-looking information contained in this document and the related management’s discussion and analysis is presented to assist our shareholders and others in understanding our financial position and may not be appropriate for any other purposes. Except as required by securities law, we do not undertake to update any forward-looking statement that is contained in this document and the related management’s discussion and analysis or made from time to time by the Bank or on its behalf.

Visit our website at: www.versabank.com

Follow VersaBank on Facebook, Instagram, LinkedIn and Twitter

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SOURCE VersaBank

Technology

Automotive and Transportation Connector Market to Grow by USD 4.34 Billion from 2025-2029, Driven by European Demand and AI-Powered Market Evolution – Technavio

Published

9 minutes ago

January 14, 2025

NEW YORK, Jan. 14, 2025 /PRNewswire/ — Report on how AI is driving market transformation – The global automotive and transportation connector market size is estimated to grow by USD 4.34 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of 5.8% during the forecast period. Rising demand in european region is driving market growth, with a trend towards increasing electronic components in automobiles. However, lack of durability poses a challenge. Key market players include Amphenol Corp., Aptiv Plc, Aviation Industry Corp. Of China Co. Ltd., BorgWarner Inc., Eaton Corp plc, Furukawa Electric Co. Ltd., HIROSE ELECTRIC Co. Ltd., Hu Lane Associate Inc., J.S.T. Mfg. Co. Ltd., Japan Aviation Electronics Industry Ltd., Koch Industries Inc., Korea Electric Terminal Co. Ltd., Kyocera Corp., Lear Corp., Leoni AG, Lumberg Holding GmbH and Co. KG, Luxshare Precision Industry Co. Ltd., Rosenberger Hochfrequenztechnik GmbH and Co. KG, Samtec Inc., Sumitomo Corp., TE Connectivity Ltd., and Yazaki Corp..

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Automotive And Transportation Connector Market Scope

Report Coverage

Details

Base year

2024

Historic period

2019 – 2023

Forecast period

2025-2029

Growth momentum & CAGR

Accelerate at a CAGR of 5.8%

Market growth 2025-2029

USD 4337.3 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

4.6

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 42%

Key countries

US, China, Japan, South Korea, and Canada

Key companies profiled

Amphenol Corp., Aptiv Plc, Aviation Industry Corp. Of China Co. Ltd., BorgWarner Inc., Eaton Corp plc, Furukawa Electric Co. Ltd., HIROSE ELECTRIC Co. Ltd., Hu Lane Associate Inc., J.S.T. Mfg. Co. Ltd., Japan Aviation Electronics Industry Ltd., Koch Industries Inc., Korea Electric Terminal Co. Ltd., Kyocera Corp., Lear Corp., Leoni AG, Lumberg Holding GmbH and Co. KG, Luxshare Precision Industry Co. Ltd., Rosenberger Hochfrequenztechnik GmbH and Co. KG, Samtec Inc., Sumitomo Corp., TE Connectivity Ltd., and Yazaki Corp.

Market Driver

The Automotive and Transportation Connector market is experiencing significant growth due to trends in safety features and environmental concerns. With the increasing demand for electric vehicles, there is a rising need for connectors that can withstand temperature fluctuations and wear and tear. Adaptive front lighting, park assistance, and adaptive cruise control are becoming standard safety and security features. Technological advancements like IMSE technology, fiber optics, and machine learning are enhancing the driving experience. Keyless entry, lane departure warning, and anti-theft alarm systems are essential electronic components for passenger cars and commercial vehicles. Vehicle manufacturers are focusing on power distribution, data transfer, and vehicle security. Wi-Fi networks, memory interfaces, and data storage interfaces are essential for connectivity and electrification. The market for automotive connectors includes in-mold connectors, wire-to-board, and board-to-board connectors. The future of the market lies in the electrification of vehicles, self-driving technology, and advanced security features. Air pollution and carbon emissions are driving the need for environmentally friendly mobility solutions.

Advanced safety and security systems, including ADAS, lane departure warning, anti-theft alarm systems, adaptive cruise control, braking systems, and autonomous driving systems, are integral to modern vehicles. These systems rely on numerous electronic components, which in turn use connectors to distribute power effectively. Vendors are focusing on creating superior connector technology that can endure extreme temperatures, wear, tear, and dust at affordable prices. These connectors ensure reliable power distribution to safety components, enhancing vehicle safety.

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Market Challenges

• The Automotive and Transportation Connector market is experiencing significant growth due to the increasing demand for safety features in vehicles. This includes adaptive front lighting, lane departure warning, and advanced security features like anti-theft alarm systems and airbags. However, challenges such as temperature fluctuations, wear and tear, and environmental concerns like air pollution, are driving the need for connectors that can withstand harsh conditions and support electric vehicles and their electronic components. Technological advancements like adaptive cruise control, keyless entry, and connectivity through Wi-Fi networks and data transfer interfaces are also influencing the market. Vehicle manufacturers are focusing on vehicle electrification, vehicle security, and design flexibility to meet consumer demands for environmentally friendly mobility and enhanced driving experiences. The use of fiber optics, IMSE technology, and memory interfaces in automotive connectors is becoming increasingly common to support power distribution, navigation & instrumentation, and data storage. The market for automotive connectors is expected to continue growing as technological advancements in electric control units, machine learning, and self-driving vehicles drive the need for more sophisticated and reliable connectors.

• The automotive and transportation connector market plays a crucial role in the functioning of modern vehicles. With approximately 1500 connection points in a typical light vehicle, around 50%-60% of which are used for power distribution, these connectors are essential for the proper operation of various systems. In harsh environments, connectors face challenges such as extreme temperatures (-40-degree C to 155-degree C), vibration, oxidation, and frictional corrosion. A connector failure can lead to malfunctions or failures of critical components like brakes, fire systems, or airbags, posing serious safety risks. To ensure connector stability, manufacturers implement rigorous testing procedures, evaluating their performance under specified application conditions.

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Segment Overview

This automotive and transportation connector market report extensively covers market segmentation by

Application 1.1 Comfort convenience and entertainment1.2 Safety and security1.3 Body wiring1.4 Powertrain1.5 Navigation and InstrumentationGeography 2.1 APAC2.2 North America2.3 Europe2.4 South America2.5 Middle East and Africa

1.1 Comfort convenience and entertainment- The comfort, convenience, and entertainment segment holds the largest market share in the global automotive and transportation connector market in 2024. This segment is projected to experience the fastest growth rate during the forecast period. The increasing demand for user-friendly vehicle cabins offering extra comfort, convenience, and entertainment is driving this segment’s growth. New-generation vehicles with luxury cabins and advanced features require newer automotive and transportation connectors. Additionally, advancements in air conditioning systems, cameras, and radars due to technological progression will positively impact the market’s expansion. Key players in the industry are manufacturing connectors and making acquisitions to cater to the evolving vehicle features. Innovations in advanced vehicle cabins and consumers’ growing preference for comfort and convenience are expected to boost the growth of the comfort, convenience, and entertainment segment in the global automotive and transportation connector market during the forecast period.

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Research Analysis

The Automotive and Transportation Connector Market is experiencing significant growth due to the increasing demand for advanced technology in vehicles. Automotive connectors play a crucial role in enabling convenience, safety, and connectivity in modern vehicles. They facilitate electric vehicle charging, high-speed data transfer, and vehicle communication networks. The market is driven by the rise of electric vehicles and the trend towards smart mobility and autonomous driving systems. Connectors for electric vehicles are a key focus area, with innovation and advancements in materials, design, and reliability being prioritized to meet the unique demands of EV charging. The connector market also caters to the needs of next-generation vehicles, including those with digital cockpits, infotainment systems, and vehicle performance optimization features. Connector solutions are essential for vehicle safety systems, electronic control units, and vehicle connectivity. With the future of transportation leaning towards green and connected solutions, the connector market is expected to continue its growth trajectory. Additionally, the increasing focus on automotive cybersecurity is driving the development of advanced connector technologies to ensure reliable and secure vehicle communication networks.

Market Research Overview

The Automotive and Transportation Connector market is experiencing significant growth due to the increasing demand for safety features and environmental concerns in the transportation industry. Electric vehicles, adaptive front lighting, park assistance, and adaptive cruise control are some technological advancements driving market growth. Materials, such as fiber optics, are used to ensure connectivity and data transfer in various applications, including power distribution and vehicle weight reduction. Safety and security are top priorities, leading to the integration of advanced security features, anti-theft alarm systems, and keyless entry. Commercial vehicles and passenger cars alike benefit from these advancements, with lane departure warning systems, air pollution control, and data storage interfaces becoming increasingly common. Electrification of vehicles, including hybrid automobiles and self-driving vehicles, is a major trend, requiring various electronic components, such as memory, microspace connectors, and printed circuit boards. Wi-Fi networks and machine learning technologies are also being integrated to enhance the driving experience and improve vehicle performance. Temperature fluctuations, wear and tear, and dirt can affect connector performance, leading to the development of innovative solutions, such as IMSE technology, to ensure reliable operation. The market is expected to continue growing as technological advancements and environmental concerns shape the future of transportation.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationComfort Convenience And EntertainmentSafety And SecurityBody WiringPowertrainNavigation And InstrumentationGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

Technology

Human-I-T Offers Free Laptops and Hotspots to California Wildfire Victims

Published

9 minutes ago

January 14, 2025

LA Based Organization Offers Connectivity to those who have been impacted

LOS ANGELES, Jan. 14, 2025 /PRNewswire/ — Human-I-T, the nation’s leading digital equity nonprofit, announced today that it will provide free laptops and hotspots with three months of free internet service to residents affected by the recent Los Angeles wildfires. The initiative aims to help displaced individuals and families reconnect with essential resources and loved ones during this critical time.

“As a native Angeleno, seeing the devastation in my hometown compelled Human-I-T to act,” said Gabe Middleton, Co-Founder and CEO of Human-I-T. “Countless residents had to leave their homes with nothing. Some were fortunate to grab a cell phone, but a cell phone alone is not enough to confidently access life-saving resources while under duress.”

The donated devices and internet access will enable displaced residents to reconnect with family and friends, access emergency resources like the Red Cross, and find assistance for temporary shelter, water, electricity, and education for school-aged children. Many which are only accessible via the internet.

“At Human-I-T, we have supported communities through crises before, including the COVID-19 pandemic,” Middleton added. “We’ve learned how to respond swiftly and effectively to provide the tools people need to navigate emergencies. Connectivity is critical—not just during a disaster, but always. Our mission has always been to ensure everyone has access to the digital tools they need, and when disaster strikes, Human-I-T wants everyone to know we will be there to help.”

Residents affected by the wildfires can visit human-i-t.org/fire to fill out a simple form and receive information on where to pick up their free device and hotspot.

Human-I-T is committed to supporting communities in need during times of crisis and working to shrink the digital divide and ensure equitable access to technology for all.

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SOURCE Human-I-T

Technology

Patrick Merfert Joins Alcatraz AI as Vice President of Marketing to Reinforce Market Strategy Efforts Amidst Projected 2025 Industry Growth

Published

9 minutes ago

January 14, 2025

Former IDEMIA and Prove Identity executive will lead the company’s marketing efforts to shape and execute the company’s overall marketing strategy, with a key focus on product marketing and demand generation

CUPERTINO, Calif., Jan. 14, 2025 /PRNewswire-PRWeb/ — Alcatraz AI, a global provider of frictionless, AI-powered biometric access control solutions revolutionizing security through facial authentication, announced today the appointment of Patrick Merfert as the company’s next Vice President (VP) of Marketing. With over 15 years of experience as a technology startup marketing leader, venture capital investor, and strategy consultant, Merfert contributes a vast wealth of identity and security-based technology marketing knowledge to Alcatraz AI’s leadership team as the company positions itself at the forefront of the rapidly growing market. His expertise in digital identity and its transcension towards a digital-first approach aligns with Alcatraz AI’s commitment to delivering secure, frictionless, and privacy-preserving biometric authentication solutions.

Merfert is a growth and execution-focused technology startup marketing leader who has operated across the full lifecycle of VC-funded startups, helping tech companies go-to-market, differentiate, and accelerate revenues. Having worked across several startups from pre-revenue to pre-IPO, Merfert has garnered years of experience in demand generation, product marketing, and brand identity which allow him to thrive in dynamic environments and strategize effective marketing approaches.

Merfert holds both an MBA and BBA from Northwestern University’s Kellogg School of Management and University of Michigan’s Ross School of Business, respectively. As an undergraduate, Merfert gained early exposure to technology startups, which ignited a passion for working in tight-knit, dynamic environments. Pre-MBA, he spent his early career working as a venture capital associate, serving as an investor and advisor to early-stage healthcare and technology startups. During his time as a management consultant, Merfert played key roles in executive-level strategy and operational engagements for Fortune 500 companies across various industries and contributed to business development pursuits. Merfert later took on a marketing leadership role at Airside, where he was introduced to the identity and security space and experienced the power of digital identity authentication and access control first-hand.

Merfert joins Alcatraz AI most recently from Prove Identity, where he served as Vice President of Product Marketing. There, he led the product marketing team in positioning the global product portfolio, launching new products, enabling sales, and helping scale the company’s annual recurring revenue beyond $100M and a $1B+ valuation. He also played a pivotal role in developing the go-to-market framework to drive scalability and refining company and product messaging, earning the company multiple analyst awards.

At Alcatraz AI, Merfert will direct and oversee the company’s marketing team, designing, implementing, and monitoring effective marketing strategies that align with the company’s business goals and drive overall revenue growth, market awareness, and competitive differentiation. Merfert will be an integral in promoting product adoption, enhancing brand presence, and ensuring the company’s product offerings are both innovative and aligned with market demands.

“The access control market is growing at a rapid pace, and Alcatraz AI is adapting to this growth by expanding our leadership team with strategic hires,” said Tina D’Agostin, CEO of Alcatraz AI. “We are thrilled to welcome Patrick as our new VP of Marketing. His impressive background in technology startups and deep industry marketing experience will be a driving force in helping us achieve our goal to further scale in the growing security space and continue to expand our roster of large enterprise customers.”

“I’m energized to be joining Alcatraz AI’s dynamic leadership team. I look forward to shaping the marketing strategy, and leading a cross-functional team to drive growth as the company rides the wave of rapid market expansion,” said Merfert. “It’s an exciting opportunity to operate at the intersection of artificial intelligence and the identity and security market. I’m eager to shape a world-class marketing team that will maintain a strong emphasis on customers and end-users, to ensure Alcatraz AI’s market-leading products continue delivering convenient, secure, and privacy-preserving access control experiences.”

About Alcatraz AI

Alcatraz AI is the most secure, private, and frictionless biometric solution for access control in the physical world. With its patented technology, Alcatraz AI’s facial authentication and intelligent tailgating detection platform work natively with all access control systems to transform the security experience. As the pioneer of Facial-Authentication-as-a-Service (FAaaS), Alcatraz AI has made biometric access available to all enterprises, ensuring the safety of more than one million employees at Fortune 500 companies. Trusted by Data Centers, Life Sciences, Financial Institutions, Higher Education, Airports, Stadiums and Arenas, Telecom, and Critical Infrastructure entities, Alcatraz AI sets the global standard for access control credentialing. For more information, please visit www.alcatraz.ai and follow @alcatrazai on X and Alcatraz on LinkedIn.

Media Contact

Linda Ebrahimian, Alcatraz AI, 1 8186368787, Linda@alcatraz.ai, Alcatraz AI

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SOURCE Alcatraz AI