Home security specialist Scout Security Limited (ASX: SCT), reports that the first Purchase Order has been placed under the company’s strategic partnership with its largest shareholder, multinational security company Prosegur Compañia de Seguridad, S.A.
In July 2020, Scout announced that Scout and Prosegur had signed a five year Commercial Agreement. Under this Agreement, Prosegur plans to launch and market new and innovative security products based on Scout’s technology in up to 26 of its global markets.
The initial purchase order for hardware through Scout comes at a time when the hardware is moving into production.
Scout Security co-founder and CEO, Dan Roberts, said the Prosegur and Scout teams will continue to finalise key aspects of the programme, including system integrations, packaging and support infrastructure, all of which are well advanced.
Mr Roberts said the parties remain on schedule to jointly launch Prosegur-branded hardware from Scout into their first target market this calendar year, subject to the delivery of hardware.
He said that Scout views this first purchase order as a significant milestone given the importance of the company’s relationship with Prosegur. However, considering the commercial sensitivity of partner purchase orders and order volumes, Scout cannot announce details of future individual orders.
Moving forward, the company will focus white label program updates on aggregate purchase volumes.
We are pleased with the recent productivity of our relationship with Prosegur and look forward to fulfilling what we expect will be their first of many purchase orders,” Mr Roberts said.
“This hardware represents the core components of what we expect to be new security products available for sale in at least one of Prosegur’s markets.
“This is an important step in the long-term, international cooperation through which Prosegur and Scout plan to launch new smart home security solutions in several markets and push Scout into becoming an international company.
“At the same time, we are making encouraging progress with other existing and potential white label partners. Diversifying our white label partnerships is allowing Scout to leverage multiple well-resourced companies to offset engineering team costs. This empowers us to expand Scout Alarm’s white label capabilities to be increasingly flexible, versatile and feature-rich.”
