Westec Intelligent Surveillance Receives Growth Funding

Remote video monitoring company Westec Intelligent Surveillance announced this week an additional $20 million in equity funding.

Led by Argonaut Private Equity and Egis Capital Partners, with support from existing investors, Westec said the funds will be used to continue growth in the retail, restaurant and hospitality sector.

"Raising capital at this time and in this economic environment had its challenges, but we achieved a major milestone in the company's development that will allow us to maintain our leadership position," said Kelby Hagar, Westec’s president and newly-appointed CEO. "The capital will enable us to strengthen our balance sheet and provide growth capital for expansion of the business."

The company’s technology because it features two-way audio connections to each location monitored, providing a virtual guard service and saving money compared to on-site security guards.

While watching a retail location live from Westec’s monitoring center in Iowa, company personnel can push a button and talk to a potential store thief to notify them that they are being watched and that police may be called.

The company is looking to expand its market share with retail theft increasing due to the downturn in the economy. The Retail Industry Leaders Association released a survey in January that found an increase in theft/amateur shoplifting, financial fraud and organized retail crime.

“We save more than $2.2 million on an annual basis since we replaced our security guards with the Westec Virtual Guard Service," said Rich Mellor, vice president of loss prevention with Helzberg Diamonds. "Our stores are safe, our executive management team is delighted with the savings and I can rest at night knowing our locations are being watched 24/7 by a team of experts."

About the Author

Brent Dirks is senior editor for Security Today and Campus Security Today magazines.

Featured

  • Maximizing Your Security Budget This Year

    7 Ways You Can Secure a High-Traffic Commercial Security Gate  

    Your commercial security gate is one of your most powerful tools to keep thieves off your property. Without a security gate, your commercial perimeter security plan is all for nothing. Read Now

  • Making Safety and Security Intrinsic to School Design

    Public anxieties about school safety are escalating across the country. According to a 2023 Gallup report, 44% of parents fear for their child’s physical safety at school, a 10 percentage-point increase since 2019. Unfortunately, these fears are likely to increase if the incidence of school tragedies continues to mount. As a result, school leaders are now charged with two non-negotiable responsibilities. The first, as always, is to ensure kids have what they need to learn, grow, and thrive. Sadly, their second responsibility is to keep the children in their care safe from threats and physical danger. Read Now

  • The Power of a Layered Approach to Safety

    In a perfect world, every school would have an unlimited budget to help secure their schools. In reality, schools must prioritize what budget they have while navigating the complexities surrounding school security and lockdown. Read Now

  • How a Security System Can Enhance Arena Safety and the Fan Experience

    Ensuring guests have both a memorable experience and a safe one is no small feat for your physical security team. Stadiums, ballparks, arenas, and other large event venues are increasingly leveraging new technologies to transform the fan experience and maintain a high level of security. The goal is to preserve the integrity and excitement of the event while enhancing security and remaining “behind the scenes.” Read Now

Featured Cybersecurity

Webinars

New Products

  • EasyGate SPT and SPD

    EasyGate SPT SPD

    Security solutions do not have to be ordinary, let alone unattractive. Having renewed their best-selling speed gates, Cominfo has once again demonstrated their Art of Security philosophy in practice — and confirmed their position as an industry-leading manufacturers of premium speed gates and turnstiles. 3

  • Connect ONE’s powerful cloud-hosted management platform provides the means to tailor lockdowns and emergency mass notifications throughout a facility – while simultaneously alerting occupants to hazards or next steps, like evacuation.

    Connect ONE®

    Connect ONE’s powerful cloud-hosted management platform provides the means to tailor lockdowns and emergency mass notifications throughout a facility – while simultaneously alerting occupants to hazards or next steps, like evacuation. 3

  • PE80 Series

    PE80 Series by SARGENT / ED4000/PED5000 Series by Corbin Russwin

    ASSA ABLOY, a global leader in access solutions, has announced the launch of two next generation exit devices from long-standing leaders in the premium exit device market: the PE80 Series by SARGENT and the PED4000/PED5000 Series by Corbin Russwin. These new exit devices boast industry-first features that are specifically designed to provide enhanced safety, security and convenience, setting new standards for exit solutions. The SARGENT PE80 and Corbin Russwin PED4000/PED5000 Series exit devices are engineered to meet the ever-evolving needs of modern buildings. Featuring the high strength, security and durability that ASSA ABLOY is known for, the new exit devices deliver several innovative, industry-first features in addition to elegant design finishes for every opening. 3