Westec Intelligent Surveillance Receives Growth Funding
- By Brent Dirks
- Feb 26, 2009
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."
Brent Dirks is senior e-news/Web editor for Security Products and Network-Centric Security magazines.