Iverify Receives $39 Million Dollar Monitoring Contract

  • May 03, 2011

Iverify, a provider of remotely managed security services through interactive video and audio communication, has recently been awarded a five-year contract valued at $39 million dollars to provide guard replacement and shrink reduction services for an NYSE national retailer. The company has built a track record of reducing operating security costs by up to 75 percent for its clients over the costs of conventional guard services while delivering an improved security performance.

The company, founded by Mike May, was established in 2005 and has grown dramatically over the last six years, capturing Inc. 500 and Inc. 5000 awards for the last two years. The company's annual growth rate over five years has been in excess of 50 percent. The loss prevention industry has struggled to implement an effective business model with video that delivers value and results that are sustainable and meaningful for retailers. Iverify demonstrated that retailers could reduce robberies, improve employee safety and reduce losses from shrink at lower costs than traditional security services.

"Iverify has been at the forefront of delivering improved value in security operations for national retailers while reducing the cost of security expense," said Mike Barnes, industry expert. "Mike May has built a sophisticated team of loss prevention professionals that remotely deliver security services at a very low cost. They have driven robbery and shrink rates down by over 50 percent at a number of national retailers. Mike's company is leading the industry into a new and highly effective business model that will be the standard for the delivery of security services for some time to come."

"Iverify will provide services under the contract that will secure over 550 stores for the next five years with its ‘I Guard’ and ‘I Control’ products, delivering projected savings of $62.5 to $70 million, net of costs. The suite of services will reduce guard costs, lower losses from theft and improve employee safety. The outcome is that we will enhance overall operational compliance with security and safety practices while assisting this retailer with improved profits," May said.

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