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SuperCom has raised $7 million in financing to support its plans to grow the company’s sales of biometrics, IoT and cybersecurity solutions.
The company issued a two-year unsecured, subordinated promissory note to an institutional investor to raise the proceeds, according to the announcement. The note includes a five percent annual coupon, and its balance increases by five percent of the remaining amount every six months. The company can pay down the principle at any time without penalty, and under certain conditions can use its ordinary shares to pay down some or all of the remainder after the first 12 months.
SuperCom announced several deals to provide biometric offender monitoring in the U.S. and Europe in late-2020.
“Numerous wins in government tenders displacing our competition, proprietary technology introducing new abilities and superior performance, and a growing need of nations to utilize electronic monitoring and cyber security technology have positioned us with an opportunity to scale up and focus more on growth,” comments SuperCom President and CEO Arie Trabelsi.
“Whether we’re trying to help our customers with public safety, limiting the spread of COVID-19, or cyber security and identity protection, we believe staying at the forefront of technology innovation is essential,” Trabelsi adds. “Hence we plan to continue making investments in research and development, as well as investments in sales and marketing to reach more customers, while delivering exceptional service and project management to existing customers. And in turn, we expect to not just maintain, but grow high-margin recurring revenue streams in the future.”
biometric identification | biometrics | criminal ID | cybersecurity | identity management | investment | IoT | stocks | SuperCom
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