Magellanic Cloud and its Subsidiary, iVIS Secures E-Surveillance Contract for Major Public Sector Bank in India

To provide comprehensive e-surveillance services to 2000 ATM sites across the country

 Magellanic Cloud Limited, (BSE: MCloud) and its subsidiary iVIS combined, have successfully secured a significant order from a well-known public sector bank for the end-to-end implementation and management of e-surveillance services for 2000 ATM sites across India. The combined contract, awarded through a competitive bidding process, involves the supply, installation and commissioning of alert based monitoring and control system for e-surveillance of the bank’s ATM sites.

This landmark contract spans a 5-year period and is anticipated to generate a revenue of approximately ~Rs. 42 crores. The scope of services incorporates cutting-edge features such as remote surveillance, cloud processing & storage, operational insights, actionable intelligence complimented by alarm triggers in real-time, AI-enabled facial recognition, incident detection, reporting & analytics. The scale of the contract positions Magellanic Cloud to achieve healthy profit margins, reinforcing its commitment to delivering top-notch security solutions.

Mr. Joseph Thumma Reddy, CEO of Magellanic Cloud, expressed his enthusiasm, stating, “This order-win reflects the confidence our clients place in our team and the exceptional quality of services we consistently provide. Our subsidiary iVIS are skilled in the e-surveillance segment with a central command centre in its Hyderabad office that already oversees 20,000 ATMs and banking sites across the country. This not only underscores our dominance in the E-surveillance segment but also adds another prestigious client to our ever-expanding list of marquee clientele.”

In response to the contract award, Mr. Murali Mohan Rachapoodi, co-founder of iVIS, remarked, “We are thrilled to have secured the contract for executing and overseeing e-surveillance services across the ATM sites of this esteemed Public Sector bank. Our commitment is rooted in providing a comprehensive and robust defense mechanism that leverages cutting-edge technologies to ensure the highest level of security for our clients. By harnessing the power of AI/ML and IoT technology, we aim to deliver advanced and adaptive measures to identify and counteract potential threats in real-time. This underscores our dedication towards fortifying the security landscape and ensuring the safety of our clients.”

iVIS, the subsidiary of Magellanic Cloud, has experienced a five-fold expansion from production to commissioning by leveraging technology and automation to enhance efficiency and increase production scale. This contract win further solidifies Magellanic Cloud’s reputation as a trusted leader in providing comprehensive e-surveillance solutions tailored to meet the evolving needs of the financial sector.