Israeli digital identity solutions company SuperCom (Nasdaq: SPCB) stood out on Wall Street yesterday, when its share price rose 62.4% are much larger than average trading volumes. The jump came after SuperCom reported that together with its local partner, it has been awarded a $33 million contract by the national government of an EU member country to deploy its PureSecurity Electronic Monitoring (EM) Suite for a domestic violence monitoring, GPS Tracking of offenders and home detention monitoring program. The contract is for five years.
SuperCom provides traditional and digital identity solutions, and advanced safety, identification, and security solutions to governments and organizations worldwide. The company's CEO is Ordan Trabelsi and his father Arie Trabelsi is the biggest shareholder with an 18.1% stake.
Ordan Trabelsi said, "We are excited with this award, the largest European EM project awarded so far this year. It further validates our strategy to scale up operations to accelerate growth and improve public safety in more nations around the world. We look forward to supporting another EU member country's public safety efforts and bringing them the many benefits of SuperCom's proprietary EM technology. It is an honor to take part in this national initiative by building the necessary infrastructure and deploying this country's first EM program."
He added, "This competitive tender process that just concluded is the first of several tenders for large scale national European EM projects that are expected to be concluded in 2022 and 2023, with a total estimated value of over $200 million. With this meaningful win, SuperCom is once again signaling, after more than 10 other recent national European EM project wins, the superiority of its value offering in the European EM space. We believe our growing reputation as a leading global EM solution provider will drive additional wins in the future."
Even after yesterday's strong gains, SuperCom has a very modest market cap of $13.25 million, after the share price fell 80% during 2021.
Published by Globes, Israel business news - en.globes.co.il - on August 25, 2022.
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