Security systems firm Newmark Security PLC (LON:NWT) is eyeing an increase in recurring revenue through a partnership with US-based UniKey Technologies.
The two companies have agreed to collaborate on the development of the US company’s access control technology and the creation of new products using the technology.
UniKey's patented and proprietary 'CORE' platform provides a "frictionless at door experience" for the end user.
The plan is for Newmark’s Grosvenor Technology unit to develop and sell products using UniKey’s technology, with the first such product expected later this year.
“We are excited about the advantage UniKey will bring to Grosvenor Technology compared to its peers in several strategically important markets. This technology leap will bring further differentiation to both our Access Control and Workforce Management products and is expected to accelerate our growth of recurring revenue,” said Marie-Claire Dwek, chief executive officer of Newmark Security.
“It's a key step on our journey towards being an 'as a service' provider," she added.
Lee Odess, vice president at UniKey, said Grosvenor was “an easy choice to partner with”.
“We're looking forward to helping Grosvenor Technology integrate our innovative technology into their products in the coming months," Odess said.
Mark Knight, director of product at Grosvenor Technology, said: “Our collaboration with UniKey is a great example of how partnering with specific technology partners allows us to take a more disruptive approach to product development. We believe this will enable us to deliver an unparalleled 'at door' experience that will appeal to end users and forward thinking systems integrators."