SoundThinking Secures 4 New ShotSpotter and ResourceRouter Deployments in Illinois and Chicagoland Area

Rhea-AI Summary

SoundThinking, Inc. (Nasdaq: SSTI) has announced 4 new contracts and expansions for its ShotSpotter gunshot detection system and ResourceRouter software in Illinois and the Chicagoland area. The deployments include:

• Elmwood Park, IL: New 3-year contract for 2 square miles of ShotSpotter coverage
• Chicago Heights, IL: 2 square miles of ShotSpotter coverage for 3 years and ResourceRouter patrol management technology
• Freeport, IL: Doubled ShotSpotter coverage to 2 square miles under a new 3-year agreement

These implementations aim to enhance public safety, address gun violence, and optimize resource allocation for law enforcement agencies facing staffing shortages.

Positive

• Secured 4 new contracts and expansions for ShotSpotter and ResourceRouter technologies
• Expanded presence in Illinois and Chicagoland area
• Doubled coverage area in Freeport, IL
• Implemented dual deployment of ShotSpotter and ResourceRouter in Chicago Heights, IL

Negative

• None.

Insights

Market Research Analyst

The announcement of 4 new contracts and expansions for SoundThinking's ShotSpotter and ResourceRouter technologies in Illinois and Chicagoland is a positive development for the company. These deals demonstrate growing market penetration and customer trust in SoundThinking's public safety solutions.

The contracts with Elmwood Park, Chicago Heights and Freeport highlight the company's ability to acquire new customers and expand existing relationships. This suggests a strong product-market fit and potential for recurring revenue streams. The adoption of ResourceRouter by Chicago Heights also indicates cross-selling opportunities within SoundThinking's product portfolio.

However, investors should note that these are relatively small-scale deployments (2 square miles each), which may limit immediate financial impact. The three-year contract terms provide some revenue visibility, but the overall financial implications will depend on the company's ability to scale these deployments and secure larger contracts in the future.

Financial Analyst

While specific financial figures are not provided, the announcement of 4 new contracts suggests positive momentum for SoundThinking's revenue growth. The three-year terms for these contracts provide a degree of revenue stability and visibility for the company.

Investors should consider the potential for margin expansion as SoundThinking scales its operations in the region. The company's ability to upsell additional services, as demonstrated by Chicago Heights adopting both ShotSpotter and ResourceRouter, could drive higher average revenue per customer.

However, it's important to note that the small coverage areas (2 square miles each) may limit the immediate financial impact. The company's future growth trajectory will depend on its ability to secure larger deployments and expand into new markets. Investors should monitor SoundThinking's customer acquisition costs and churn rates to assess the long-term profitability of these smaller-scale contracts.

Summary: SoundThinking, Inc. today announced 4 new contracts and expansions for the deployment of ShotSpotter and ResourceRouter, industry-leading public safety technologies, enhancing public safety across key regions in Illinois and the Chicagoland area.

FREMONT, Calif., Aug. 07, 2024 (GLOBE NEWSWIRE) -- SoundThinking, Inc. (Nasdaq: SSTI), a leading public safety technology company, today announced a total of 4 new customer agreements and expanded coverage areas for its flagship ShotSpotter gunshot detection system and ResourceRouter software. Since Q2 2024, the company has secured multiple contracts with municipalities in Illinois and the Chicagoland area, implementing these technologies either for the first time or increasing their existing coverage area.

• Elmwood Park, IL – ShotSpotter: a new three-year contract covers 2 square miles.
• Chicago Heights, IL – ShotSpotter: a 2 square mile area under a three-year term.
• Chicago Heights, IL – ResourceRouter: rolling out patrol management technology.
• Freeport, IL – ShotSpotter: doubled its existing coverage, bringing the total to 2 square miles under a new three-year agreement.

“We’re always looking to improve our public safety toolbox,” said Elmwood Park Police Chief Andrew Hock. “While gunfire is not commonplace in Elmwood Park, we’re constantly looking to reduce crime or the potential for crime any way we can.”

Chicago Heights’ adoption of ResourceRouter reflects the broader trend of agencies needing to leverage technology to address staffing shortages. ResourceRouter directs patrol and community anti-violence resources to help maximize their impact. Along with ShotSpotter, this dual deployment is designed to optimize resource allocation and improve the city's responsiveness to gunfire incidents, supporting a holistic approach to public safety.

“We’re extremely proud that municipalities of all sizes increasingly view ShotSpotter and ResourceRouter as critical tools for enhancing public safety and addressing gun violence,” said SoundThinking CEO Ralph Clark. “These new deployments, along with Hammond, IN going live in Q4 2023, underscore our belief that innovative solutions can help police better respond to and investigate incidents of gunfire quickly, save lives, and capture critical evidence while strengthening community trust.”

To learn more about SoundThinking’s full range of public safety technologies, please visit www.SoundThinking.com.

Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the ability of ShotSpotter and ResourceRouter to enhance public safety and improve responsiveness to gunfire incidents. Words such as “expect,” “anticipate,” “should,” “believe,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the company’s control. Actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to the effective use of the company’s technology and achieving its intended benefits, as well as other risk factors included in the company’s most recent annual report on Form 10-K and quarterly report on Form 10-Q and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this press release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Except as required by law, the company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

About SoundThinking
SoundThinking, Inc. (Nasdaq: SSTI) is a leading public safety technology company that delivers AI- and data-driven solutions for law enforcement, civic leadership, and security professionals. We are trusted by more than 250 customers and approximately 2,100 agencies to drive more efficient, effective, and equitable public safety outcomes. Our SafetySmart™ platform includes ShotSpotter^®, the leading acoustic gunshot detection system; CrimeTracer™, the leading law enforcement search engine; CaseBuilder™, a one-stop investigation management system; ResourceRouter™, software that directs patrol and community anti-violence resources to help maximize their impact; and SafePointe^®, an AI-based weapons detection system. SoundThinking has been designated a Great Place to Work^® Company.

Company Contact:
Alan Stewart, CFO
SoundThinking, Inc.
+1 (510) 794-3100
astewart@soundthinking.com

Investor Relations Contacts:
Matt Glover and Greg Bradbury
Gateway Group, Inc.
+1 (949) 574-3860
SSTI@gateway-grp.com

Ankit Hira and Sean Daly
Solebury Strategic Communications
+1 (203) 546-0444
ahira@soleburystrat.com

FAQ

What new contracts did SoundThinking (SSTI) secure in Illinois?

SoundThinking secured 4 new contracts and expansions in Illinois, including deployments in Elmwood Park, Chicago Heights, and Freeport for its ShotSpotter and ResourceRouter technologies.

How much area does the new ShotSpotter contract cover in Elmwood Park, IL?

The new three-year ShotSpotter contract in Elmwood Park, IL covers 2 square miles.

What technologies did Chicago Heights, IL adopt from SoundThinking (SSTI)?

Chicago Heights, IL adopted both ShotSpotter gunshot detection system covering 2 square miles and ResourceRouter patrol management technology from SoundThinking.

How did Freeport, IL expand its ShotSpotter coverage with SoundThinking (SSTI)?

Freeport, IL doubled its existing ShotSpotter coverage, bringing the total to 2 square miles under a new three-year agreement with SoundThinking.