PlateSmart Technologies, the industry leader in License Plate Recognition (LPR), today announced an exclusive licensing agreement with PRA Location Services, a business of PRA Group (Nasdaq: PRAA), to provide LPR technology for PLS’ repossession and recovery services nationwide.
PlateSmart partnered with PRA Location Services (PRALS) as the exclusive licensee to the repossession and recovery vertical because of PRALS’ leading position in the auto recovery market, its financial stability as part of a public company, and its substantial nationwide system deployment commitment.
“PlateSmart was a perfect fit for our next wave of nationwide LPR system deployments because its disruptive LPR solution is accurate, simple to install, and will dramatically reduce monthly system costs for our recovery agents,” said Steve Roberts, president of PRA Group’s Business and Government Services.
PlateSmart CEO John Chigos said, “We selected PRALS because we share a similar vision and philosophy—strong marketplace leadership now and cutting-edge innovation for the future. This arrangement is a win-win solution that allows our best-in-class LPR solution to be deployed by a clear leader in the repossession and recovery industry.”
PlateSmart’s software-only LPR solution includes these features:
PlateSmart has continued to expand in a wide variety of vertical markets including physical security, counter-terrorism and business intelligence. The company recently earned the 2015 Govies Award in video analytics from Security Products magazine for its innovative new high-definition LPR engine, which will soon be a standard feature in all PlateSmart solutions. This is the second Govies award in a row for PlateSmart, which won in the same category last year for its ARES LPR-based enterprise video analytics solution.
PlateSmart Technologies has developed the world’s first software-only affordable License Plate Recognition (LPR) and video analytic solution, which works with both state-of-the-art and legacy cameras. PlateSmart offers solutions and analytics as server installed platforms for both mobile and fixed LPR operation as well as a cloud based SaaS service. ARES, PlateSmart’s flagship enterprise LPR-based analytic solution, provides real-time actionable intelligence with industry-leading accuracies and state jurisdiction recognition for complete situational awareness. PlateSmart has been frequently recognized as the most innovative and forward-thinking LPR technology by Frost and Sullivan and through awards from various industry trade organizations. Contact us at https://platesmart.com.
About PRA Location Services and PRA Group
PRA Location Services (PRALS) is the only vertically integrated provider of skip tracing, license plate recognition (LPR) and auto transport to auction services to the repossession and recovery industry. Since its inception in 1995, PRALS has successfully recovered millions of dollars in missing collateral for major auto lenders and insurance companies nationwide.
PRA Group (Nasdaq: PRAA) has been recognized as one of Fortune’s 100 Fastest-Growing Companies for the past three years and one of Forbes’ Best Small Companies in America for eight consecutive years since 2007. As a global leader in acquiring defaulted receivables, PRA Group returns capital to global banks and other creditors to help expand financial services for consumers in North America and Europe. PRA Group companies collaborate with customers to help them resolve their debt and provide a broad range of additional revenue and recovery services to business and government clients.
DISCLAIMER: This press release may contain forward-looking statements and/or predictions. These statements are based on history, current knowledge, and current market conditions. They are subject to change without notice as conditions and knowledge change; therefore, undue reliance should not be placed on such statements.