Geospace (GEOS) Subsidiary Quantum Technology Sciences Awarded U.S. Homeland Security Contract | #corporatesecurity |

[ad_1]

April 6, 2020 10:18 AM EDT



Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.


Geospace Technologies (NASDAQ: GEOS) today announced that its subsidiary Quantum Technology Sciences, Inc. was awarded a $10M contract to provide a technology solution to the Department of Homeland Security under a new contract for U.S. Customs and Border Protection (CBP) U.S. Border Patrol. This procurement specifically pursues technologies developed by Quantum under the Small Business Innovative Research (SBIR) program, for which the company’s technology achieved a Phase III designation and corresponding exclusive data rights with the United States government.

Under the SBIR program, Quantum spent nearly a decade developing a proprietary detection system. This technology detects, identifies, locates, and follows activities of interest in real-time. In 2018, Geospace acquired Quantum to further diversify the business outside oil and gas. The combined strengths of large-scale acquisition systems and sophisticated analytics have been integrated into a next generation product.

“From our first discussion throughout all of our post-acquisition activities, we believed that Quantum could add value to the security and surveillance markets and also provide exciting new engineering challenges for us to tackle,” said Walter R. (“Rick”) Wheeler, President and CEO of Geospace Technologies. “I look forward to exploring how our now integrated offering can be applied in other market areas.”

“We are honored to provide a technology capable of satisfying challenging mission-critical requirements for our U.S. Border Patrol agents in the field,” said Quantum CEO Mark Tinker, Ph.D. “Threats along our U.S. border are becoming increasingly sophisticated. It is of utmost importance to Quantum and very satisfying to our employees to be able to support the U.S. Border Patrol agents tasked with reducing the trafficking of weapons, drugs, and other contraband into and out of our country.”


Serious News for Serious Traders! Try StreetInsider.com Premium Free!





[ad_2]

Click her for the original source of this story.

Leave a Reply

Your email address will not be published. Required fields are marked *