Welcome to our dedicated page for SoundThinking news (Ticker: SSTI), a resource for investors and traders seeking the latest updates and insights on SoundThinking stock.
SoundThinking Inc (SSTI) delivers innovative public safety technologies that empower law enforcement agencies through data-driven solutions. This news hub provides investors and public safety professionals with timely updates on the company’s advancements in gunshot detection, investigative tools, and community safety initiatives.
Access official press releases covering product enhancements to the SafetySmart™ platform, strategic partnerships with municipalities, and financial performance updates. Stay informed about developments in core systems like ShotSpotter’s acoustic detection networks and CrimeTracer’s investigative search capabilities.
Our curated news collection serves as your primary source for understanding SSTI’s role in modernizing public safety infrastructure. Track updates on AI-driven resource optimization tools, concealed weapon detection systems, and evidence management platforms that collectively reduce urban crime response times.
Bookmark this page for direct access to verified information about SoundThinking’s operational milestones. Check regularly for insights into how SSTI’s technologies continue redefining standards in law enforcement efficiency and community security.
SoundThinking, Inc. (Nasdaq: SSTI) has announced a significant expansion of its ShotSpotter gunshot detection system in Montevideo, Uruguay. The Ministry of Interior for Uruguay has signed a 3-year contract to extend ShotSpotter's coverage by 12 square kilometers, effectively doubling its current footprint in the capital city.
This expansion follows the successful initial deployment of ShotSpotter in Montevideo in December 2023. The system has become a important part of Uruguay's strategy to combat gun violence. As part of this expansion, a localized Spanish-language version of the ShotSpotter InSight application has been introduced, potentially opening doors to other Spanish-speaking markets.
The contract not only highlights Uruguay's satisfaction with the initial deployment but also reflects SoundThinking's growing international presence, particularly in Latin America. This expansion demonstrates the company's commitment to enhancing public safety and saving lives through advanced technology.
SoundThinking, Inc. (Nasdaq: SSTI) has delivered a comprehensive 30-page report to Oakland city officials, highlighting the critical role of ShotSpotter in the city's public safety strategy since 2006. The report, based on data from the Oakland Police Department (OPD) and independent studies, comes as the Oakland City Council's Public Safety Committee prepares to discuss the potential renewal of the ShotSpotter contract.
Key findings include:
- ShotSpotter directed OPD to 386 gunshot victims from 2020 to 2023 who had no corresponding 911 call
- Enhanced faster police response to criminal gunfire incidents
- Supported major crime-fighting initiatives like Operation Ceasefire
- Demonstrated cost-effectiveness with an estimated $3.2 million savings per prevented fatal shooting
- Achieved a 97% accuracy rate, exceeding its 90% contractual commitment
The report addresses criticisms and highlights support from Oakland's business leaders, residents, and city officials for the continued use of ShotSpotter technology.
SoundThinking (Nasdaq: SSTI) has unveiled the next generation of SafePointe, its advanced weapons detection system. This major upgrade features AI-driven software and new hardware components to enhance threat detection in high-traffic areas. Key improvements include:
1. Advanced hardware with a 3D camera and NVIDIA-driven edge processor
2. New AI model with patent-pending technology combining person-motion data and magnetic signature analysis
3. Enhanced enterprise features with comprehensive reporting and monitoring tools
4. Improved user experience with a new mobile app
The company has initiated SOC2 and HIPAA certification processes, expected to complete by early 2025. CEO Ralph Clark emphasized the company's commitment to innovation and meeting complex security needs.
SoundThinking, Inc. (Nasdaq: SSTI) has released a report highlighting the success of its ShotSpotter program in Winston-Salem. The report, based on independent research by the Center for Crime Science and Violence Prevention at Southern Illinois University Edwardsville, demonstrates significant benefits across four key metrics:
1. Lives saved: 27 gunshot victims received medical aid, with at least two lives saved directly due to ShotSpotter.
2. Crime reduced: 24% reduction in aggravated assaults and homicides within ShotSpotter's coverage area.
3. Evidence recovered: 4,400% increase in shell casing recovery.
4. Financial ROI: $8.4 to $8.8 million saved annually, yielding a return of $26 for every $1 invested.
The report also suggests that Winston-Salem's proposed drone program would be most effective when paired with existing ShotSpotter technology.
SoundThinking Inc (Nasdaq: SSTI) has appointed Adan Pope as Senior Vice President of Data and Artificial Intelligence, a newly created role to lead the company's AI and machine learning initiatives across its SafetySmart™ Platform and internal operations. Pope brings over 30 years of technology leadership experience, most recently serving as CTO at Intrado Life and Safety.
This strategic hire aims to accelerate AI-driven innovation in public safety technology, reinforcing SoundThinking's market leadership. Pope will establish a Center of Excellence for AI/ML within the company and oversee the centralization and expansion of AI/ML capabilities. He will also lead the Engineering Organization for CrimeTracer, which manages over 1 billion law enforcement Criminal Justice Information Services Division records.
SoundThinking, Inc. (Nasdaq: SSTI), a leading public safety technology company, is set to present at the 2024 Annual Gateway Conference in San Francisco. The company's management team will deliver a presentation on Thursday, September 5th at 10:30 a.m. Pacific Time at the Four Seasons Hotel. This event provides an opportunity for investors and analysts to gain insights into SoundThinking's operations and strategy.
The presentation will be webcast live and available for replay, allowing remote access for interested parties. Additionally, SoundThinking executives will be available for one-on-one meetings throughout the conference, offering a more personalized interaction with potential investors and industry professionals.
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.
SoundThinking, Inc. (Nasdaq: SSTI) reported strong Q2 2024 financial results, with revenues increasing 22% to a record $27.0 million. The company saw growth from new and existing customers, as well as contributions from CaseBuilder. Key highlights include:
- Gross profit up 27% to $16.1 million (60% of revenues)
- Adjusted EBITDA increased over 110% to $5.1 million (19% of revenues)
- ShotSpotter went live in 3 new cities and expanded in 4 current cities
- Launched strategic partnership for 'PlateRanger, Powered by Rekor' LPR solution
SoundThinking reaffirmed its FY 2024 revenue guidance of $104.0-$106.0 million, representing 13% year-over-year growth at the midpoint, and Adjusted EBITDA margin guidance of 18-20%.
SoundThinking (Nasdaq: SSTI) and Rekor Systems (Nasdaq: REKR) have announced a strategic partnership to launch PlateRanger, Powered by Rekor, a new end-to-end public safety solution. This collaboration combines SoundThinking's acoustic gunshot detection and investigative solutions with Rekor's vehicle and license plate recognition (LPR) technology.
PlateRanger is now available for demonstration and quotation, expected to be part of the SafetySmart™ platform in September 2024. This marks SoundThinking's expansion into the $3.2B global LPR market. The partnership aims to create synergies by combining SoundThinking's law enforcement customer base with Rekor's roadway intelligence capabilities.
The new offering bundles solar power, warranty, integrations, and customer service into a single subscription price, providing a cost-effective tool for law enforcement agencies. When used with ShotSpotter®, PlateRanger will enable streamlined gun crime investigations and improved operational efficiency.
SoundThinking (Nasdaq: SSTI) has issued a formal reply to the New York City Comptroller's audit report on ShotSpotter's accuracy and effectiveness. The company refutes two main conclusions from the report: (1) low rates of confirmed shots detected, and (2) negligible improvements in NYPD response times. SoundThinking's 47-page response includes empirical data, independent studies, and testimonials from law enforcement professionals and public officials.
The company argues that the report ignored critical components of the technology's effectiveness, such as providing real-time awareness of gunfire, enabling quick and safe police response, and saving lives. SoundThinking maintains that ShotSpotter consistently exceeds the 90% accuracy standard required by its contract with NYPD. This response follows support from 11 Massachusetts law enforcement chiefs praising ShotSpotter's accuracy and value.
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