Company signs multi-year deal to provide IT infrastructure solutions and services, data analytics and its AirPatrol products for new smart community
PALO ALTO, Calif. – Big data analytics and solutions provider Sysorex (NASDAQ: SYRX) announced today that it has signed a $91 million contract to make its software and information systems the central nervous system for a new state-of-the-art “smart” community being developed to house 4,000 employees working on construction projects in the State of Qatar. Under the terms of the 15-year contract Sysorex will operate as the community’s intelligent infrastructure and provide a full range of services including information technology, AirPatrol location-based security products, data analytics, cashless payment systems, campus-wide WiFi and Internet-based TV, facilities management and public safety management for police, fire and medical personnel.
“The scope and magnitude of this project makes it especially exciting,” said Sysorex CEO Nadir Ali. “The design and development will involve every one of our core competencies from advanced IT infrastructure to leading-edge mobile locationing and data analytics.”
The project is led by developer, Daruna For Real Estate Development (Daruna), which designed the project as a modern college campus-style community that includes living accommodations, recreation and entertainment, healthcare and retail facilities for 4,000 workers on key infrastructure projects in Qatar including the FIFA World Cup 2022 and Qatar National Vision 2030.
“We chose Sysorex for this development because the combination of products, services and insights it provides is unique,” said Daruna CEO Michael Murphy. “We couldn’t find a solutions partner for this project as comprehensive as AirPatrol’s anywhere else.”
In July 2015, Sysorex announced an initial $2.5 million contract with Daruna to use AirPatrol as a security and asset management platform. This new contract expands that arrangement, extending Sysorex’s involvement to nearly every aspect of the community’s management and operation. The 15-year contract is expected to start in the second quarter of 2016. Sysorex will receive approximately $6.1 million per year.
Sysorex develops the systems and solutions that power the data-driven enterprise. With an innovative approach to big data, analytics and the Internet of Things (IoT), we blend virtual data from software and networks with the huge volume of physical data generated by mobile devices and Internet-connected things to open new worlds of insight. Our unique solutions are helping organizations worldwide improve decision-making, increase productivity, and fuel the discoveries of tomorrow. Headquartered in Palo Alto, California, we have regional offices in North America, South America, the Pacific Rim, Europe and the Middle East. Visit Sysorex.com, follow us @SysorexGlobal and Link up on LinkedIn.
Safe Harbor Statement
All statements in this release that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. These forward-looking statements, including the amount and timing of payments under terms of the contract with Daruna, rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of the control of Sysorex and its subsidiaries, which could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, the fluctuation of global economic conditions, the performance of management and employees, the company’s ability to obtain financing, competition, general economic conditions and other factors that are detailed in the company’s periodic and current reports available for review at www.sec.gov. Furthermore, we operate in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention to, and undertake no obligation to, update or revise forward-looking statements.
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