ATLANTA & CAMBRIDGE, Mass.--(BUSINESS WIRE)--NCR Corporation (NYSE: NCR) today announced that it has acquired StopLift Checkout Vision Systems, a leader in intelligent computer vision systems, to combat theft in the retail business. Financial terms of the transaction were not disclosed.
This transaction reinforces NCR’s strategic focus on self-checkout solutions that provide the best possible shopper experience and return on the investment for retailers. NCR will integrate StopLift’s Artificial Intelligence capabilities that detect unusual and possibly fraudulent behavior into its retail store transformation solutions. StopLift’s loss prevention management features will help NCR address retailers’ concerns over shrink. NCR is the global leader in self-checkout technology with more than 250,000 installations worldwide.
“This acquisition will help NCR accelerate growth in our market-leading self-checkout and store transformation solutions,” said NCR President and Chief Executive Officer, Michael D. Hayford. “In addition to creating new value for our retail customers around the world, StopLift’s fraud detection technology will be a key enabler of our frictionless commerce product strategy.”
Headquartered in Cambridge, Mass., StopLift has developed Artificial Intelligence capabilities that visually determine what occurs during each transaction to distinguish between legitimate and fraudulent behavior at the checkout. Most notably, StopLift’s technology detects scan-avoidance and flags unscanned, unpaid merchandise at the checkout. Examples include passing items around the scanner, leaving unscanned items in the shopping cart, and covering up the barcode while scanning.
“We have been working with NCR since 2016 to integrate our patented technology with SmartAssist, which successfully detects shrink at the checkout counter with NCR’s self-checkout solutions,” explained Malay Kundu, founder and CEO of StopLift. “As retailers are looking to embrace frictionless checkout, our combined technologies will bring the advantages of loss prevention management to NCR’s global customer base in this critical time of retail transformation.”
The two companies anticipate a smooth transition for customers, channel partners and employees.
About NCR Corporation
NCR Corporation (NYSE: NCR) is a leader in banking and commerce solutions, powering incredible experiences that make life easier. With its software, hardware, and portfolio of services, NCR enables 760 million transactions daily across financial, retail, hospitality, travel, telecom and technology industries. NCR is headquartered in Atlanta, Ga., with 34,000 employees and does business in 180 countries. NCR is a trademark of NCR Corporation in the United States and other countries.
StopLift Checkout Vision Systems markets its patented ScanItAll technology designed to detect and deter shoplifting and employee theft in retail businesses across the globe. It uses Artificial Intelligence to analyze and compare security video and POS data to identify unscanned items at retail and supermarket checkouts. To date, it has confirmed more than 3.1 million scan avoidance incidents at manned and self-checkouts around the globe. StopLift is headquartered in Cambridge, Massachusetts and has an office in Kolkata, India.
Cautionary Statement Regarding Forward-Looking Statements
Statements in this announcement regarding the transaction, the benefits of the transaction, general business outlook and any other statements about the future expectations, beliefs, goals, plans or prospects of the board or management of NCR constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "expects," "intends," "anticipates," "estimates," "predicts," "believes," "should," "potential," "may," "forecast," "objective," "plan," or "targets" and other similar expressions) are intended to identify forward-looking statements. There are a number of factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: the potential impact of the transaction on relationships, including with employees, suppliers and customers of NCR and StopLift; the ability to achieve the value creation contemplated by the transaction; and the other factors and financial, operational and legal risks or uncertainties described in the NCR’s public filings with the SEC. NCR disclaims any intention or obligation to update or revise any forward-looking statements as a result of developments occurring after the date of this document except as required by law.