BRS Labs to get new CEO, build cloud facility, do IPO
BRS Labs has a full plate in the next month--it's working on finding a new CEO, finding a spot to build its own cloud facility, and it's prepping for an IPO.
BRS Labs is a provider of “self-learning behavioral recognition software," which its sells as an enterprise software solution, for monthly lease, or as "software-as-a-service. BRS Labs president John Frazzini recently announced during a Fox Business News interview that the company--(which he said he has a stake in) would be doing an IPO. In a news release, the company today announced that the search is on for a new CEO who will take charge of the IPO process.
It is also planning to move its headquarters to a new location in Houston and plans to build a cloud storage facility in that location.
The goal is to raise funds to move into more vertical market segments, the company announced today.
I hope to catch up with Frazzini at the ASIS show next month to get an update on these initiatives.
BRS Labs was founded by Ray Davis in 2005 and Davis has served as CEO since that time. He is stepping down as CEO but role will continue as chairman for the immediate future and will head up the search for a new CEO. Davis said in a statement that he will concentrate his search in Houston.
“The company plans to find a Houstonian who understands the value of a public company in this market, and who has previous operational experience leading a company through the process of going public,” according to a company statement.
BRS Labs’ is known for its AISight platform, an “artificial Intelligence-based analytics solution that teaches itself to recognize and alert on suspicious or unexpected behavior within massive volumes of data.”
In a prepared statement, Davis said he’s “always loved building and running companies and have done so for thirty-five years. Based on the growth we have experienced here at BRS Labs, the time is right for us to take the company public, and we need to bring in an individual who has expertise in this area. I will continue to serve in my role as Chairman until that person is comfortably in place and positioned to take BRS Labs to the heights we know it is capable of reaching.”
BRS Labs says it “owns an approximate 60 percent share of the video analytics market.”
It recently expanded into Supervisory Control and Data Acquisition (SCADA) industry for oil and gas as well as other Smart Utility Grids.
Further expansion into other vertical markets is planned. One of the reasons the company plans to go public is “to raise funds to expand into Information Security, Building Management Systems, and other big data applications.”
“Our Artificial Intelligence-based technology has dominated the initial market we applied it to: video analytics,” Davis said in a statement.
“It is now time to take this proven technology and address the other serious safety and security issues facing the world today. …We need to rapidly and simultaneously move into these new vertical markets to explore the many ways in which our technology can be used, while expanding our footprint in existing markets.”
Davis said that access to public funds “will position us for simultaneous penetration into these markets and allow us to expand the company while producing exponential returns for our investors.”
BRS Labs currently works with third-party cloud providers, but it will provide in-house cloud storage to its customers once it moves to a new location in Houston.
In addition to its headquarters in Houston, BRS Labs has offices in Washington, DC, London, Sao Paulo, and Barcelona.