Counter-terrorism is now a multibillion-dollar industry, with a range of companies trying to get lucrative contracts from governments all over the world and one of the emerging companies in this sector is Canada’s Patriot One Technologies Inc (OTCQX:PTOTF) (TSE:PAT). The company’s calling card is the advanced sensor technology network that it provides through its PATSCAN™ Multi-Sensor Covert Threat Detection Platform. The platform is powered by artificial intelligence and machine learning, which allow it to identify weapons and associated threats quickly. However, it needs to be pointed out that the company is now trying to ramp up its international sales processes significantly.
Big Licensing Agreement
This morning, Patriot made a very major announcement when it confirmed that it had reached a licensing agreement at a global scale with California based Quaser Federal Systems Inc. The licensing agreement is exclusive in nature and it would see the deployment of Quaser’s intellectual property on components from the company’s PATSCAN platform. The terms of the agreement are perpetual in nature and Patriot will be able to use Quaser’s intellectual property to further improve its products. Quaser has been paid $5,000,000 as part of this licensing agreement by Patriot. Patriot is looking to further expand its international footprint. The company is in the process of expanding its reseller network in Asia, Africa, Europe, and the Middle East at this point of time.
Business Development Team
On July 18, Patriot One announced that it had put together its very own business development team that is going to take care of the company’s effort to drive sales internationally. It is believed that the company’s PATSCAN product is going to be the main selling point when it starts selling its wares worldwide. Patriot’s international sales team has also recorded great engagement and the company has managed to enter the global counter-terrorism marketplace in a highly positive way. It is important to note that the company has announced a series of reseller commitments and in addition to that, it has also inked territorially tailored multi-year commitments.
International Sales Initiative
The total commitments made to the company through its international sales initiative currently stands at CAD $ 1.96 million and all of that has come from the PATSCAN reseller network. The initial commitments from the international market are definitely promising, particularly when it is combined with the commitments that Patriot has got from the North American markets. The total commitments that have been turned into sales in addition to the commitments from the international markets add up to CAD $8.1 million. The Chief Executive Officer of Patriot One, Martin Cronin seemed pleased about the company’s latest initiative. He said, “We’re excited about these initial commitments from our international resellers. We are building relationships based on trust and our partners are excited to be introduced to the power of our approach, which is based on the integration of multiple threat detection sensors into our PATSCAN Platform.”