NYPD renews ShotSpotter contract with SoundThinking

FREMONT, Calif. - SoundThinking, Inc. (NASDAQ:SSTI), a provider of public safety technology with a market capitalization of $170.7 million, has renewed its contract with the New York Police Department (NYPD) for the continued use of its ShotSpotter gunshot detection system. The multi-year agreement, valued at $21.8 million, extends a partnership that began in 2015. According to InvestingPro analysis, the company appears undervalued based on its Fair Value metrics, with strong revenue growth of 19.4% in the last twelve months.

ShotSpotter has played a significant role in the NYPD’s efforts to address gun violence. Independent (LON:IOG) research suggests that over 80% of gunfire incidents go unreported to 911, a gap that ShotSpotter helps to fill. The technology has reportedly aided the NYPD in reducing response times to shootings, collecting evidence, locating victims, and saving lives. It is also credited with fostering trust in law enforcement within underserved communities. With a gross profit margin of nearly 59%, the company maintains strong operational efficiency in delivering these critical services.

The system’s accuracy is a critical aspect of the partnership, with SoundThinking required to maintain a 90% accuracy rate in detecting and triangulating gunfire locations. In 2024, ShotSpotter achieved an average monthly accuracy rate of 94%.

Ralph Clark, President and CEO of SoundThinking, expressed gratitude for the renewed partnership, emphasizing the technology’s impact on the NYPD’s gun violence response strategy.

SoundThinking serves over 300 customers and has been involved with approximately 2,100 agencies to promote public safety. Its SafetySmart platform encompasses a suite of technologies, including ShotSpotter, CrimeTracer, CaseBuilder, ResourceRouter, SafePointe, and PlateRanger powered by Rekor.

This contract renewal underscores the ongoing commitment between SoundThinking and the NYPD to leverage technology in combating gun violence and enhancing community safety. The information for this article is based on a press release statement from SoundThinking, Inc.

In other recent news, SoundThinking, Inc. has publicly announced the impending departure of Pascal Levensohn, the Chair of the Board of Directors, as per an 8-K filing with the Securities and Exchange Commission. Levensohn, who has been a board member since 2007, has decided not to seek re-election at the company’s 2025 Annual Meeting of Stockholders. The departure is not linked to any disagreements with the company’s operations, policies, or practices, and appears to be a personal decision.

In preparation for this change, SoundThinking’s Nominating and Corporate Governance Committee has already begun the process of identifying potential candidates for the soon-to-be-vacant board position. This suggests a seamless transition is anticipated. Levensohn’s departure will take effect immediately following the election of directors at the 2025 Annual Meeting, where he will continue to serve his duties as board chair and as a member of the Audit Committee until then.

These are recent developments that follow Levensohn’s remarkable 17-year tenure, during which SoundThinking has seen significant changes, including a name change from Shotspotter, Inc. in 2015. As the company prepares for its annual stockholders meeting in 2025, stakeholders and investors will likely keep a close eye on the changes to the board’s composition.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.