Today, innovative enterprise-class software solutions developer, Simtrol, Inc. , announced the sale of its Visitor(TM) and Scheduler(TM) products to its partner Strike Industries, Inc. The transaction grants Strike Industries the right to modify, advertise, promote, market and license the software.
As per the terms of the agreement, Simtrol will receive a cash payment, a secured note, plus a royalty stream from future sales of the software. The products support and enable software-based management and delivery of prisoner visitation in a truly scalable and cost-effective way.
Oliver Cooper, Simtrol President and CEO, stated, “We are excited to leverage Strike’s deep industry expertise and sterling reputation with their clients to bring our technology solutions to the large and growing corrections market. Strike has made a substantial investment into this product and we have entered into an ongoing financial relationship which is consistent with our strategy of working with our partners to maximize the value of our assets.”
Strike CEO Pat Sellati added, “Simtrol’s Device Manager(TM) represents state of the art technology which has been applied to solve major problems in the corrections market. We have demonstrated its value through the mutual successes we have had with customers utilizing the Visitor(TM) and Scheduler(TM) products. This is a large marketplace with the opportunity for substantial growth as new technologies are deployed to facilitate jail operations. In addition, our ongoing economic arrangement with Simtrol aligns our interests and furthers our partnership – a true win-win. Ownership of the products gives us true control of our destiny.”