Solink® Closes $60 Million (USD) Series C Investment Led by Goldman Sachs Asset Management
FOR IMMEDIATE RELEASE OTTAWA, ON, July 25, 2023 – Solink®, a leading physical security company for businesses, today announced it has closed $60 million (USD) in a Series C investment round. The round was led by the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs) with participation from the company’s existing investors, OMERS Ventures and BDC IT Ventures. The investment from Goldman Sachs comes from its recently launched $5.2B growth equity fund, dedicated to investing in high-growth businesses with strong market positioning and durable business models.
Solink’s platform provides secure and real-time access to security cameras and business intelligence, helping organizations identify risk and transform the way they operate. Solink’s Video Management System (VMS) uses customers’ existing security cameras to make them searchable and accessible in the cloud. The market for cloud-managed video surveillance, also known as Video Surveillance as a Service (VSaaS), is expected to grow at 80% per year, according to market analyst firm Novaira Insights.
Solink has become the leading cloud provider with more than 18,000 customer locations worldwide, serving customers like Tim Hortons, The Container Store, PGA TOUR Superstore and other leading retailers, restaurants, financial services, healthcare, hospitality, manufacturing and logistics, property management and education among others. Solink’s platform meets the unique needs of different industries by offering a solution for forensic security and real-time active security monitoring. Customers can manage after-hour alarm systems with video verification and dispatch with over 40% apprehensions, monitor unauthorized access-control into any building, or manage the speed of service for patrons. The opportunity to centralize data and decision making is available through a web or mobile app.
Physical security is at a turning point where many legacy solutions haven’t innovated to keep up with the needs of customers. Businesses, on average, are seeing a 26.5% increase in crime, retailers are shutting-down unprofitable brick and mortar locations due to shrink, and the rise in violent crime is stalling the post-pandemic economic recovery. Solink helps customers manage their security footprint by pairing data from over 200 different systems with security cameras to identify suspicious activities and create a safer environment for customers and employees. On average, customers see an ROI on the Solink system in less than 30 days.
“This investment will accelerate our plans to expand our global coverage and allow us to invest in the future of physical security through new AI-native products. We want to partner with businesses to be their co-pilot, bubbling-up the most pressing risk and helping them action it”, said Michael Matta, CEO, Solink. “What won’t change, is our relentless focus on helping customers protect their People, Patrons and Profits.”
“Physical security is essential to managing the operations and profitability of most enterprises and small businesses globally. After conducting a deep dive in the physical security and VSaaS space, our team identified Solink as the up-and-coming leader in a market undergoing a rapid transition to the cloud and modernized solutions. Goldman Sachs is excited to partner with Mike Matta and the Solink team as they continue to gain market share due to their deep commitment to innovation, unwavering focus on customers, and a product that is a step ahead,” said Mike Reilly, a Vice President in the Growth Equity business within Goldman Sachs Asset Management.