MCLOUD Subsidiary Secures ₹18.4 Crore E-Surveillance Orders from NCR Corp for PNB ATMs
Magellanic Cloud's subsidiary, IVIS, secured purchase orders worth ₹18.4 crore from NCR Corporation India for E-Surveillance Solutions at PNB ATM sites. The orders are for 5 years and cover Capex and Opex components. This strengthens IVIS's position in the BFSI E-Surveillance market.
The value of the orders (₹18.4 crore) is material and represents new business, impacting the company's growth prospects in the surveillance solutions sector.
The announcement details significant new business orders for a subsidiary, which is a positive development for the company's revenue and market position.
Magellanic Cloud Limited (MCLOUD) announced that its wholly owned subsidiary, IVIS International Private Limited, has received multiple Purchase Orders from NCR Corporation India Private Limited.
These orders are for providing E-Surveillance Solutions across Punjab National Bank (PNB) ATM sites. The total value of these orders is approximately ₹18.4 crore, and they are for a duration of 5 years, encompassing both Capex and Opex components.
This development is considered a significant win for IVIS, reinforcing its presence in the Banking & Financial Services (BFSI) E-Surveillance sector, particularly for large-scale ATM surveillance deployments. Mr. Joseph Sudheer Reddy Thumma, Chairman & Managing Director of Magellanic Cloud Limited, commented that BFSI has been a key focus for IVIS, and they have extensive experience in delivering E-Surveillance solutions for banking networks over the past 1.5 decades. He further stated that these orders strengthen their track record and demonstrate their capability in executing scalable, technology-led E-Surveillance deployments across extensive networks. IVIS plans to leverage its domain expertise, AI-enabled capabilities, and pan-India deployment strength to deepen its presence in the BFSI segment and meet evolving security requirements.
The Purchase Orders are part of IVIS's ordinary course of business and align with its core operations of providing integrated surveillance, telecom, and security infrastructure solutions. The company will continue to inform the stock exchanges of any material developments.
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