TEMPE, Arizona -- Wrap Technologies Inc. on Wednesday announced the acquisition of body worn camera and digital evidence management company Intrensic, LLC.
The strategic acquisition was concluded through the purchase of 100% of the membership interest for $500,000 in cash and 1,250,000 shares of WRAP common stock and is expected to close in the next few days. Company leadership stressed that this not only allows the company to better serve its existing customer base, but also will allow it to attract new clients seeking end-to-end, technologically advanced solutions.
“Today we also announced the acquisition of Intrensic, a state-of-the-art digital evidence management system and body-worn camera company that aligns perfectly with our strategic vision to strengthen and diversify our offerings in the law enforcement and security market," Kevin Mullins, Chief Executive Officer of Wrap said in a statement. "This agreement will help Wrap in its commitment to empowering law enforcement worldwide with a diverse suite of tools as the nature of policing continues to evolve. With the acquisition of Intrensic, we intend to offer a more comprehensive suite of solutions, making Wrap a one-stop shop for law enforcement and security technology needs. This acquisition expands Wrap's current capabilities and creates a robust, fully integrated technology ecosystem that allows us to better serve existing departments with innovative law enforcement and security solutions and attract new partners seeking end-to-end, advanced technologically options. Looking ahead, we are prepared to break new ground in connectivity solutions for law enforcement. Leveraging our expanded team and solutions suite, we are poised to make a significant impact on the efficiency, safety, and effectiveness of law enforcement operations worldwide."
Wrap Technologies is best known for the BolaWrap, an innovative and patented hand-held remote restraint device, engineered to proactively deter escalation by deploying a Kevlar tether that safely restrains individuals from a distance. Wrap Reality, the company’s advanced virtual reality training system, is a fully immersive training simulator and comprehensive public safety training platform that equips first responders with the discipline and practice to prevent escalation, de-escalate conflicts, and apply appropriate tactical use-of-force measures to better perform in the field.
“Our core solution, BolaWrap, continues to gain momentum with law enforcement worldwide. We anticipate robust growth in BolaWrap sales from both existing and new departments. We are also in advanced discussions for potentially large international orders that underscore the device’s global appeal," Mullins adds. "In addition, we have solidified our Wrap Reality virtual reality training platform with our scenario-based approach, and are on a trajectory to rapidly increase the number of unique scenarios designed to enhance officer critical decision-making skills in high stress situations."
Paul Peluso is an editor with the Officer Media Group and can be contacted at [email protected].
