|GSI has been contracted by Southeastern Pennsylvania Transit Authority (SEPTA) to provide annually recurring vehicle video system maintenance services for SEPTA's approximately 3,000 vehicles. This annually recurring contract is valued at approximately $2.36-million per year. SEPTA has approved an initial three-year service term beginning in November, 2019, for approximately $7.1-million, plus two one-year extension options, for a total potential contract value of up to $11.8-million over five years.|
The acquisition of Spector Logistic is looking spectacular from all angles. For $300K they've acquired;
1. High quality and immediately accretive assets
2. Bob Welsh joining the management team with his extensive experience in the transit, law enforcement, and military markets
3. A production facility, workforce with technical expertise which expands their capability in the train market, a command and control center in Wilmington designed to manage portable video installations for special events, crowd surveillance, and remote site monitoring
4. Spector’s contracts with the Southeastern Pennsylvania Transportation Authority (“SEPTA”)
I believe they have now booked $25M of contracts from this relationship.
SEPTA is a regional public transportation authority that operates bus, subway/elevated commuter rail lines, commuter and light rail, and electric trolleybus services to nearly 4 million people in five counties in and around Philadelphia, Pennsylvania. SEPTA is the U.S.’s sixth largest rapid transit system by ridership and is ranked as the fifth largest with about 306.9 million annual unlinked trips. It operates 290 active stations, more than 450 miles (720 km) of track, 2,295 revenue generating vehicles, and 196 routes.
SEPTA's acceptance is a feather in the cap of GSI for future RFP's.