IVIS secures Letter of Intent from Manappuram Finance for AI-Powered E-Surveillance Across 1,000+ Branches
Magellanic Cloud Limited’s wholly owned subsidiary, IVIS International Private Limited, has received a Letter of Intent (LOI) from Manappuram Finance Limited. The LOI relates to an engagement for providing outsourced Command & Control Centre (CCC) e-surveillance services across the client's network.Under the proposed engagement, IVIS is expected to manage the supply, installation, commissioning, centralized monitoring, and maintenance of security infrastructure spanning Manappuram Finance Limited’s branch network. The planned deployment focuses on utilizing IVIS' AI-powered Command & Control Centre platform. This solution is designed to deliver intelligent surveillance, real-time event monitoring, automated alert handling and escalation, vault operations monitoring, and ensure centralized visibility across all branches.
The project scope involves a phased execution and may extend to over 1,000 branches, pending the issuance of Purchase Orders and the subsequent execution of definitive agreements between both companies.
This potential engagement marks a significant development for IVIS, as it serves one of the country's largest gold loan institutions that maintains an extensive branch network handling high-value secured assets. The partnership aims to strengthen Magellanic Cloud Limited's position within the BFSI segment by leveraging intelligent command centres and proactive threat detection capabilities in enterprise security.
While securing the Letter of Intent is a key milestone toward establishing a long-term relationship with Manappuram Finance Limited, both parties have confirmed that the LOI is non-binding. It does not constitute a contractual or financial commitment. The final scope of work, commercial terms, and overall contract value will be determined upon the execution of definitive agreements and the issuance of Purchase Orders.
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