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Shares of security systems firm Synectics (LON: SNX) are rallying on Wednesday after the company announced it has been awarded a multi-million-pound project by the City of London Corporation and the City of London Police as part of their Secure City Programme.

Synectics said the project comprises an extensive, cloud-based surveillance control system and is expected to be delivered in2020, with ongoing maintenance support over five years.

The Secure City Programme is an initiative between the City of London Corporation and the City of London Police to improve security in London’s square mile, the city’s financial district.

“The Synectics initiative will transform situational awareness, identifying risk, prioritising threats, and supporting real-time responsive action, across one of the world's leading financial districts,” the AIM-listed company said.

Synectics will utilise the latest cloud-based capabilities within its Synergy platform, alongside its recording management software and integrated video analytics capability to analyse live video surveillance from hundreds of City-owned and third-party camera sources.

“The City of London is going beyond any other public space project we currently have in operation, using Synergy to deliver the most complete cloud-based video-driven surveillance in a major city centre today,” commented Paul Webb, Synectics CEO.

“Our work with the City is the latest stage in our Synergy platform evolution. Our ability to provide a seamless transition path to hybrid and cloud deployments enables operators to take advantage of cloud benefits in a way that suits their individual security, surveillance and operational management demands,” added Webb.

Synectics Price chart
Source: IG

Synectics share price jumped to highs of 160p following the announcement. They are currently trading at 153p, up 13.48%.

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