Video Surveillance Company Benefits from "¨New Jersey's Technology Business Tax Certificate Transfer (NOL) Program
TRENTON (April 29, 2015) - Like many technology companies supported by the New Jersey Economic Development Authority (EDA), DVTEL is a prime example of a New Jersey business whose products have a global reach.
As thousands of runners ran the 26.2-mile Boston Marathon last week, Ridgefield Park-based DVTEL was keeping a close eye on security at the event. For the last two years, the city of Boston has installed DVTEL technology, including a variety of HD surveillance cameras, along the marathon route for added security.
"Communities around the globe are working to achieve - Safe City' status, which entails collating information from many different sensors, systems, and departments to achieve a more comprehensive, city-wide security posture," said DVTEL President and CEO Yoav Stern. "For example, the City of Boston leverages DVTEL's new video management software technology to provide security operators with unified access to a wide variety of devices and systems. The result is improved visibility into the security of high-profile events, such as the Boston Marathon."
According to the company, DVTEL's signature Latitude NVMS® video management software technology offers maximum security and better viewing capabilities for lower costs. One of DVTEL's award-winning products, TruWitness, turns smartphones into live-streaming security cameras. TruWitness was an industry-first when it was launched in 2012, and the technology remains a crucial tool for first responders.
Since 2010, DVTEL has benefitted from New Jersey's Technology Business Tax Certificate Transfer (NOL) Program. The company was one of 44 companies that shared a total of $54 million through the NOL Program in Fiscal Year 2015.
Administered by the EDA and the New Jersey Department of Treasury's Division of Taxation, the NOL program enables companies to sell unused New Jersey net operating losses and R&D tax credits for cash to finance their growth and operations. The sale to unrelated profitable corporations in New Jersey has been critical to many New Jersey companies in managing their cash flow. The EDA will open the Fiscal Year 2016 application process for the competitive program on May 1.
The EDA spoke with DVTEL about the NOL program, the company's experience in New Jersey and its plans for the future. DVTEL President and CEO Stern provided the following responses.
How has DVTEL benefited from funding it received through the NOL program?
The NOL program has helped fund our strategic expansion of marketing and technical efforts. The funding has been especially beneficial during a recent time of transition at DVTEL, as we've worked diligently to turn the company around from losses to profits.
Why did you choose to grow the company in New Jersey?
Several factors drew us to New Jersey: the proximity to financial hubs, including New York and Philadelphia, the ease of travel to international airports, and its ability to attract experienced engineering and technology personnel in Boston, New Jersey and the East Coast. We also appreciate the quality of life for families in New Jersey. We're just far enough away from New York City that this area provides a relatively lower cost of living for our employees while enjoying a shorter commute than people who are driving into the city.
What is DVTEL's biggest success to date?
DVTEL transitioned from a start-up in New Jersey in 2003, with zero revenue and no product, to one of the world leaders in video surveillance technology. Today, we have offices in the U.K., Israel, India, Singapore, Hong Kong, Australia and Mexico, and yet we're still headquartered right here in New Jersey, in the same location where it all started. What's more, many of our New Jersey employees have significant tenure with the company "” some as many as 12 years "” which is proof of our strong ties as a company and our ongoing commitment to the New Jersey community.
What's in store for DVTEL in the near future?
We are focused on growth and further building our business strategies to drive more opportunity within our key markets. With the help of the state of New Jersey and our incredible team, we are profitable and growing, and we're looking forward to even more success in the years to come.