NCR, the banking and commerce solutions company, announced Tuesday (Nov. 6) that it has acquired StopLift Checkout Vision Systems, an intelligent computer vision system, to combat theft in the retail business.
In a press release, NCR said financial terms of the transaction were not disclosed. “This acquisition will help NCR accelerate growth in our market-leading self-checkout and store transformation solutions,” President and Chief Executive Officer Michael D. Hayford said in the press release. “In addition to creating new value for our retail customers around the world, StopLift’s fraud detection technology will be a key enabler of our frictionless commerce product strategy.”
According to NCR, the transaction reinforces its strategic focus on self-checkout solutions that provide shoppers with an enhanced experience and also provide a return on the investment for retailers.
Headquartered in Cambridge, Massachusetts, StopLift has developed artificial intelligence capabilities that visually determine what occurs during each transaction, distinguishing between legitimate and fraudulent behavior at checkout. NCR said StopLift’s technology detects scan avoidance methods and flags unscanned, unpaid merchandise for loss prevention.
“We have been working with NCR since 2016 to integrate our patented technology with SmartAssist, which successfully detects shrink at the checkout counter with NCR’s self-checkout solutions,” Malay Kundu, founder and CEO of StopLift, noted in the same press release. “As retailers are looking to embrace frictionless checkout, our combined technologies will bring the advantages of loss prevention management to NCR’s global customer base in this critical time of retail transformation.”