POS Loss Prevention Solution Catches Employee Theft
DALLAS, TX. June 13, 2011 – Sysrepublic, a leading provider of POS loss prevention and systems integration solutions serving the global retail market, today announced its expansion in the U.S. market with three new customers and a new Los Angeles office.
Retailers Safeway, WinCo Foods and Wegmans are the latest additions to the Sysrepublic customer base in the U.S. All three companies are implementing Sysrepublic’s Secure loss prevention software solutionhttp://www.sysrepublicsecure.com), allowing them to identify and catch employee theft and significantly decrease shrink.
While many businesses have had to cut expenses due to the recent economic downturn, Sysrepublic has expanded its global presence with new offices in Los Angeles – in addition to its offices in London. The value of the Secure loss prevention solution to retailers is even more significant in today’s uncertain economic times.
The Loss Prevention Market
Stepping up loss prevention measures is critical for retailers to protect company assets. According to the University of Florida’s 2009 National Retail Security Survey Report, retailers rate employee theft as the single most significant source of shrink. Other areas of shrink contributing to company losses were shoplifting, administrative and vendor fraud. Total shrink is estimated at $33.49 billion and annual employee theft is estimated at $14.4 billion.
“With Secure, retailers have the ability to get the upper hand on thieves,” said Nathan Smith, Sysrepublic CEO, North America. “Loss prevention personnel can be proactive in monitoring and investigating POS transactions, resulting in less time needed to close more cases and maximizing return on investment.”
Sysrepublic: New Customers
Safeway Inc. is a Fortune 100 company and one of the largest food and drug retailers in North America, based on sales. The company operates 1,694 stores in the United States and western Canada and had annual sales of $41.1 billion in 2010.
WinCo Foods is an employee owned company founded in 1967 in Boise, Idaho. WinCo Foods operates as a regional discount supermarket company and currently employs approximately 14,000 individuals and operates in the states of Washington, Idaho, Nevada, California, Oregon and Utah.
Wegmans Food Markets, Inc. is a supermarket chain with stores in New York, Pennsylvania, New Jersey, Virginia, and Maryland. Its first New England store will open in Northborough, Massachusetts in October 2011. The family-owned company, founded in 1916, is recognized as an industry leader and innovator. Wegmans has been named one of the ‘100 Best Companies to Work For’ by FORTUNE magazine for 14 consecutive years. In 2011, Wegmans ranked #3 on the list.
Secure is a POS loss prevention solution enabling companies to rapidly identify and uncover hidden fraud. Secure comes preconfigured with easy to understand dashboard capabilities, and powerful rules based on years of fraud detection experience derived from leading world retailers. The product delivers results from day one allowing retailers to achieve ROI targets faster. Secure can be implemented as either an on-site solution or hosted in Sysrepublic’s datacenter.
Sysrepublic is a market leader in POS loss prevention, systems integration and consulting solutions, serving the global retail market. The company’s flagship software solution, Secure, is used by retailers worldwide to detect and prevent employee fraud, theft and shrink. Customers include Tesco, Marks & Spencer, ASDA, Sainsbury’s, Safeway, Winco Foods, Wegmans and other top global retailers. Sysrepublic is 100 percent employee-owned with offices in London and Los Angeles. For more information, visit http://www.sysrepublic.com
All companies mentioned herein are trademarks of their respective companies.
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