G4S to implement new global strategy to sell its technology

New CEO Ashley Almanza said there are "pockets of excellence" that haven't been exploited

Security services firm G4S has revealed plans to implement a new global strategy for the company's technology, where CEO Ashely Almanza claims that there are "pockets of excellence" that are currently untapped and have the potential to bring in additional revenues.

Earlier today G4S announced fresh investment in group technology following a review of its business, and Almanza expanded on the plans in a live market update.

G4S's UK and Ireland chief executive, Richard Morris, recently resigned following a series of controversies surrounding the company's work on public contracts. Yesterday the Serious Fraud Office (SFO) opened a criminal investigation into G4S and rival firm Serco over the government's electronic tagging contract, where they have been accused of overcharging the government for years.

Ashley Almanza led the review following his appointment as CEO of the group in July.

"The technology opportunity is very material. What we have found has been very interesting and encouraging. We found real pockets of excellence in our company where people have been quietly working away and have come up with some brilliant ideas - we have not exploited them, but we will now," said Almanza.

"The [current] capability is fragmented and isolated. A brilliant piece of tech in market A is currently only found in market A - we lack a global strategy for technology."

He went on to say that G4S currently has large companies buying its technology, but it needs this global strategy to scale this up.

"There is much still to do, but we are beginning to assemble what we know and aseemble a group-wide technology strategy," said Almanza.

"We must ensure we have technology capability in each of our regions. There are markets today where there are strong opportunities but not technology capabilities. In some countries we have developed world class technology with commercial opportunities - we have got blue chip companies paying for it.

He added: "But we haven't taken advantage of this."

Following the review, the company said it has also identified 35 business to grow, restructure or "recycle capital", and it will invest £15-20 million in sales, business development and capability in 2014.

In addition, it said it is establishing a "rigorous" performance management framework.

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