Quantela Join Hands with Cisco to Introduce Outcome-Based Project Financing for Smart City Projects
Quantela, one of the leading players in offering the digital platform ‘Atlantis’ for automating and optimizing urban infrastructure operations collaborates with Cisco to develop a unique, market disruptive outcome-based project financing model that is set to launch in the Smart City Expo World Congress at Barcelona from 19th November to 21st November, 2019. The model will aid the cities to start on their Smart City projects by converting the upfront CapEx investment to an Outcome-based payment, which is tied to achieve solution SLAs and project KPIs.
Commenting on this, Joe Schember, Mayor, Erie, Pennsylvania, states, “Cities worldwide are harnessing the power of technology to reduce traffic congestion, bridge the digital divide, enhance connectivity, promote economic development, fight crime and make local governments more sustainable and resilient. We are excited to partner with Cisco Systems and Quantela to execute this ambitious project and what it can mean for Erie's growth as a center of innovation”.
It is imperative for the cities and Municipal Corporations to support different financial structures which helps them acquire new technology to offer more efficient and cost-effective urban infrastructure services such as reducing energy consumption for public street lighting, reducing traffic congestion and improving revenues from city parking, improving efficiencies related to waste collection and cement the digital divide using City Wi-Fi Services.
Founded in 2011, Quantela offers quantified business intelligence to IT Departments globally and the organization has merged multiple companies and products into a single unified solution. Headquartered in the USA, the partnership with Cisco Systems disrupts the models of financing smart city projects that help cities digitize their urban infrastructure operations.