Cork firm Everseen increases staff and turnover after securing new contracts

Founded by Alan O'Herlihy, Everseen works with at least 14 of the world's top 25 retailers. File picture Denis Minihane.

Cork company Everseen recorded significant growth last year, almost doubling its turnover to €23.3m according to new accounts.

From its headquarters in Blackpool, and through research centres in Timisoara, Romania, and Belgrade in Serbia, Everseen has developed video-camera technology that monitors self-service checkouts for items that were not scanned, thus reducing errors and thefts. Such errors and thefts cost retailers up to €40bn each year.

Founded by Alan O'Herlihy the company has worked with at least 14 of the world's top 25 retailers, including Walmart and Kroger in the US.

According to the accounts, the company significantly increased turnover from the €10.4m recorded in 2019. The vast majority of turnover was recorded from operations outside Ireland and Europe.

After administrative expenses, the company recorded an operating loss for the year of €4.8m, down on the €8m loss for 2019.

Everseen also increased its global staff number last year from 679 workers in 2019 to 817 in 2020.

Despite the increase in turnover, the auditors Grant Thornton said the loss and balance sheet deficit of €8.8m may indicate uncertainty that could impact the company's ability to continue as a going concern.

However, it also notes the company has a detailed budget and cash flow projection in place and Everseen had negotiated significant new contracts in 2019 that were implemented fully last year and continued into 2021 that will further increase turnover and cash flow.

Everseen's technology has helped some stores to drastically reduce the number of interactions staff have with customers. The technology observes millions of items and customers every day, reducing friction and delays. The requirements of social distancing due to the Covid pandemic has led to an increase in demand for cashless tills. 

Everseen also settled a lawsuit this year with supermarket chain Walmart after the Cork firm accused the retail giant of stealing its technology.

Speaking to the Irish Examiner earlier this year, Mr O'Herlihy said the company had significant plans for expansion beyond the US, with specific plans for Europe and Asia. 

While planning to expand its client base, the firm also sees the potential of AI in other areas.

"We are taking our technology beyond the US and beyond the checkout," Mr O'Herlihy said. "We are managing the important sales process for retailers, but are now going to the back of the store, managing the receiving section, and, in the distribution centres, managing any critical process. Retailers are trusting us to solve problems."

"Checkouts are a big issue, but our customers are dragging us to other areas, asking to help resolve issues. That's where our business is growing."

With the customer level of interaction with staff reducing all the time, he predicts that fully cashier-free shops are just a few years away. "You will likely see it in the smaller stores first, the kiosks and newsagents in airports. That is happening already."