China's Everbright Bank has purchased the Midas satellite bandwidth-on-demand system from Arizona-based Comtech EF Data, via the company's Chinese distributor Datacom Enterprises, in a deal initially valued at $1 million.
The Midas system will provide automatic emergency backup via satellite for a terrestrial data and voice network plus on-demand video conferencing services for selected bank branches.
The system was chosen following evaluation of its technical features and price and performance advantages. "The special strength of the Midas system is that it can be installed to perform one primary function, such as teleconferencing, while also serving as a backup for other functions whenever needed," says Fred Kornberg, president and CEO of Comtech.
The first phase of the project will involve initial installation of the system and is expected to generate revenue in excess of $1 million. Additional phases are potentially in the pipeline, which would also generate significant revenues, says Kornberg.