Shares of ScanTech AI Systems Inc. (NASDAQ: STAI) soared more than 80% on Tuesday following news of a strategic partnership that grants the company access to public sector procurement through The Interlocal Purchasing System (TIPS).
The developer of advanced security screening technologies has entered into a TIPS contract via a collaboration with Creeksource Consulting LLC. This arrangement allows eligible government agencies, schools, municipalities, and nonprofit organizations to purchase ScanTech AI’s products through the national cooperative purchasing network.
With this contract, ScanTech AI now has a gateway to a potential $100 million market that includes over 3,000 county courthouses, around 13,000 municipal courthouses, and thousands of other critical infrastructure sites across the U.S.
“TIPS provides a trusted and efficient pathway for government clients to access advanced screening technologies,” said Dolan Falconer, Chief Executive Officer of ScanTech AI. “Through our partnership with Creeksource Consulting, we aim to expand market access and making it easier for agencies to deploy our solutions quickly and compliantly.”
The partnership is aimed at simplifying the government procurement process, reducing administrative hurdles, and ensuring compliance with public sector standards. This strategic move could help ScanTech AI scale its operations more effectively across government-run facilities nationwide.
ScanTech AI Systems stock price
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