GVI Security Ceases Operations

An industry source confirmed to Security Products on Wednesday that GVI Security has ceased operations, effective Aug. 26, just five months after touting a new master distributor relationship with LG Security.

The source, an industry expert and former GVI insider, said the bank carrying the note on GVI Security took over Aug. 26. Only a skeleton crew remains at the company’s Carrollton, Texas, offices to sell off remaining inventory.

A conversation Tuesday with GVI Security President and CEO Steve Walin took on a-wait-and-see theme as Walin said he was talking to the company’s private equity firm, GenNx360  Capital Partners, which is based in New York.

"I don't have the authority to comment on anything at this time," Walin said when reached Wednesday. Walin noted he is still the CEO of GVI Security.

GVI Security offered a full line of IP-enabled and analog surveillance equipment under both the LG and GVI brands.

At ISC West in April, GVI officials were optimistic about the company’s future after announcing the master distributor partnership that allowed the company to market and package LG’s products as GVI’s own proprietary line. LG was already entrenched in the Asian, European and Latin American security markets.

GVI Security had a similar master agreement with Samsung that ended Jan. 1 of this year. GVI’s relationship with Samsung started to fray after Samsung Electronics sold its CCTV business to Samsung Techwin (STA), a sister subsidiary in the Samsung group of companies in October 2009.

Industry sources said that when the Samsung agreement ended, finances tumbled by the millions of dollars. GVI Security went private in December 2009 when GenNx360 took control. But when the bank called the note on GVI, GenNx360 also pulled its financial holdings out.

GVI Security had banked much of its future on the LG relationship. But, the insider said, revenues dropped from approximately $50 million per year with Samsung to only what was projected to be $10 million this year.

“This is a $50 billion company based in Seoul, Korea, that is excited to be part of this market,” Walin said during ISC West. “Our strategy is to do for LG what we previously had done for Samsung. Our plans are to work closely with LG to develop a product roadmap for North America. We expect to fine-tune the roadmap and bring LG full-force into the security industry.”

The company’s exact sales figures are unavailable because it was privately held. But in late 2010, after GVI announced the end of the Samsung partnership, Walin said he was optimistic about 2011.

“We’re very bullish about business in 2011,” Walin said at ISC West. “We expect great things to come. November (2010) was an excellent month and so far, December is better than expected, without much of a seasonal impact.”

GVI operated throughout the Americas and had offices in the United States, Canada Mexico, Brazil, Chile and Colombia.

About the Authors

Brent Dirks is senior editor for Security Today and Campus Security Today magazines.

Ralph C. Jensen is the Publisher/Editor in chief of Security Today magazine.

Featured

  • From Surveillance to Intelligence

    Years ago, it would have been significantly more expensive to run an analytic like that — requiring a custom-built solution with burdensome infrastructure demands — but modern edge devices have made it accessible to everyone. It also saves time, which is a critical factor if a missing child is involved. Video compression technology has played a critical role as well. Over the years, significant advancements have been made in video coding standards — including H.263, MPEG formats, and H.264—alongside compression optimization technologies developed by IP video manufacturers to improve efficiency without sacrificing quality. The open-source AV1 codec developed by the Alliance for Open Media—a consortium including Google, Netflix, Microsoft, Amazon and others — is already the preferred decoder for cloud-based applications, and is quickly becoming the standard for video compression of all types. Read Now

  • Cost: Reactive vs. Proactive Security

    Security breaches often happen despite the availability of tools to prevent them. To combat this problem, the industry is shifting from reactive correction to proactive protection. This article will examine why so many security leaders have realized they must “lead before the breach” – not after. Read Now

  • Achieving Clear Audio

    In today’s ever-changing world of security and risk management, effective communication via an intercom and door entry communication system is a critical communication tool to keep a facility’s staff, visitors and vendors safe. Read Now

  • Beyond Apps: Access Control for Today’s Residents

    The modern resident lives in an app-saturated world. From banking to grocery delivery, fitness tracking to ridesharing, nearly every service demands another download. But when it comes to accessing the place you live, most people do not want to clutter their phone with yet another app, especially if its only purpose is to open a door. Read Now

  • Survey: 48 Percent of Worshippers Feel Less Safe Attending In-Person Services

    Almost half (48%) of those who attend religious services say they feel less safe attending in-person due to rising acts of violence at places of worship. In fact, 39% report these safety concerns have led them to change how often they attend in-person services, according to new research from Verkada conducted online by The Harris Poll among 1,123 U.S. adults who attend a religious service or event at least once a month. Read Now

Most   Popular

New Products

  • AC Nio

    AC Nio

    Aiphone, a leading international manufacturer of intercom, access control, and emergency communication products, has introduced the AC Nio, its access control management software, an important addition to its new line of access control solutions.

  • FEP GameChanger

    FEP GameChanger

    Paige Datacom Solutions Introduces Important and Innovative Cabling Products GameChanger Cable, a proven and patented solution that significantly exceeds the reach of traditional category cable will now have a FEP/FEP construction.

  • Luma x20

    Luma x20

    Snap One has announced its popular Luma x20 family of surveillance products now offers even greater security and privacy for home and business owners across the globe by giving them full control over integrators’ system access to view live and recorded video. According to Snap One Product Manager Derek Webb, the new “customer handoff” feature provides enhanced user control after initial installation, allowing the owners to have total privacy while also making it easy to reinstate integrator access when maintenance or assistance is required. This new feature is now available to all Luma x20 users globally. “The Luma x20 family of surveillance solutions provides excellent image and audio capture, and with the new customer handoff feature, it now offers absolute privacy for camera feeds and recordings,” Webb said. “With notifications and integrator access controlled through the powerful OvrC remote system management platform, it’s easy for integrators to give their clients full control of their footage and then to get temporary access from the client for any troubleshooting needs.”