Avigilon Signs Definitive Agreement to Acquire Video Analytics Company VideoIQ
Avigilon Corporation, a producer of high-definition (HD) surveillance solutions, announced it has signed a definitive agreement to acquire the video analytics company VideoIQ, Inc. for cash consideration of $32 million. The transaction is expected to close in early January 2014.
Founded in 2006, VideoIQ has grown to become a leader in real-time, intelligent, video analytics solutions for security and business intelligence applications. VideoIQ has a developed portfolio of video analytics intellectual property, with 23 patents granted or pending, trade secrets and know-how. Headquartered in Billerica, MA, its highly-skilled and experienced workforce will extend Avigilon’s growing team. VideoIQ’s proprietary technology includes live detection, event verification and instant notification, and self-learning capabilities.
“VideoIQ’s analytics solution complements Avigilon’s innovative line of products,” said Alexander Fernandes, president and CEO of Avigilon. “The acquisition will give us sophisticated, commercially-proven, analytics technology, supported by one of the leading analytics development teams in the industry. VideoIQ is transforming the future of intelligent surveillance and I am pleased to welcome the team to Avigilon.”
VideoIQ has approximately 30 employees and a diversified, blue-chip customer base in multiple industries.
“We believe there is an opportunity to increase the sales of both VideoIQ and Avigilon surveillance systems in the near term by bringing VideoIQ’s existing products into our established global distribution channels,” Fernandes added. “Over time, as we integrate VideoIQ’s technology into the Avigilon system, we will expand our end-to-end, high-definition surveillance solutions to include robust analytics capabilities, giving end users the ability to prevent crime proactively and more effectively analyze large amounts of data.”
GMP Securities LP acted as the exclusive financial advisor to Avigilon on the transaction, and Raymond James & Associates, Inc. acted as the exclusive financial advisor to VideoIQ on the transaction.