Avigilon Completes Acquisition of VideoIQ
Acquires leader in real-time intelligent video analytics solutions
VANCOUVER, Jan. 13, 2014 /CNW/ - Avigilon Corporation ("Avigilon" or "the Company") (TSX: AVO), a leader in high-definition (HD) surveillance solutions, today announced it has completed the previously announced acquisition of VideoIQ, Inc. ("VideoIQ") for cash consideration of US$32 million.
VideoIQ's real-time intelligent video analytics solution complements Avigilon's innovative line of video surveillance products and provides the Company with a commercially proven analytics technology, one of the leading analytics development teams in the industry, and a deep portfolio of video analytics intellectual property including 40 issued and pending patents internationally. Avigilon plans to introduce VideoIQ's existing products into its established global distribution channels in the near term and, over time, to integrate VideoIQ's technology into the Avigilon system.
"VideoIQ is a great strategic fit and we welcome their talented team to Avigilon," said Alexander Fernandes, president and CEO of Avigilon. "We look forward to working together on innovative solutions that set the standard for intelligent video surveillance."
Headquartered in Billerica, MA, VideoIQ has approximately 30 employees and had annual revenue of approximately $111 million in 2013.
Avigilon (TSX: AVO) is defining the future of protection through innovative high-definition surveillance solutions. Delivering the world's best image quality, our industry-leading HD network video management software and megapixel cameras are reinventing surveillance. Information about Avigilon can be found at avigilon.com.
Forward Looking Statements
Certain statements contained in this news release, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. With respect to forward-looking statements and information contained herein, we have made numerous assumptions. Although our management believes that the assumptions made and the expectations represented by such statement or information are reasonable, there can be no assurance that any forward-looking statement or information referenced herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Such risks, uncertainties and other factors include, among other things those risks identified in Avigilon's prospectus filed on SEDAR at www.sedar.com.
Although we have attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of the factors are beyond the control of Avigilon. Accordingly, readers should not place undue reliance on forward-looking statements or information. Avigilon undertakes no obligation to reissue or update any forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements and information herein are qualified by this cautionary statement.
1 Unaudited results for the year ended December 31, 2013.
SOURCE Avigilon CorporationFor further information:
Craig Armitage, TMX Equicom
T: (416) 815-0700 ext. 278
Stephanie Von Zuben, Avigilon Corporation
T: (604) 629-5182, Ext 2206