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 Corporation
For further information:
Craig Armitage, TMX Equicom
T: (416) 815-0700 ext. 278
Stephanie Von Zuben, Avigilon Corporation
T: (604) 629-5182, Ext 2206