To acquire leading analytics platform in emerging segment of surveillance industry
VANCOUVER, Dec. 31, 2013 /CNW/ - Avigilon Corporation ("Avigilon") (TSX: AVO), a leader in high-definition (HD) surveillance solutions, today announced it has signed a definitive agreement to acquire the video analytics company VideoIQ, Inc. ("VideoIQ") for cash consideration of US$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," Mr. 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.
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, including statements related to the closing of the acquisition of VideoIQ and anticipated financial performance. 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.
SOURCE: Avigilon Corporation