To acquire leading analytics platform in emerging segment of
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
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
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
For further information:
Craig Armitage, TMX Equicom
T: (416) 815-0700 ext. 278
Stephanie Von Zuben, Avigilon Corporation
T: (604) 629-5182, Ext 2206