Avigilon Acquires Analytics Firm for $32 Million

Avigilon Corp. operates a manufacturing facility in Richmond and is headquartered in downtown Vancouver

The digital video surveillance company looks to strengthen its analytics expertise with its acquisition of VideoIQ

In the final hours of 2013, Vancouver-based Avigilon Corporation announced that it had entered an agreement to acquire video analytics company VideoIQ in a $32-million all cash deal.
As a manufacturer of high-definition security systems, video cameras and software, CEO Alexander Fernandes said that the deal would enhance Avigilon’s real-time security video analytics, allowing for live detection, instant notification and even self-learning capabilities.
“VideoIQ is transforming the future of intelligent surveillance and I am pleased to welcome the team to Avigilon,” said Fernandes in a statement. “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.”    
Based in Massachussets, VideoIQ is a developer of video analytics software for security and business intelligence and has a portfolio of 23 granted or pending patents.
Developing both software and hardware for its hi-tech surveillance systems, Avigilon has sold its wares to schools, hospitals, nuclear power plants, banks car factors and prisons. Hi-tech security cameras that can detect movement–and even interpret what’s happening in the footage–have come a long way from the grainy security tapes that first motivated Fernandes into launching a company in the $10-billion video surveillance space seven years ago.
Avigilon also said in the release that it would be welcoming VideoIQ’s 30-person team and that it plans to grow its workforce. Currently, the company operates a manufacturing facility in Richmond and has more than 400 employees worldwide, up from 120 in 2011.
In a statement, the company expected the deal to be completed by the end of January. Avigilon’s share price closed at $30.94 on the TSX at the time of publication.