Title : Motorola to buy Vancouver surveillance systems maker for $1 billion US
link : Motorola to buy Vancouver surveillance systems maker for $1 billion US
Motorola to buy Vancouver surveillance systems maker for $1 billion US
Motorola Solutions announced Friday that it has entered into a $1 billion U.S all-cash agreement to buy Vancouver based Avigilon, a maker of video surveillance systems.
Avigilon high definition video products are used for surveillance in prisons, airports, government facilities, health-care centres, schools and casinos. The company holds more than 750 U.S. and international patents.
"They [Motorola Solutions] are looking to operate as an independent business unit," said James Henderson, president and COO.
"The Avigilon brand will remain,.The Avigilon organization is going to continue to run as a business unit, and we are really going to work with them to help leverage their global experience and customer base."
The company has manufacturing plants in Canada and the U.S., with the Canadian operation in Richmond.
Earlier this month, the company announced it had signed a deal with a Saudi Arabian company that included the sale of 350 cameras and recorders to be installed in 19 malls there.
"Something we've preached for years now is the value of domestic manufacturing in terms of quality, innovation, time to market" said Henderson.
The Richmond plant manufactures product that will be sent to 80 countries. (Avigilon)
Under the terms of the agreement, Motorola Solutions will acquire all of Avigilon's outstanding shares for $27 Cdn per share.
"This acquisition will bring Avigilon's advanced video surveillance and analytics platform to the rapidly evolving public safety workflow, while also expanding our portfolio with new products," said Greg Brown, the chairman and CEO of Motorola Solutions in a statement.
Motorola Solutions currently sells police body cameras and two-way radios. This is the first time the company will wade into the video surveillance and analytics market.
"They see something that will fit nicely within their current product suite and really be able to build out a world class solution," said Henderson.
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