Vancouver-based Avigilon Corporation this week acquired privately-held RedCloud Security, a provider of web-based, physical and virtual access control systems.
Through the acquisition, Avigilon says adds "a complementary product line to its end-to-end high-definition surveillance solution" and also provides the Canadian company with access to a "growing segment" of the global security market: analysts estimate the global market for electronic access control will reach $6 billion by 2015.
"Avigilon and RedCloud have parallel philosophies when it comes to providing innovative technologies that deliver the most return for our customers," says Alexander Fernandes, president and CEO of Avigilon. "This acquisition brings new and exciting opportunities for Avigilon to participate in a larger share of the total security market."
RedCloud was founded by Terry Neely, former vice president of engineering at Honeywell Access Systems.
"Avigilon's innovative approach to security products makes it a perfect home for RedCloud," explained Terry Neely, chief technology officer of RedCloud. "With Avigilon's resources, global sales channel and talented team we believe we can accelerate the expansion of our product roadmap and move the industry toward an integrated approach for IT and physical security."
Avigilon paid $17 million in cash to purchase the entire RedCloud business.
Earlier this month, Avigilon unveiled the world's smallest HD dome camera.