Vancouver-headquartered Avigilon today announced it has signed a definitive agreement to acquire the video analytics company VideoIQ for $32 million with the transaction closing in early 2014.
Avigilon is a leader in high-definition (HD) surveillance solutions and recently celebrated their IPO's two year anniversary.
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.
VideoIQ's proprietary technology includes live detection, event verification and instant notification, and self-learning capabilities. VideoIQ has approximately 30 employees and a diversified, blue-chip customer base in multiple industries.
"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."