A Vancouver maker of digital video surveillance systems has closed out the year buying a video analytics firm.
Avigilon Corp. said Tuesday it has signed a deal to buy Massachusetts-based VideoIQ for $32 million. The deal is expected to close early next year.
VideoIQ says its proprietary technology includes live detection, event verification and instant notification of video streams. The company also says its software can learn and adapt.
Its products include the Rialto 14 appliance, a four-channel box which plugs into any IP surveillance system to add analytics, the R-series 1U rack storage device for IP or analogue systems, the ICVR Encoder for remote sites as well as HD cameras.
“VideoIQ’s analytics solution complements Avigilon’s innovative line of products,” Avigilon CEO Alexander Fernandes said in a statement. “The acquisition will give us sophisticated, commercially proven analytics technology supported by one of the leading analytics development teams in the industry.
“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,” 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.”
VideoIQ has a staff of 30. Customers include Alberta Health Services, which uses a system in a health clinic inside a shopping mall where it keeps an eye on late-working staff as they go into the parking lot. Other customers include school boards and a car dealership.
Publicly-traded Avigilon [TSX: AVO] raised $69 million in November through issuing new shares. The same month it also launched a new partner program.
For the fiscal quarter that ended Sept. 30 Avigilon reported net income of $8.6 million on revenue of $51.1 million in revenue, just over double what it pulled in for the same period in 2012.