On the New Year's Eve day of 2014, Avigilon Corporation (“Avigilon”) (TSX: AVO), a leader in high-definition (HD) surveillance solutions, announced it has signed a definitive agreement to acquire the video analytics company VideoIQ, Inc. (“VideoIQ”) for cash consideration of US$32 million. The transaction is expected to close in early January 2014.
VideoIQ is a seven-year-old video analytics company based in Billerica, Mass., a suburb of Boston, with 30 employees and 23 patents granted or pending. VideoIQ’s proprietary technology includes live detection, event verification and instant notification, and self-learning capabilities. Its main product is the iCVR camera and encoder family with features of
- Proactive surveillance: identify people, vehicles and boats from objects, animals and scene movement, ensuring the most accurate real-time threat detection on the market.
- Network efficiency: By storing video within the onboard NVR, iCVR cameras and encoders can record at full resolution and frame rate – even full high definition with 1080p/30fps resolution – using no bandwidth at all. The overall system needs less than 10% of the bandwidth of high definition and conventional IP cameras, allowing customers to deploy over existing networks, wireless networks and cellular connections. And as every iCVR continuously records, they are always ready to send real-time alarms when threats are detected, stream live video on demand and perform sophisticated search.
- Simple installation: with fully integrated, onboard NVR storage and an advanced VMS, iCVR cameras and encoders eliminate the need for expensive centralized storage – reducing deployment costs, system complexity, infrastructure, time and resources. Additionally, it automatically calibrates in minutes, getting more accurate with each object detected and further reducing installation time and resources.
"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.”
"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,” Mr. 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.”