Avigilon announced it has signed a definitive agreement to acquire video-analytics company VideoIQ for $32 million in cash. Avigilon said it expects the transaction to close in early January 2014.
VideoIQ, founded in 2006, uses the acronym BRAIN to describe its analytics capabilities. Its Bootstrap Response Active Intelligence Node (or Network) “is a technology that enables cameras to ‘see’ and alert you when something is outside of ‘the norm,’” the company explains on its website. “Most other analysis systems are ‘hard-wired’ with specific objects and scenarios,” VideoIQ continues. “They can’t learn and adapt. That’s where VideoIQ is different. Our technology learns from experience and improves the system with its feedback and intelligence.”
In its announcement of the acquisition, Avigilon said VideoIQ’s Billerica, MA-based “highly skilled and experienced workforce will extend Avigilon’s growing team.” Avigilon added that VideoIQ has approximately 30 employees. VideoIQ’s website lists Tenaya Capital, Matrix Partners and Atlas Ventures as investors in the company.
Avigilon’s president and chief executive officer Alexander Fernandes commented, “VideoIQ’s analytics solution complements Avigilon’s innovative line of products. This 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. 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.”