Canon Europa N.V., a subsidiary of Canon, will acquire video-management software provider Milestone Systems A/S, according to a release issued by both companies. “The new combination will create a formidable player in the fast-growing network video surveillance market by combining the strengths of Canon’s innovative imaging technology with Milestone’s best-in-class video management software expertise,” the release stated.
Canon also said it identified network video surveillance as a strategic new business area and has “a clear ambition to drive future growth through diversification.” The acquisition of Milestone will significantly enhance Canon’s software capabilities in the sector, it added.
Canon Europe, Middle East and Africa president and chief executive officer Rokus van Iperen commented, “Canon is aiming to take a leadership position in network video surveillance and we are making an important strategic investment today to realize our objective to expand in this market. Together with Milestone, we can accelerate our growth by delivering new advanced products and solutions for new sectors, through new channels, to offer greater customer value. We are very excited about working with such a talented and innovative company and we welcome Milestone into the Canon group.”
Milestone’s president and chief executive officer Lars Thinggaard added, “Milestone is extremely excited about the huge potential that being part of a global group will provide. Canon respects how we built our business with our partners and supports our strategy of providing open-platform solutions, and therefore the need to remain a standalone company within the Canon group. We feel this step is right for taking both our business and support for suppliers and partners to a new level.”
The announcement of the acquisition also stated that Milestone’s open-platform business model “is essential to its future success, and Milestone will continue to provide open-platform solutions to the market, while operating as a standalone company within the Canon group. Canon fully supports Milestone’s open-platform strategy and respects their strong partnerships.” It also said that following the acquisition’s completion, Milestone’s management will remain in place.