Avigilon Corp. (TSX:AVO), the Vancouver company that makes high-definition security cameras, has acquired RedCloud Security Inc., a Virginia-based company that makes a web-based security control system, for $17 million.
RedCloud’s system allows companies to remotely control access to buildings and keep track of people going in and out of secure premises. The two companies’ technologies are complementary, said Avigilon founder and CEO Alexander Fernandes. The RedCloud system allows for easy integration with surveillance cameras.
“Avigilon and RedCloud have parallel philosophies when it comes to providing innovative technologies that deliver the most return for our customers,” said Fernandes.
“This acquisition brings new and exciting opportunities for Avigilon to participate in a larger share of the total security market.”
RedCloud founder and CTO Terry Neely added, “Avigilon's innovative approach to security products makes it a perfect home for RedCloud.
“With Avigilon's resources, global sales channel and talented team we believe we can accelerate the expansion of our product roadmap and move the industry toward an integrated approach for IT and physical security.”
Avigilon’s share prices were up 3.6% to $ 17.710 at close of markets Thursday.
