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Vicon and Iqinvision merge for strategic growth
Edgewood, NY (USA) and San Juan Capistrano, Ca (USA)
Vicon Industries, Inc.
and
Iqinvision, Inc
have entered into
a definitive merger agreement
that is expected to create a global
provider of integrated solutions to
the video security market. Vicon is
a designer and producer of video
security and surveillance systems.
Iqinvision designs and produces
high performance HD megapixel
IP cameras.
The merger has been approved
by the boards of directors of
both companies and is subject to
shareholder approval, and other
customary closing conditions. The
transaction is expected to close in
Vicon's September quarter. Under
the terms of the merger agree-
ment, Vicon will issue shares of
Vicon common stock to Iqinvision
shareholders in an all-stock merger
whereby Iqinvision shareholders will
own approximately 50% of the out-
standing common stock of the com-
bined company. After the merger,
Vicon will have approximately
9,000,000 shares outstanding.
As permitted and contem-
plated by the merger agreement,
Vicon expects to declare a special
cash dividend of $0.55 per share
payable with respect to shares of
Vicon common stock held by
shareholders of Vicon as of a re-
cord date prior to the completion
of the merger and payable to such
holders within 15 days after the
completion of the merger.
"Vicon is thrilled to join
forces with Iqinvision," said Ken
Darby, Vicon Chairman and CEO.
"Together, with the Vicon line
of HD megapixel robotic dome
cameras, our enterprise class video
management software, Viconnet
and Iqinvision's highly regarded
Iqeye brand, we bring a compel-
ling solution offering to the video
security market. The Iqinvision
transaction is consistent with our
strategy of providing high qual-
ity, proprietary solutions to our
customers. The Vicon/Iqinvision
combination will yield meaningful
operational benefits, together with
significant market and techno-
logical synergies. It's a logical first
step to strategic growth for both
companies," said Darby.
"This is a great fit for Iqinvi-
sion as we combine with one of
the iconic brands in the industry.
Our product offerings are com-
plementary to Vicon's solutions,
and we believe Vicon's worldwide
sales organisation will effectively
promote the Iqeye brand to new
markets and accelerate the growth
of our sales footprint," said Charles
Chestnutt, CEO of Iqinvision.
Ken Darby, who has delayed
his retirement, will continue to
lead the company until his succes-
sor is named. The search for a new
CEO was recently restarted.
Both Vicon and Iqinvision's
product offerings will retain their
existing branding, and both com-
panies will continue to sell into
and service their existing channels
and customers. Customers are ex-
pecte to see no difference in sales,
service, and support levels com-
pared with prior to the merger.
For the twelve months ended
December 31, 2013, Iqinvision
and Vicon combined generated
$56 million in revenue. Following
the merger, the board of directors
of the combined company will
consist of three directors desig-
nated by Vicon and three directors
designated by Iqinvision. TM
Capital Corp. and Imperial Capi-
tal acted as financial advisors to
Vicon and Iqinvision, respectively.
Charles Chestnutt,
CEO of Iqinvision.
Interlogix acquires UHS from Australian Hills Ltd
Brussels, Belgium
Interlogix
, a part of UTC Build-
ing and Industrial Systems, a unit
of United Technologies Corp.,
is acquiring Ultra High Speed
(UHS) from Australian company
Hills Limited to broaden its port-
folio of intrusion product offerings
and services.
UHS is a technology provider
of telecommunications infrastruc-
ture equipment, Web application
servers, modems and customised
network management systems.
This transaction is designed to
broaden and strengthen Inter-
logix's portfolio of residential
and commercial intrusion panels,
mobile applications and com-
munication solutions. UHS also
brings the expertise of engineers
and designers with a wealth of
experience in the security and
communications industry.
"This acquisition will further
enhance our offering of residen-
tial solutions with web-enabled
services for the European market.
Our customers will have new
options in small-to-medium
enterprise intrusion systems
and advanced communication
modules that interact with new
and existing Interlogix platforms,
as well as technologies that will
expand existing service offer-
ings providing for a robust,
web-enabled backbone for both
future and legacy systems," said
Bart Otten, president, fire and
security EMEA, UTC Building
& Industrial Systems. "We are ex-
cited about the opportunities this
acquisition brings to us to further
enhance our industry-leading
product range."
"These additions to our port-
folio add innovative capabilities
and offer our customers around
the world more choices to help
meet their security challenges and
business needs," said Paul Van der
Zanden, general manager, global in-
trusion and monitoring, Interlogix.
Interlogix was previewing some
of the newly acquired techno -
logy at ISC West, in Las Vegas.
Securitas and Sitasys in cooperation
regarding alarm communication in Germany
A shift from analogue to digital
alarm transmission can be carried
out easily and quickly, without
the customer having to invest in a
new alarm system. Now, Securitas
Alert Services Germany
is enter-
ing into a cooperation with Swiss
company Sitasys to offer cost
savings, minimal installation effort
and a future-proof signal transmis-
sion, the three main arguments
Sitasys and Securitas will bring to
the market with joint forces. The
collaboration solution is expected
to be available during the 4th
quarter of this year. Interested cus-
tomers, technology companies or
alarm system installers may want
to check the Securitas website for
further information about the
product market launch.
"Many thousands of alarm
systems, which are transferring
their alarm signals to our ARC
analogously, are affected by
the ever diminishing analogue
technologies. Nowadays, the
industry rather asks "When" not
"If" a change will take place" says
Jérôme Johl, Managing Director of
Securitas Alert Services Germany,
summarising the inevitable situa-
tion of signal transmission. "As a
knowledge leader in security we
like to be able to present our alarm
system installers and valuable
customers with state of the art so-
lutions, for which the cooperation
with Sitasys will play an important
role." so continues Johl.
The ISO 9001 certified com-
pany from Switzerland has over
30 years of experience in the field
of alarm transmission and secure
communications.
"Together with Securitas Alert
Services Germany, a subsidiary
of the Swedish Securitas Group,
with two nationwide operating
ARC's and a network of interven-
tion forces for alerts, we provide
an optimised solution for the Next
Generation Networks." says Patrik
Bengtsson, vice CEO at Sitasys.
Patrik Bengtsson,
Sitasys.
Jérôme Johl,
Securitas Alert
Services Germany.