VANCOUVER — With its $17 million cash purchase of privately-held RedCloud Security, Avigilon, a high definition (HD) and megapixel surveillance solutions provider, has officially entered into the access control market, the company announced today.
Founded in 2006 by Terry Neely, former vice president of engineering at Honeywell Access Systems, RedCloud provides Web-based, physical and virtual access control systems, which have the ability to work easily with IT systems, according to company release.
With analysts predicting that the global market for electronic access control will reach $6 billion by 2015, Avigilon President and CEO Alexander Fernandes believes the timing is right for Avigilon to enter the growing segment.
“This acquisition brings new and exciting opportunities for Avigilon to participate in a larger share of the total security market,” he says.
Part of what made RedCloud appealing for Avigilon is that both companies have “parallel philosophies when it comes to providing innovative technologies that deliver the most return for customers,” according to Fernandes.
Neely, who will continue to lead the access control development team, says that being able to tap into Avigilon resources, global sales channel and team will help RedCloud to grow rapidly.
“We believe we can accelerate the expansion of our product roadmap and move the industry toward an integrated approach for IT and physical security,” he says.
For more information, read the latest Under Surveillance blog, where Fernandes sheds light on what the acquisition means for both companies.