Cemtrex Acquires Stake in Vicon Industries Through Stock Purchase
“This transaction represents a strategic investment for the company as we continue to expand our operations into long-term growth markets,” says Cemtrex CEO Saagar Govil.
FARMINGDALE, N.Y. — Cemtrex (Nasdaq: CETX) has agreed to acquire ownership of approximately 46% of the outstanding common stock of Vicon Industries (NYSEMKT: VII), a provider of mission critical security and video surveillance systems.
Cemtrex provides manufacturing services of advanced custom engineered electronics, industrial services, integrated hardware and software solutions, virtual and augmented reality applications, monitoring instruments for industrial processes and environmental compliance, as well as systems for controlling particulates and other regulated pollutants. According to its website, the company also develops its own proprietary IoT and wearable devices.
In announcing the transaction, Cemtrex cites research by Markets & Markets that describes the video surveillance market valued at more than $30 billion in 2016 and projected to eclipse $75 billion by 2022. The market is segmented on the basis of ecosystem (security cameras, monitors, storage and software), application areas and geographical regions.
“This transaction represents a strategic investment for the company as we continue to expand our operations into long-term growth markets,” states Cemtrex’s CEO and Chairman Saagar Govil in an announcement. “Vicon is a strong brand in the security and surveillance market, with a great new product, Valerus, in an expanding market that is ripe for continued innovation. We are looking forward to leading Vicon to long term success.”
Vicon has been a provider of mission-critical security surveillance systems since 1967. Vicon and iQinVision, a privately held maker of megapixel cameras based in San Juan Capistrano, Calif., announced a merger agreement in March 2014. The all-stock deal gave iQinVision shareholders about half the combined company.
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