Video Analytics Specialist Irisity AB to Acquire Agent Vi for $67.5M
The combined company is said to create a global leader in AI-based video analytics for security and surveillance applications.
LINDHOLMEN, Sweden — Video analytics provider Irisity, based here, has entered into an agreement to acquire Agent Video Intelligence (Agent Vi), a provider of AI-based video analytics, for $67.5 million.
The purchase price on cash- and debt-free basis will be paid with $8 million in cash and $59.5 million in Irisity shares (Nasdaq: SE0005365681), according to an announcement.
The merger creates a global leader in advanced AI video analytics for security and surveillance, according to the announcement.
Agent Vi, headquartered in Israel with offices in the United States and Singapore, operates worldwide through a network of resellers and global partnerships, including G4S and Securitas.
“We are very happy in welcoming this successful team to Irisity. Agent Vi has built a truly market-leading brand and global presence. We are impressed by both the team and the technology,” says Marcus Bäcklund, Irisity CEO.
Agent Vi’s total revenue in 2020 was $6.1 million, with net profit of $300,000, according to the announcement. The acquisition is expected to contribute with revenue exceeding $12 million for the coming twelve months and is expected to contribute to positive cash flow on an annual basis in 2021.
“We are extremely proud of and excited about the prospects of the combined Irisity-Agent Vi future, and we look forward to our joint journey with expanded geographical coverage and stronger power of execution,”says Agent Vi CEO Itsik Kattan.
Being of equal size, with complementary customer sets and geographical coverage, the merger is expected to enable synergy effects within product development, technology, marketing and sales.
“This acquisition is in line with our strategy and ambition building a market leader. We believe both companies complement each other in all important dimensions, management, product and market, as well as technology. Together we have an even stronger position serving an accelerating international demand for high precision analytics, continuously building shareholder value,” says Lennart Svantesson, Irisity chairman.
The transaction is expected to close during Q4 2021, subject to customary closing conditions.
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