Gyyr Takes Security Product Division Off DPS’ Hands for $5.1M
Gyyr, a wholly owned subsidiary of Odetics Inc., has acquired the Security Product Division of Digital Processing Systems Inc. (DPS), a Canadian-based electronic hardware and software manufacturer. Products included in the acquisition are the Digital Detective(TM) and Watson(TM) digital security recorders. In total consideration, Gyyr will pay approximately $5.1 million in the all-cash deal during a period of two years. “This acquisition is a natural fit for Gyyr. The transition from analog to digital technology is a reality and we are seeing a growing demand for digital storage,” says Peter Strom, president and CEO for Gyyr. The company is a provider of electronic security equipment for access control, video processing, transmission and storage. “This sale provides DPS with an attractive one-time gain and eliminates the operating losses we were experiencing in our Security Division,” says Mark E. Burton, president and CEO of DPS.
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