iVerify Inc., an interactive video monitoring company, announces the acquisition of Smart Interactive Systems Inc., the video monitoring business of Israel-based Magal Security Systems Ltd., for $8.5 million.
iVerify completed the acquisition after closing a $21 million capital round with RBC Centura Bank and a private equity sponsor.
“iVerify has emerged as the leading provider of guard replacement services through interactive video and audio monitoring,” says Mike May, president and CEO of iVerify. “The combination of closing a growth capital round and the acquisition of Smart, positions iVerify as the industry leader in the interactive video monitoring business.”
The company delivers verified business data to help companies increase revenue and profitability, while servicing national retailers, financial institutions and public utilities. It operates its national video monitoring center from Charlotte, N.C.
Smart Interactive Systems was formed under Magal in 2001. Smart focuses on security solutions for guard performance and high false alarm rates.
“Magal did an outstanding job of building a high quality video monitoring operation at Smart, delivering services that are closely aligned with iVerify’s offerings in similar industry segments,” says May. “The integration of the Smart and iVerify operations delivers scale and efficiency to iVerify which results in continued improvements to the bottom line.”
