LOWELL, Mass. — Security solutions provider Oncam Global has fully acquired Grandeye, a provider of 360° IP video solutions. The newly combined company has been renamed Oncam Grandeye.
Oncam Global, which owned 49% of Grandeye prior to the deal, purchased the remaining 51% of shares from Creative Technology, an A/V solutions provider. Oncam will now integrate Grandeye as its technology and engineering arm, providing a suite of 360° technology for security and liability protection applications.
The deal allows the company to take control of the 360° development market across the security and commercial sectors, according to Oncam Global Group Executive Chairman Ahmed Jawad.
“With the global video surveillance market predicted to grow by more than 12% in 2012, it is vital that we are positioned effectively to continue our leadership in 360° technology and exploit new growth opportunities across the market place,” he says.
The company will also invest in a sustained research and development (R&D) program to maintain its market position.
“Grandeye will benefit from increased investment in R&D,” Jawad says. “It will also be our objective to attract the best people into our business, ensuring that we continue to lead technology development and innovation in the 360° technology market.”
