SILENT WITNESS BUYS GYYR’S CCTV PRODUCTS DIVISION FOR $8.9 MILLION
SURREY, British Columbia, Canada
CCTV manufacturer Silent Witness has purchased the CCTV products division of Gyyr Inc., including digital and analog storage solutions and network-based, remote-video surveillance. The purchase price totaled U.S. $8.9 million plus the assumption of U.S. $1 million in debt.This transaction couples Gyyr’s proprietary recording and networking technologies with Silent Witness’ line of CCTV cameras.
The acquired CCTV products division is comprised of fully integrated digital video management systems (DVMS), time-lapse VCRs, digital processing and network video products for the collection, storage, processing and transmission of security information. With this purchase, Silent Witness officials say the company gains research and development expertise, a strong technical sales force and a concentrated customer base in North America, Latin America and Europe, particularly in the United Kingdom.
Silent Witness plans to operate the U.S.-based location in Anaheim, Calif., as a sales and research and development facility and will work with the sales force in the United Kingdom to service current customers throughout the UK and Europe. To facilitate the integration of the businesses, Silent Witness and Gyyr have entered into a transitional services agreement whereby Gyyr will continue to operate the CCTV products division “as is” over a transitional period in order to provide ongoing customer service and support.
“The security industry is rapidly consolidating and moving to digital technology. This transaction gives us competitive advantages in terms of proprietary storage technology, a complimentary suite of products and diversified sales channels,” says Rob Bakshi, chairman, president and CEO of Silent Witness.
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