Cemtrex Inc. has entered into an agreement to acquire ownership of approximately 46 per cent of the outstanding common stock of Vicon Industries Inc., a provider of mission critical security and video surveillance systems.
“This transaction represents a strategic investment for the company as we continue to expand our operations into long-term growth markets. Vicon is a strong brand in the security and surveillance market, with a great new product, Valerus, in an expanding market that is ripe for continued innovation. We are looking forward to leading VIcon to long term success,” said Cemtrex CEO and chairman, Saagar Govil.
According to Markets & Markets, the video surveillance market was valued at USD 30.37 billion in 2016 and is projected to reach USD 75.64 billion by 2022, at a compound annual growth rate (CAGR) of 15.4 per cent between 2017 and 2022. Delivering efficient surveillance systems at affordable prices, along with the growing application across various verticals, is a major driver for the video surveillance industry.