Arecont Vision Costar announces products, management following restructuring
GLENDALE, Cali. – Arecont Vision Costar is rolling out its key product portfolio, business plans, and executive leadership team following the initial launch of the business in July.
The original Arecont Vision, LLC, founded in 2003, filed for restructing under Chapter 11 of the United States Bankruptcy Code in May 2018; a move the company says was undertaken to clear oustanding debt and simplify the sale of the business to secure new investment.
Arecont was purchased by and is now a business unit of Costar Technologies, Inc., a Coppell, Texas-based firm that designs, develops, manufactures and distributes products for the video surveillance and machine vision markets.
James Pritchett, president and chief executive officer, Costar Technologies, said the following about the sale in a prepared statement, "This purchase supports Costar’s strategy to become a leader in the video surveillance industry, transitioning from a value-added OEM product company into a manufacturing and design business. Along with our other recent acquisitions, the Arecont Vision acquisition increases our manufacturing and design from approximately 50 per cent to 75 per cent of our revenue."
Arecont will maintain its headquarters, R&D, manufacturing, and support facilities in Glendale, California in Los Angeles county.
The majority of employees and the executive leadership team transitioned to the new business, as did all existing products, technologies, patents, and trademarks of the original company.
"We’re very excited to have a new beginning for Arecont Vision Costar, with a great strategic fit that builds on our predecessor’s pioneering legacy of megapixel camera technology leadership, while leveraging the resources and expertise of Costar Technologies," said Raul Calderon, president, Arecont Vision Costar, in a statement.
Calderon says customers can be confident in the new firm's financial health and long-term future. The executive was formerly chief operating officer and general manager of the old company.
Other senior leadership appointments include: Kyle Parker, VP, Americas Sales; Sanjit Bardhan, VP, International Sales; and Mitch Fagundes, VP, Global Strategic Accounts. Brad Donaldson continues as VP, Product Development; Jeff Whitney, VP, Marketing; and VP of Finance is Edmond Deravanessian.
Arecont is also bringing a new suite of products to market, including the MegaIP and ConteraIP series megapixel cameras, cloud-enabled video management software in the form of ConteraVMS and ConteraWS web services, and cloud-managed video recorders — under the ConteraCMR brand.
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