Sweden’s Irisity AB announced Thursday it has entered into an agreement to acquire Agent Vi for US$67.5M through a combination of cash (US$8M) and shares (US$59.5M).
Agent Vi, a provider of AI-powered video analytics solutions, is based in Israel with offices in the U.S. and Singapore. Irisity’s IRIS video analytics solution can detect intrusions, violence, falls, abandoned objects and flames, according to the company’s website.
“We are very happy in welcoming this successful team to Irisity. Agent Vi has built a truly market-leading brand and global presence. We are impressed by both the team and the technology,” said Marcus Bäcklund, CEO, Irisity, in a statement.
“We are extremely proud of and excited about the prospects of the combined Irisity-Agent Vi future, and we look forward to our joint journey with expanded geographical coverage and stronger power of execution,” added Itsik Kattan, CEO, Agent Vi.
According to a statement, the companies are equal in size with complementary customer sets and geographic coverage. Industry partnerships include G4S and Securitas.
The acquisition is expected to be completed no later than October 2021, provided that all conditions are met. Upon completion of the acquisition, Agent Vi will be consolidated into Irisity.
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