Quantum Corp. Monday announced an agreement to acquire the video surveillance portfolio and assets of Pivot3 in a transaction worth approximately US$8.9 million in cash and stock.
According to a Quantum statement, the deal “brings a diverse portfolio of video surveillance appliances, network video recorders (NVRs), and management applications along with a scale-out hyperconverged software platform, which going forward will all be offered under the Quantum VS-Series product portfolio.”
Quantum’s current line includes NVR servers, the StorNext File System, and ActiveScale object storage — Pivot3 additions are expected to round out the company’s surveillance and security portfolio, spanning small to multi-petabyte deployments.
“Surveillance cameras are the biggest data generator on the planet, and Pivot3 has established themselves as one of the leaders in this space by pioneering the use of hyperconverged software for surveillance recording,” said Jamie Lerner, chairman and CEO, in a statement. “This acquisition represents another key step in Quantum’s transformation, solidifying the company as a serious player in the multi-billion-dollar video surveillance market, expanding our global customer base, sales channels, and technical expertise specific to this industry.”
The acquisition is projected to be slightly accretive to EBITDA through the remainder of fiscal 2022. The transaction is subject to customary closing conditions, and the parties expect to close by July 22, 2021.
According to Quantum, the deal brings core intellectual property around distributed storage, data placement, erasure coding, and storage quality of service, and expands its global customer base with more than 500 new surveillance customers including airports, mass transit, casinos, education, and smart cities.
New employees across engineering, product and sales will join Quantum under the direction of the Strategic Markets Business Unit, led by Ross Fujii, general manager. Sales will be led by Curt Wittich, vice-president of sales, strategic markets, Quantum.
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