International. Agent Video Intelligence (Agent Vi) has entered into an agreement for sale to Iristy AB, a publicly traded Sweden-based ai video analytics company, for a total consideration of approx. $67 million in cash and shares of Irisity.
Irisity, founded in 2008, develops and markets video analytics software products to improve security and surveillance, and is publicly listed on the Nasdaq First North Growth market in Stockholm.
Through the acquisition and merger of the companies, they will become the global provider of AI video analytics, offering a wide range of software and Software and Service (SaaS) solutions for the automatic analysis of surveillance video streams and real-time video footage.
The companies' products are used by customers around the world to improve their surveillance operations by leveraging the power of artificial intelligence software to automatically detect events of interest in real time and quickly search through recorded videos, enabling a quick and effective response to security and safety events.
Agent Vi's CEO, Itsik Kattan, commented, "We are extremely proud to partner with Irisity through this merger, and we strongly believe it will put the companies in a position to expand our reach in the global marketplace and strengthen our product and service offerings, for the benefit of our customers."
The companies together have global operations with offices in Sweden, Israel, the U.S. and Singapore, a network of more than 1,000 resellers, and partnerships with dozens of leading security monitoring companies.
Irisity CEO Marcus Bäcklund commented: "We are very pleased to welcome 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."
The transaction is expected to close during the fourth quarter of 2021, subject to customary closing conditions.
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