International. Tyco Security Products announced that the company has completed the acquisition of Exacq Technologies (Exacq), a developer of open architecture video management systems (VMS) for security and surveillance applications for $150 million in cash.
This acquisition complements and expands Tyco Security Products' product offering and increases the company's presence in the growing and fast-paced network video industry for security applications. This acquisition will allow Tyco Security Products to serve the varied needs of its customers around the globe, who are looking for cost-effective, easy-to-use and easy-to-install video security solutions.
Led by a group of video industry veterans, Exacq Technologies offers intuitive network video solutions ranging from simple camera applications to large embedded system applications with thousands of cameras. The company has strengthened its brand in North America, with a loyal and select customer base across the corporate, retail and banking verticals. Exacq has achieved annual growth in revenue and profitability since its inception in 2005, as customers have migrated from traditional analog solutions to Exacq's IP-based video solutions. The business is expected to generate annual revenue in fiscal 2014 of approximately $75 million.
"We are very happy about the insertion of Exacq's product portfolio within our business and are committed to its continued development and support for Exacq's existing customers. With Exacq we will be able to reach a wide segment of customers who demand the video over IP security solutions that we are able to offer. We believe the combination of Exacq and American Dynamics' video solutions, along with Tyco Security Products' track record in service and installation, will allow us to better meet our customers' requirements," said Mike Ryan, President of Tyco Security Products' business unit. Ryan continued, "Exacq's management and employees have been instrumental in getting to where they are today, and Tyco Security Products looks forward to welcoming them and working together to drive our joint success."
Exacq will be integrated into the business unit of Tyco Security Products, the world's leading manufacturer of access control, video, location-based tracking and intrusion solutions.
