International. Motorola Solutions has reached an agreement to buy security camera firm IndigoVision for $37 million.
The Scottish company's board has recommended that shareholders accept the offer. Investors who own 56.5% of the company's shares have already agreed to back the deal.
In March of this year, IndigoVision had reinstated its dividend following what President Max Thowless-Reeves hailed as a "significant change" for the technology team. Motorola said the payment would now be canceled if the acquisition deal goes through.
Motorola will pay 405p for each share in the company, representing a 129% premium above Monday's closing price of 177p. The American company was split in 2011 into Motorola Mobility, which was then bought by Google and then Lenovo, and Motorola Solutions.
IndigoVision was founded in 1994 by Oliver Vellacott, who left the business in 2011. It joined the Alternative Investment Market (AIM) in 2003 and lists BMW, Ikea and Red Bull among its clients. It provided security systems for events, including the 2014 Glasgow Commonwealth Games and the 2014 World Cup in Brazil.
John Kedzierski, senior vice president of video security solutions at Motorola Solutions, said, "We share IndigoVision's commitment to providing next-generation end-to-end video security solutions that improve safety and efficiency. IndigoVision's comprehensive offering, global presence and customer base will complement our current and growing presence in security and video analytics."
IndigoVision CEO Pedro Vasco Simoes added: "The access we will now have to Motorola Solutions' range of innovative technologies will create new opportunities for IndigoVision and allow us to bring an exciting proposition to market that will allow us to further meet our goal of delivering security, security and business intelligence."
