According to a statement released on Thursday, the Chicago-based company agreed to buy Avigilon for $ 1 billion for a security surveillance camera designed for airports, rail transit, cities and commercial companies And video analytics system Motorola agreed to buy the Vancouver-based company for $ 27 a share, up 18% from its latest share price of C $ 22.85.
Motorola CEO Gregory Brown mentions in an interview that Motorola plans to sell Avigilon's products to customers in the public safety department and that Avigilon is not yet in business in the field.
Brown said: 'Video surveillance is a market that is on the rise, and this is a huge opportunity as the major players in the field, Hikvision from China, are being reviewed in the U.S. market recently.'
Brown also said: 'I think the review of Hikvision in the United States takes into account that the products it sells involve key infrastructure.'
Following the acquisition, Brown is also poised to continue investing in video analytics solutions, saying that using the computer to analyze the video accurately is' a technical hassle, 'and he said:' Avigilon owns both in the United States and around the world With more than 750 patents, I believe the collaboration between Motorola and Avigilon is set to push the technology forward. "
The transaction plan will be completed by the end of the second quarter of this year.