Mace Security International, a manufacturer of electronic security and personal defense products, announced Wednesday that it has completed the sale of its Industrial Vision Source division to Costar Video Systems, a subsidiary of Sielox.
According to a statement, IVS has operated as a division within Mace’s electronic security equipment business and is distributor of digital and machine vision cameras and professional imaging components.
"We are pleased to announce the sale of this non-core related business," Mace CEO Michael Smith said in the statement. "This continues our strategy of monetizing non-core assets and allowing management to focus on its key security related businesses."
The sale price for IVS was approximately $517,000 cash paid at closing plus an additional $100,000 consideration payable if certain revenue levels are achieved by Costar in the first 90 days following the sale.