Israel-based NICE Systems, known in the security world for its intelligent video behavioral recognition systems, has announced its intent to purchase FAST Video Security AG. NICE has signed a formal agreement to purchase the company for $21 million cash.
FAST Video Security, based in Switzerland and founded in 1994, develops video surveillance solutions. The company's products are all designed to be used over network/IP-based systems, and ranges from network-compatible video encoders to hard-disk recorders. The company also markets its video management systems, called Alpha Technology.
Haim Shani, CEO of NICE, in a statement regarding the acquisition, said that the acquisition of FAST Video Security was part of the company's overall plan to mix acquisition-based growth with organic growth. "This transaction is the next logical step after the recent success of the Dictaphone CRS integration," said Shani. "It strengthens our public and security business by enhancing our offering to the digital video security market."
NICE made financial outlook statements at the same time it announced the acquisition. NICE's executives noted that the acquisition would add $10 million to the company' top-line next year, moving revenues guidance to between $365 million and $373 million. The company also expects the acquisition to leave earnings per share relatively neutral.
NICE is online at www.nice.com.