Video management software provider Milestone Systems announced today that it is launching a new international business unit, "Incubation and Ventures," that will focus on developing new products and services for the industry.
According to a statement, this new business unit will have locations in Silicon Valley, Calif., as well as the company’s Danish headquarters and will be led by Lars Nordenlund Friis.
"The Incubation and Ventures business unit will work with groundbreaking innovations that can extend Milestone’s leadership in the industry and accelerate our growth. The team will work with a portfolio process that covers new business areas where we see high potential and integrate these into our main business as they mature. This requires taking a broad view across new technologies and business segments that will continue to build the Milestone vision to enable business optimization through open platform IP video surveillance," says Lars Thinggaard, CEO and president of Milestone Systems.
The company said that "incubation" refers to organic product innovations while "ventures" signals the intention to build a portfolio of stand-alone businesses, joint partnership ventures or potential mergers and acquisitions.
"We are already looking at undiscovered markets and innovative technologies that can increase Milestone’s growth across software and hardware, as well as exploring the potential of cloud services. We will also look at possible acquisitions of exciting products or new business areas for expansion," said Friis, who has been named vice president for Incubation and Ventures.