Following up on last month’s announcement that it had entered into an agreement to acquire video management software firm Exacq Technologies for $150 million in cash, Tyco Security Products said on Monday that it has completed the deal.
In a statement, Tyco said that the acquisition of Exacq would complement its existing product offerings and also increase the company’s presence in the network video segment of the market.
"We are excited about bringing the Exacq product portfolio into our business and are committed to its continued development and to supporting Exacq’s existing customers. With Exacq, we will be able to reach a broader segment of customers demanding video IP security solutions than we are currently able to serve. We believe that the combination of Exacq and American Dynamics video solutions, coupled with Tyco Security Products’ global service and install footprint, will enable us to better serve our customers’ requirements,” Mike Ryan, president of the Tyco Security Products, said in the statement. “Exacq’s management and employees have been instrumental in getting them to where they are today, and Tyco Security Products is looking forward to welcoming them and working together to further our combined success.”
Exacq will be integrated into the Tyco Security Products business unit, which also makes access control, tracking and intrusion detection solutions in addition to video surveillance devices. In a previous interview with SIW, Linda Mansillo Kear, vice president of marketing communications for Tyco Security Products, said that the ExacqVision brand and its respective technologies will remain in place.
Exacq’s VMS solutions scale from small, single camera installations to large-scale integrations with thousands of cameras. Tyco said the business is expected to generate annualized revenues in fiscal 2014 of $75 million.