Melville, NY â€“ Verint Systems Inc., a leading provider of analytic software-based solutions for communications interception, networked video security and business intelligence, today announced that it has completed the acquisition of the networked video security business of MultiVision Intelligent Surveillance Limited (SGX: MVIS.SI) for approximately $51.2 million in cash, subject to certain post-closing adjustments.
Based in Hong-Kong with multiple offices throughout China, MultiVisionâ€™s networked video security business provides Verint with local product development, customer support and solutions that are focused on the requirements of the Asia Pacific region. The acquisition will enable Verint to further address the demand for actionable intelligence solutions in the growing Asia Pacific region.
MultiVisionâ€™s proven networked video security solutions and broad range of customers enhances Verintâ€™s global position across a number of important markets, including transportation, government and banking.Â MultiVisionâ€™s customers in these markets include the City of Beijing, Hong Kongâ€™s Chep Lap Kok International Airport, the Ministry of Railways of the People's Republic of China, Hong Kong Mass Transit Rail and the Hunan Postal Savings Bank. MultiVision also provides Verint with a presence in the growing Asia Pacific gaming market.
â€œMultiVision provides Verint with a local research and development group and a strong management team for the Asia Pacific region and we look forward to adding this experienced group of managers and developers to the Verint team,â€ said Dan Bodner, CEO and President of Verint Systems. â€œThe combination of Verintâ€™s and MultiVisionâ€™s networked video security portfolio will provide our joint customer base with a broader set of solutions and a greater global presence.â€
Verintâ€™s Networked Video Solutions enable government and commercial organizations to enhance the security of their facilities by networking video across multiple locations and applying advanced content analytics to extract actionable intelligence from live and stored video.Â By alerting security personnel to potential security threats, Verintâ€™s Networked Video Solutions are designed to help organizations prevent security breaches and improve response time.