Video analytics developer Agent Vi announced on Thursday that it has entered into an agreement to be acquired by Sweden-based Irisity AB for a consideration of $67.5 million, $8 million of which will paid in cash while the remaining $59.5 million will be paid in shares of Irisity.
In a statement, the companies said the merger will result in the creation of “one of the largest and most significant global providers of advanced AI-based video analytics solutions,” offering a wide range of software and software-as-a-service (SaaS) solutions for automatic analysis of surveillance footage and real-time video streams.
“We are very happy in welcoming this successful team to Irisity. Agent Vi has built a truly market-leading brand and global presence. We are impressed by both the team and the technology,” said Irisity CEO Marcus Bäcklund in a statement.
“We are extremely proud of and excited about the prospects of the combined Irisity-Agent Vi future, and we look forward to our joint journey with expanded geographical coverage and stronger power of execution,” added Agent Vi CEO Itsik Kattan.
Founded in 2008, Irisity develops and markets video analytics software products and is publicly listed in the Nasdaq First North Growth market in Stockholm. Just last year, guard services giant G4S, which was recently acquired by Allied Universal, deployed one of Irisity’s video analytics tools known as IRIS.
Headquartered in Israel with offices in the United States and Singapore, Agent Vi has a large number of resellers and thousands of deployments in more than 90 countries, as well as partnership deals with security giants including Securitas. The company’s total 2020 revenue 2020 was $6.1 million.
Given the complementary customer bases and geographic footprints of both companies, the merger is also expected to create synergies in product development, technology, marketing, and sales.
“This acquisition is in line with our strategy and ambition building a market leader. We believe both companies complement each other in all important dimensions, management, product, and market as well as technology. Together we have an even stronger position serving an accelerating international demand for high precision analytics, continuously building shareholder value,” said Lennart Svantesson, Irisity Chairman.
“The combination of Irisity and AgentVi will create an AI-enabled video analytics powerhouse, with unmatched capabilities and reach. I’m proud to be joining forces with such an accomplished and experienced team led by Irisity’s CEO, Marcus Backlund, and its Chairman, Lennart Svantesson. I expect that our customers and shareholders will benefit greatly from this acquisition,” said Agent Vi Chairman Dorian Barak.
The transaction is expected to close during Q4 2021, subject to customary closing conditions.
