Tyco Security announced that the company has reached an agreement to acquire Exacq Technologies, a developer of open architecture VMS for security and surveillance applications for US$150 million in cash. The acquisition is expected to complement Tyco Security Products' video technology portfolio while strengthening its presence in the video security market. This acquisition also furthers Tyco's disciplined growth strategy, while expanding the company's technology and product portfolio.
Tyco Security announced that the company has reached an agreement to acquire Exacq Technologies, a developer of open architecture VMS for security and surveillance applications for US$150 million in cash. The acquisition is expected to complement Tyco Security Products' video technology portfolio while strengthening its presence in the video security market. This acquisition also furthers Tyco's disciplined growth strategy, while expanding the company's technology and product portfolio.
Exacq's business is expected to generate annualized revenues in fiscal 2014 of approximately $75 million.
The addition of Exacq to Tyco video portfolio will expands its video solutions, said Mike Ryan, President of Tyco Security Products. “The quality of Exacq's products coupled with ease of use and ease of installation help us address the needs of a very different type of video user than we do with our current portfolio,” said Ryan. “Meeting the varied requirements of the diverse video customer base provides us with a unique position in the security industry, and increases Tyco Security Products' leadership position in the video security business.”
Following the acquisition, the company intends to integrate Exacq into its Tyco Security Products business unit, a leading global provider of access control, video, location-based tracking and intrusion solutions. Exacq, headquartered in Indianapolis, Indiana, offers its solutions through a network of distributors, resellers and direct sales representatives.
The transaction is expected to close later this year and is subject to customary closing conditions.