GVI Security Solutions, a provider of video security surveillance solutions featuring the complete Samsung Electronics line of products, has acquired a suite of Video Management Systems (VMS) software and related technology from PacketNVR, a software provider. The acquisition was effected through GVI's wholly-owned subsidiary, GVI Video Management Solutions.
"We are pleased to announce a major step towards our goal of enhancing shareholder value with the acquisition of a VMS product suite, as well as the supporting technology and intellectual property, at far less than the cost of developing comparable technology," said Steven Walin, Chairman of GVI Security Solutions. "We expect the cost of acquiring the technology to be fully amortized by incremental cash flow, and there is no dilution to existing shareholders. Moreover, we believe that the new VMS offerings will greatly enhance our ability to drive sales growth of our Samsung IP cameras and other companion products."
"With the acquisition of this product suite, GVI will be able to provide proprietary value-added system management solutions that complement Samsung's growing IP video camera line," said Joseph Restivo, Chief Operating Officer of GVI Security Solutions. "The GVI Video Management Solutions suite of products will significantly enhance our solutions for the growing IP video surveillance markets by providing a platform to support Samsung IP cameras across the full range of applications from small retail chains to larger and more complex projects."
"We believe that we will now be able to provide a VMS solution with features that are easy to use and reduce the complexity of IP video security. These features are suited to our existing distribution channels and to new channels and customers, which are becoming more important as the video surveillance markets continue to transition from analog to digital and IP," added Mr. Restivo.
"GVI also gains the benefit of the extensive experience and expertise of Tom Galvin, who was instrumental in developing the VMS technology for PacketNVR and who will be leading GVI Video Management Solutions," continued Mr. Walin. "Tom brings the skills and knowledge that he developed over a stellar technology career where he has held senior positions at some of the largest technology companies, including General Electric, where he served as VP of Engineering and Director of Video Product Management; Verint, where he was VP of Product Development; and MCI Telecommunications, where he was Director of Engineering. His joining us in-house at GVI will assist us in developing new VMS offerings to support our current range of Samsung IP products as well as other new products we anticipate introducing in the future."