Magal Security Systems announced it has signed an agreement to acquire a 55% controlling interest in ECS BAZ, an Israeli-based company, focused on the development and manufacturing of military-grade smart security video observation and surveillance systems. Magal has the option to acquire the remaining outstanding shares from BAZ’s shareholder and General Manager, Benny Zviran. Mr. Zviran will continue to serve as the General Manager of BAZ. The closing of the acquisition is pending the approval of the Israeli anti-trust authority.
It is anticipated that BAZ’s operation coupled with the expected synergies will positively contribute to Magal’s revenues and will be accretive to earnings.
The BAZ product portfolio includes a wide range of modular and customizable medium and long range surveillance systems for distances from 500m up to 25km. BAZ systems have been used successfully for over twenty years, are operational and field proven with customers including the Israeli Defense Forces, Police and Security Services, as well as numerous other government and civilian customers worldwide.
Saar Koursh, CEO of Magal, commented, “Our vision is to lead the perimeter security market by offering a one stop shop for all cutting edge perimeter intrusion detection systems (PIDS) Security Solutions. The BAZ acquisition will enable us to offer smart thermal cameras with embedded video analytics and strengthens and broadens our portfolio of PIDS, state of the art video management systems and video analytics offerings. We welcome the very talented and experienced team at BAZ to the Magal Group and look forward to realizing the strong potential synergies between our companies."
Benny Zviran, General Manager of BAZ, commented, “We are proud to join the Magal team, contributing our smart Video Observation and Surveillance solutions to an industry leading portfolio of perimeter security products. We look forward to better tapping this important market and growing together over the coming years. ”