ObjectVideo patent licensing program acquired by Avigilon

ObjectVideo, a technology and solutions company, and Avigilon Corporation, a provider of end-to-end security solutions, announced the sale of ObjectVideo's intellectual property and patent licensing program to Avigilon for a cash consideration of $80.3 million.

"From its founding, ObjectVideo has aimed to lead innovation in the world of video analytics, so it is very rewarding to see Avigilon, a global market leader in security, recognize our significant contributions to the field," said Raul Fernandez, Chairman and CEO of ObjectVideo. "This transaction marries a deep and highly valuable patent portfolio to the fastest growing solutions provider in the video security industry. The union creates a unique and incredibly well positioned company."

ObjectVideo will continue to leverage its deep bench of technical talent to deliver next generation computer vision technology to commercial and government clients and invest in its sixth generation software product.