Avigilon acquires access control company Redcloud
Source: Avigilon
Date: 2013/05/31
Avigilon announced that it has acquired privately-held RedCloud Security, a provider of web-based, physical and virtual access control systems. Through the acquisition, Avigilon adds a complementary product line to its end-to-end HD surveillance solution and provides the company with access to a growing segment of the global security market. Analysts estimate the global market for electronic access control will reach US$6 billion by 2015.
“RedCloud founder, Terry Neely and his team have redefined physical access control with their unique approach to converging IT and physical security,” said Alexander Fernandes, President and CEO of Avigilon. “Avigilon and RedCloud have parallel philosophies when it comes to providing innovative technologies that deliver the most return for our customers.” The acquisition brings new opportunities for Avigilon to participate in a larger share of the security market.
Terry Neely, former VP of Engineering at Honeywell Access Systems, brings with him 25 years of experience in databases, networking and physical access control. Neely and his team created RedCloud’s access control so organizations can combine physical security and identity management. Unlike other access control systems RedCloud’s patented, web-based, physical and virtual appliance platform is open and has the ability to work with IT systems. Similar to Avigilon’s HD surveillance solutions, RedCloud’s products were engineered from the ground up for the modern IT era to deliver a new industry standard in performance, integration and ease of use. As a result, the company has experienced recent growth from selling their technology to large corporate and educational clients.
“With Avigilon’s resources, global sales channel and talented team we believe we can accelerate the expansion of our product roadmap and move the industry toward an integrated approach for IT and physical security,” said Terry Neely, founder, President and CTO of RedCloud.
Avigilon paid $17 million in cash to purchase the entire RedCloud business. The Company expects the acquisition to be neutral to 2013 earnings and accretive to 2014 earnings. Terry Neely will continue to lead the access control development team.