IPVideo, an Advance Convergence Group (ACG) company that specializes in PSIM, fusion center solutions and VMS, announced it had received significant funding for expansion and product development from Westbury Partners, a leading provider of flexible preferred equity and subordinated debt capital. The funds come from a recent US$12 million investment made by Westbury in the ACG.
IPVideo, an Advance Convergence Group (ACG) company that specializes in PSIM, fusion center solutions and VMS, announced it had received significant funding for expansion and product development from Westbury Partners, a leading provider of flexible preferred equity and subordinated debt capital. The funds come from a recent US$12 million investment made by Westbury in the ACG.
The funds provided by Westbury will support the short and long term growth objectives of the New York-based company. In the short term, IPVideo's management will focus on enhancing marketing and communication programs to educate customers about its products and services. Over the next 12 months, the company expects strong growth and will increase the size of its work force by hiring more than 30 individuals to fill key marketing, sales, HR, product development and research positions. The company will expand its marketing efforts and footprint both nationally and internationally. Plans also include the building of four more mobile command centers and the opening of a 24/7 video surveillance fusion center which will be available to dealers and customers worldwide.
“The security industry is at a critical juncture,” said David Antar, founder and President of IPVideo. “The overwhelming amount of security related data from cameras, access control, intrusion systems and sensors has made it nearly impossible to make informed actionable decisions without fusion center technology which presents everything in a common operating picture.” The timing is right for expansion as the company has seen “record-breaking growth” for its security systems for schools, government, health care facilities, and critical infrastructures. The Westbury funds will accelerate IPVideo's growth and bring the PSIM technology to more national and global customers.
“Our shared vision is to make the IPVideo's convergent solutions available to a larger segment of a newly emerging and rapidly growing market,” said Richard Sicoli, one of Westbury's senior partners and newest member of the company's board of directors.