On June 12th we finalized an agreement for Milestone Systems to be acquired by Canon Europe, in which it was defined that we will be an independent, standalone company within the Canon Group.
On June 12th we finalized an agreement for Milestone Systems to be acquired by Canon Europe, in which it was defined that we will be an independent, standalone company within the Canon Group. This deal closed and became a legal reality on July 7th.
This is a major next step for both companies, and it makes me very proud that Canon - a respected global technology leader - has chosen to acquire Milestone. I am extremely excited about this move and believe that being part of a larger group will be advantageous for our partners and customers. Milestone will continue as an independent company within the Canon Group, operating as we do today. There will be no change in our business model, and the Milestone management will continue under the new structure. We are taking this step to accelerate the growth of our entire VMS ecosystem of partners and customers. Our open platform strategy is firmly supported by Canon for the success that it brings all of us.
Canon's business motivation for this acquisition is growth. With Milestone they will establish a significant footprint in the Network Video Surveillance (NVS) market, and together we will be a much stronger partner to work with. Canon sees the need for advanced software capabilities and a strong partner network to accelerate the expansion of NVS business.
As a key element in our success, maintaining our partners' relationships for the long run is a priority for both Canon and Milestone. Canon is committed to Milestone continuing to provide open platform solutions to the market, and appropriate measures will be taken to safeguard the integrity of all our partner relationships.
Canon has a successful history of managing acquisitions this way; for example, they have proven this with their acquisitions of Onyx and I.R.I.S. We see this as a good way to grow our business together. As a standalone company within the Canon Group, we will continue the development of new products.
Canon understands that the open platform is the key to Milestone's success - and to our partners and customers who are realizing its advantages - so they support our open culture and business model. Customers and partners will continue to enjoy the freedom of choice in hardware and other systems to integrate with Milestone VMS.
Canon's network camera business has relationships with other VMS providers, just as we do with other camera manufacturers. These will continue in parallel. We have a long-standing relationship with Canon as one of our camera partners, and Milestone's support of the other 100+ camera manufacturers we work with will stay in force, as well. Canon confirms that they will respect the confidentiality of our partner relationships as a cornerstone in our continued success.
As part of the Canon Group, Milestone will accelerate the growth of the VMS business through maximizing expansions into new market sectors and geographies, and by harnessing both companies' heritage in R&D and innovation. Did you know that Canon is Number 3 in the world for patent registrations? In the last year alone: more than 3,800! The global resources of the Canon Group can only open up broader opportunities to explore, and Milestone is always looking at new options to improve video surveillance and its many applications, convergence with business systems and processes, and new technologies that can be applied.
Finally, I would like to thank all of our partners for our collaborations over the years and the commitment to Milestone that has made this new stage in our journey possible. We have built this company together by combining our excellent products with your outstanding support towards customers; we have created an exceptional symbiosis in the industry. Canon choosing Milestone is an endorsement of our partner ecosystem achieving such success together.
Canon is a highly respected, multi-national corporation with a well-known brand name that stems from a tradition for quality and excellence. Check out The Canon Story here to learn more about the organization. They have exciting strategies for progress in the future, which we look forward to sharing with you. Our open platform vision continues!