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Costar Technologies announced closure of Arecont Vision acquisition

Costar Technologies announced closure of Arecont Vision acquisition
With the Asian security and VMS market is set to expand at a quick pace in the coming years, Milestone Systems is going all out to continue its leading role in the region with a slew of technology and partnership offerings.
Costar Technologies (OTC Markets Group: CSTI) announced that it has completed the previously announced acquisition of the assets of Arecont Vision through the Company’s subsidiary, Arecont Vision Costar LLC (Arecont Vision). 

Arecont Vision is the manufacturer of network cameras and megapixel surveillance cameras, offering a large selection of megapixel IP cameras. Arecont Vision is a U.S.-based company with its corporate headquarters, as well as its R&D, manufacturing and customer support operations located in Glendale, California. With the acquisition of Arecont Vision, both Costar’s and Arecont Vision’s customers will have access to a broader product line while continuing to receive the same high level of sales, service and support they have come to expect.

DLA Piper acted as Costar’s legal counsel in connection with the transaction. Costar entered into a funding agreement with UMB Bank to provide up to $23.5 million to fund the acquisition and provide working capital for the combined Costar entities going forward.

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