VANCOUVER—Avigilon Corp. says it will pay US$32-million in cash to buy VideoIQ Inc. with plans to eventually integrate the company’s real-time analytics technology into Avigilon’s own high-definition surveillance products.
VideoIQ is a seven-year-old company based in Billerica, Mass., a suburb of Boston, with 30 employees and 23 patents granted or pending.
“VideoIQ’s analytics solution complements Avigilon’s innovative line of products,” Alexander Fernandes, Avigilon’s president and CEO, said in a statement.
“The acquisition will give us sophisticated, commercially proven analytics technology supported by one of the leading analytics development teams in the industry.”
Vancouver-based Avigilon, which listed on the S&P/TSX composite index in 2011, has been growing rapidly this year.
In the first nine months of 2013, Avigilon’s revenues have nearly doubled to $122.4-million from $67.6-million a year earlier.
Net income for the first three quarters of 2013 was $14.8-million, or 37 cents per diluted share, up from $4.1-million or 12 cents per share last year.