Irisity is all set to acquire 100 percent of Agent Vi, a leading provider of AI-powered video analytics. for $ 67.5 million. The merger creates a global leader in advanced AI video analytics for security and surveillance with unrivaled capabilities and product portfolio.
With strong partnerships including G4S and Securitas, and employees in Sweden, Israel, the United States and Singapore, together with an unmatched product portfolio, the combined entity is at the vanguard of advanced video analytics.
“We are very happy in welcoming this successful team to Irisity. Agent Vi has built a truly market-leading brand and global presence. We are impressed by both the team and the technology”, says Marcus Bäcklund, CEO at Irisity.
Agent Vi has a large number of resellers and thousands of deployments in more than 90 countries, as well as partnership deals with security giants including Securitas. The acquisition is expected to contribute with revenue exceeding $ 12 million in next twelve months and is expected to contribute to positive cash flow on an annual basis in 2021.
“We are extremely proud of and excited about the prospects of the combined Irisity-Agent Vi future, and we look forward to our joint journey with expanded geographical coverage and stronger power of execution”, says Itsik Kattan, CEO at Agent Vi.
Being of equal size, with complementary customer sets and geographical coverage, and both companies having an ambitious growth agenda, the merger is expected to unleash synergy effects within product development, technology, marketing, and sales.
“This acquisition is in line with our strategy and ambition building a market leader. We believe both companies complement each other in all important dimensions, management, product, and market as well as technology. Together we have an even stronger position serving an accelerating international demand for high precision analytics, continuously building shareholder value”, says Lennart Svantesson, Irisity Chairman.