Motorola Solutions is buying a Canadian security camera company for roughly $1 billion.
Motorola announced Thursday that it has entered into an agreement to acquire Avigilon, a Vancouver-based company that makes advanced security surveillance solutions, for approximately $1 billion in cash. Motorola said it will acquire all of Avigilon’s outstanding shares for CAD$27.00 per share ($978 million U.S. dollars). Motorola said the deal is valued at $1 billion including Avigilon’s debt.
Chicago-based Motorola, which makes walkie-talkie and other public safety communication technology for law enforcement agencies and first responders, said Avigilon will add to its portfolio of commercial products.
“Video can play a powerful role in creating safer cities and thriving businesses,” Greg Brown, chairman and CEO of Motorola Solutions, said in a statement. “It can serve as highly efficient ‘eyes and ears’ for monitoring a given location, and advanced video analytics can proactively alert officials to a perimeter breach or quickly find a person who left behind an object of interest.”
Avigilon’s cameras are used in a variety of industries, including banking, health care, airports and casinos. The company holds more than 750 U.S. and international patents.
The deal is expected to be completed by the second quarter of 2018.