I want to say congratulations to for my good friend Richard Valderrama for being named Regional Sales Manager, Access Control, Florida, Georgia & Caribbean at Avigilon. Richard was previously a Regional Sales Manager at IndigoVision where he and I worked closely together to build his territory in Florida, Georgia and South and North Carolina. I wish Richard the very best of success in his new role with Avigilon. Go conquer the world my friend.
Posted by 12:46 am
BriefCam announced its acquisition by Canon Inc., a world leader in digital imaging solutions.
The addition of BriefCam to Canon’s market leading Network Video Solutions products portfolio complements the Canon Group’s previous acquisitions of AXIS Communications and Milestone Systems with a breakthrough, innovative video content analytics solution.
The acquisition will drive further, rapid innovation in video analytics by BriefCam as well as new co-innovation activities with Canon and its market leading portfolio companies.
In addition, it will enable BriefCam to enter new markets, deliver stronger vertical solutions, and serve its global customers even more effectively.
BriefCam will continue to remain an open platform, working seamlessly with other third party products in the market ecosystem, providing customers with freedom of choice.
“We are thrilled to be joining forces with a global leader in digital imaging. The acquisition will allow BriefCam to continue to deliver industry leading video content analytics solutions, while remaining a standalone company within the Canon Group,” said Trevor Matz, BriefCam President and CEO.
“The opportunity is a testament to the innovative technology we have built, the outstanding team we have assembled, and the rapidly growing business we have created.”
“With BriefCam, we can deliver an even broader range of leading-edge technology and solutions in the fields of network cameras, video management software and video content analysis software to customers and partners across the globe. We are very excited to work with such an innovative organization and we welcome BriefCam into the Canon Group,” said Masanori Yamada, Canon Inc. Managing Executive Officer and Group Executive, Network Visual Solution Business Promotion Headquarters.
BriefCam is based on the Video Synopsis technology developed at The Hebrew University of Jerusalem.
Arecont Vision to Shed Debt Burden Through Chapter 11 Sale
Arecont Vision® announced that it will execute an asset purchase agreement (the “Purchase Agreement”) with an affiliate of Turnspire Capital Partners, LLC (“Turnspire”) under which Turnspire will acquire substantially all of the Company’s assets.
To eliminate the company’s debt, the Company has initiated proceedings under chapter 11 of the United States Bankruptcy Code in the District of Delaware (“Court”), from which it expects to emerge with a clean balance sheet and fresh capital. The proposed transaction will enable the Company to pursue accelerated development of new, industry-leading video surveillance products and better meet the needs of its customers today and beyond.
“Through this transaction, Arecont Vision will shed its debt and make bolder decisions to invest in our future versus maintain the status quo. We are excited to have found a partner in Turnspire who shares our vision and will ensure an exciting future for the Company to the benefit our customers, employees, and partners,” said Raul Calderon, Chief Operating Officer and General Manager, Arecont Vision. “Manufacturing, customer service, and sales activities will continue uninterrupted. Our employees will receive their wages and benefits as before, and our own vendors and suppliers will be paid in the ordinary course of business going forward.”
The Company intends to file a bid procedures and sale motion along with the purchase agreement with the Court in the coming days. Current management will continue to lead the Company, business will continue uninterrupted, and operations will be supported by debtor-in-possession (DIP) financing provided by Arecont Vision’s current secured lenders.
The Turnspire bid will be subject to an auction at which it will be subject to higher and better offers, and require Court approval. The Company anticipates the transaction will move swiftly and close within 60-75 days.
“Arecont Vision implemented key strategic initiatives beginning in mid-2017 that continue in the current year, all aimed at enhancing customer engagement, increasing revenue,
and optimizing business processes. The goal is to better address the needs of the market and maintain and expand our industry technology leadership,” continued Mr. Calderon. “While these efforts bore fruit immediately, we can now accelerate that progress unburdened by excess debt. Ultimately it was determined that using the chapter 11 process to facilitate a reorganization and sale was the swiftest and most efficient way to reduce debt while accelerating sales growth and product development.”
Court filings as well as other information related to the restructuring are available at www.omnimgt.com/arecont or by calling the restructuring information hotline, 844-378-2736 (toll free in North America) or +1-818-906-8300 (International).
The Company is advised by the law firm of Pachulski, Stang, Ziehl & Jones LLP, Armory Strategic Partners as the Company’s chief restructuring officer and financial advisor, and Imperial Capital as the Company’s investment banker.
Arecont Vision is a leading US-based manufacturer of high-performance IP cameras and video surveillance solutions. The company offers two-megapixel camera families – the Mega® IP series includes Made in USA, cyber-secure MicroBullet®, MicroDome®, MegaBall®, MegaDome®, MegaVideo®, MegaView®, and SurroundVideo® models – plus the world-class Contera® IP series dome and bullets.
Turnspire Capital Partners invests in high-quality businesses that have reached strategic, financial or operational inflection points and stand to benefit from our hands-on, operationally focused approach.