Avigilon Corporation has completed its acquisition of the entire patent portfolio and patent licensing program of ObjectVideo Inc for a cash consideration of $80.3m.
ObjectVideo’s video analytics patents are licensed and deployed by prominent IP video manufacturers across the world.
As per the acquisition process, Avigilon has acquired all patents belonging to ObjectVideo, which comprise of 76 US and international patents and more than 50 US and international patent applications.
ObjectVideo will also continue to accept additional US patent applications until 31 January 2015 and has agreed to transfer any and all such applications to Avigilon for no additional charges.
Upon completion of the acquisition Avigilon now holds 124 US and international patents and 202 US and international patent applications.
“The future of the video surveillance industry is in video analytics,” says Alexander Fernandes, founder, president, CEO and chairman of the board at Avigilon. “The acquisition not only bolsters Avigilon’s portfolio of intellectual property, but it also brings with it a recurring royalty revenue stream.”
Various companies take great advantage of patent licensing programme which helps them to know the innovative features of industry-leading video analytics patents.
Nineteen royalty-paying licensees have joined the programme, including global corporations such as Sony Corporation, Panasonic System Networks Co Ltd, Bosch Security Systems Inc, Hangzhou Hikvision Digital Technology Co Ltd, Pelco Inc, FLIR Systems Inc, Sensormatic Electronics LLC (Tyco), and many others.
“The Acquisition opens new doors for Avigilon, provides us with additional freedom to operate, and greatly strengthens our intellectual property portfolio,” added Fernandes. “It positions Avigilon to continue leading the way into the future of the video surveillance industry.”
GMP Securities LP acted as exclusive financial advisor to Avigilon on the acquisition.
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