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Adam Bannister is a contributor to IFSEC Global, having been in the role of Editor from 2014 through to November 2019. Adam also had stints as a journalist at cybersecurity publication, The Daily Swig, and as Managing Editor at Dynamis Online Media Group.
Canon has strengthened its position in the video surveillance market after acquiring Danish software firm Milestone Systems.
The prospect of marrying its imaging expertise with Milestone’s video-management pedigree persuaded Canon to make its move. Milestone’s innovative open-platform business model was surely a significant factor in the deal too.
Milestone Systems, which markets its IP video surveillance software under the XProtect and Arcus brands, enjoys around 8.2% market share in the competitive video-management software market. According to Milestone’s latest financial report, the company generated a €4.6m (£3.67m) profit on revenues of €54.6m (£43.6m).
The acquisition, whose terms have not been disclosed, is being made through Canon’s European subsidiary.
“Canon is aiming to take a leadership position in network video surveillance and we are making an important strategic investment today to realise our objective to expand in this market,” said Rokus van Iperen, president and CEO of Canon Europe, Middle East and Africa.
Screenshot from XProtect Smart Client
“Together with Milestone, we can accelerate our growth by delivering new advanced products and solutions for new sectors, through new channels, to offer greater customer value. We are very excited about working with such a talented and innovative company and we welcome Milestone into the Canon Group.”
Milestone Systems, which was founded in 1998, is expected to remain a standalone company within the Canon Group and its management team will remain in place.
Lars Thinggaard, president and CEO at Milestone Systems, said: “Milestone is extremely excited about the huge potential that being part of a global group will provide. Canon respects how we built our business with our partners and supports our strategy of providing open-platform solutions and therefore the need to remain a standalone company within the Canon Group. We feel this step is right for taking both our business and support for suppliers and partners to a new level.”
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Canon Acquires Milestone Systems to Strengthen Hand in Video SurveillanceRivals will be mindful of the potential synergies between Canon's imaging expertise and Milestone’s video-management pedigree.
Adam Bannister
IFSEC Insider | Security and Fire News and Resources
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