Irisity acquires Agent Vi, a leader in AI-powered video analytics
Irisity AB (publ) has today entered into an agreement to acquire 100 percent of the shares of Agent Vi, a leading provider of AI-powered video analytics. The consideration of USD 67,5M will be paid partly in cash USD 8M and partly in Irisity shares USD 59,5M. The merger creates a global leader in advanced AI video analytics for security and surveillance with unrivaled capabilities and product portfolio.
Agent Video Intelligence (Agent Vi), headquartered in Israel with offices in the United States and Singapore, is a leading provider of AI-powered video analytics solutions operating worldwide through a network of resellers and global partnerships, and with a world-class development team.
The merger creates one of the largest and most significant global providers of advanced AI-based video analytics solutions for improved security and safety. 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 total revenue 2020 was USD 6,1M, with EBITDA USD -0,4M and net profit USD 0,3M. The acquisition is expected to contribute with revenue exceeding USD 12M for the coming 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.
“The combination of Irisity and AgentVi will create an AI-enabled video analytics powerhouse, with unmatched capabilities and reach. I’m proud to be joining forces with such an accomplished and experienced team led by Irisity’s CEO, Marcus Backlund, and its Chairman, Lennart Svantesson. I expect that our customers and shareholders will benefit greatly from this acquisition.”, says Dorian Barak, Agent Vi Chairman.
The security industry is undergoing a significant technology-based transformation providing opportunities to reach new levels of efficiency and customer value. Irisity takes the lead in this digitalization by developing the best and most advanced video security solutions with agile algorithms for customers worldwide.