VANCOUVER - Avigilon Corp. (TSX:AVO) says it will pay US$32 million in cash to buy VideoIQ Inc. with plans to eventually integrate the company's real-time analytics technology into Avigilon's own high-definition surveillance products.
VideoIQ is a seven-year-old company based in Billerica, Mass., a suburb of Boston, with 30 employees and 23 patents granted or pending.
"VideoIQ's analytics solution complements Avigilon's innovative line of products," Alexander Fernandes, Avigilon's president and CEO, said in a statement Tuesday.
"The acquisition will give us sophisticated, commercially proven analytics technology supported by one of the leading analytics development teams in the industry."
Vancouver-based Avigilon, which listed on the S&P/TSX composite index in 2011, has been growing rapidly this year.
In the first nine months of 2013, Avigilon's revenues have nearly doubled to $122.4 million from $67.6 million a year earlier. Net income for the first three quarters of 2013 was $14.8 million, or 37 cents per diluted share, up from $4.1 million or 12 cents per share last year.
Its shares on the Toronto Stock Exchange rose 26 cents, or 0.85 per cent, to $31 following the announcement.