Agent Vi Announces its Acquisition by Irisity AB (publ)
The two companies expected to merge to form the leading global AI video analytics software provider
Agent Video Intelligence (Agent Vi) today announces it has entered into an agreement for its sale to Irisity AB (publ), a Sweden-based publicly listed AI video analytics company, for a total consideration of approx. $67m in cash and shares of Irisity.
Irisity, founded in 2008, develops and markets video analytics software products for improved security and surveillance, and is publicly listed in the Nasdaq First North Growth market in Stockholm.
Through the acquisition and merger of the companies, they will become the leading global AI video analytics provider, offering a broad range of software and Software as a Service (SaaS) solutions for automatic analysis of surveillance footage and real-time video streams.
The companies’ products are used by customers worldwide to improve their surveillance operations by harnessing the power of the AI software to automatically detect events of interest in real-time and quickly search through recorded video, allowing quick and effective response to security and safety events.
Agent Vi’s CEO, Itsik Kattan commented: “we are extremely proud to partner with Irisity through this merger, and strongly believe that it will put the companies in a position to expand our global market reach and strengthen our products and service offering, for the benefit of our customers”.
The companies together have global operations with offices in Sweden, Israel, USA and Singapore, a network of over 1,000 resellers and partnerships with dozens of leading security monitoring companies.
Irisity CEO, Marcus Bäcklund commented: “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”.
The transaction is expected to close during Q4 2021, subject to customary closing conditions.
Shibolet&Co. served as Agent Vi’s legal advisors.
About Agent Vi
Agent Video Intelligence (Agent Vi™) is the leading global provider of AI-powered open architecture video analytics solutions. Agent Vi’s comprehensive offering includes software products for automatic analysis of live or recorded surveillance video, allowing real-time detection of events of interest, and quick extraction of events and data from recorded video. Agent Vi’s solutions can be deployed on-premise on the customer’s infrastructure, or delivered as a cloud-based SaaS, and are fully integrated with a variety of third-party cameras, encoders, video management systems and alarm automation software.
Irisity AB (publ) is a leader in intelligent camera surveillance. Irisity develops deep learning powered algorithms upgrading both existing and new surveillance cameras and security systems into proactive intelligent devices. IRIS™, Irisity’s fully cloud based SaaS solution, detect with high precision unwanted activity and behavior at long distances. Staying at the forefront of technology innovation Irisity continues developing agile algorithms providing the best possible security solutions for clients worldwide.