Oncam Global Acquires Grandeye
Oncam Global announced it took full ownership of Grandeye, the 360-degree innovator. The combined company was named Oncam Grandeye.
Oncam Global acquired the remaining 51 percent of shares from Creative Technology, to take full control of the imaging technology specialist. Grandeye will now be fully integrated as Oncam Global's technology and engineering arm, providing a suite of 360-degree technology for security and liability protection applications.
Ahmed Jawad, executive chairman of Oncam Global Group, said the deal would allow the business to take control of the 360-degree development market across the security and commercial sectors. He added: "Grandeye has been a pioneer in the development and use of 360 degree imaging across a range of security solutions and to this day remains synonymous with 360-degree technology.
"With the global video surveillance market predicted to grow by more than 12 percent in 2012, it is vital that we are positioned effectively to continue our leadership in 360-degree technology and exploit new growth opportunities across the market place. Taking full control of Grandeye will enable us to do this, ensuring that we are geared towards delivering the next generation of 360-degree technology, as well as being positioned to take forward exciting technology deployment partnerships."
Jawad also announced Oncam Global will invest heavily in a sustained research and development (R&D) program. "This investment is critical for us to remain at the forefront of the industry," he said. "Grandeye will benefit from increased investment in R&D and it will also be our objective to attract the best people into our business, ensuring that we maintain our market position and continue to lead technology development and innovation in the 360-degree technology market."