FLIR Systems Acquires DVTEL Inc.
FLIR Systems Inc. has acquired DVTEL Inc., a manufacturer of software and hardware technologies for advanced video surveillance, for approximately $92 million.
Based in Ridgefield Park, N.J., DVTEL produces enterprise-class security and surveillance solutions. The company develops and distributes integrated video management system software, advanced video analytics software, visible and thermal security cameras, and related servers and encoders. The combination enables FLIR, with its existing FLIR-branded thermal and visible cameras as well as its Lorex-branded security systems, to be a full-spectrum end-to-end security system provider, serving the consumer, small and medium business, enterprise and infrastructure-level markets.
John Distelzweig, general manager of FLIR’s security segment, said where FLIR has been somewhat weak from a product and software perspective, this acquisition gives FLIR a chance to shore that up. “The two companies have a really complementary product line, sales force and development team. Looking at products and technology, it was a clear fit.” Distelzweig said Flir and DVTEL had been interacting as partners for more than a year, but they got serious about the acquisition in the last six months.
Flir will bring DVTEL products under the FLIR brand as quickly as is executable, said Distelzweig. According to Distelzweig, FLIR’s products, specifically its thermal cameras, combined with DVTEL’s video analytics make FLIR a strong player in the perimeter security field. “An integrator can now solve any project problems with something from our price list. We offer an end-to-end solution.”
Distelzweig said management and employees of DVTEL are staying in place, and FLIR is focused more on increasing sales growth than on reductions.
Andy Teich, president and CEO of FLIR, said, “FLIR’s strong position in thermal imaging together with DVTEL’s extensive video analytics and VMS capability will position us well to offer differentiated and highly accurate perimeter security solutions for the upper corner of our security segment’s product value ladder. DVTEL adds a suite of professional-grade security software and hardware that is very complementary to our current solutions and fits very well with our strategy to offer end-to-end solutions in the enterprise and infrastructure segments of the security market.”
FLIR said in a press release this transaction will be neutral to 2015 net earnings and accretive thereafter.