Cemtrex Inc., a technology and manufacturing company, entered into an agreement to acquire ownership of approximately 46 percent of the outstanding common stock of Vicon Industries Inc., a New York-based provider of mission critical security and video surveillance systems.

Cemtrex’s CEO and Chairman, Saagar Govil, said, “This transaction represents a strategic investment for the company as we continue to expand our operations into long-term growth markets. Vicon is a strong brand in the security & surveillance market, with a great new product, Valerus, in an expanding market that is ripe for continued innovation. We are looking forward to leading Vicon to long-term success.”

Since 1967, Vicon has been a manufacturer of mission-critical security surveillance systems. Vicon is focused on providing solutions that are engineered not just for performance and features, but for simplicity in deployment, operation and maintenance, the company described. Vicon’s mission is to serve as a valued security technology partner to their customers by reducing security solution complexity, ensuring a superior experience.

According to Markets & Markets, the video surveillance market was valued at $30.37 billion in 2016 and is projected to reach $75.64 billion by 2022, at a CAGR of 15.4 percent between 2017 and 2022. The market is segmented on the basis of ecosystem (cameras, monitors, storage and software), application areas and geographical regions. The rising security concerns, along with the need for highly efficient, time-saving surveillance systems at affordable costs, is one of the pressing matters to be looked upon in the industry. The effort to deliver such solutions, along with the growing application across various verticals, is acting as one of the major drivers for the video surveillance industry.