Agent Video Intelligence (Agent Vi) announced it has been acquired by Iristy AB, a Sweden-based publicly listed AI video analytics company, for approximately $67 million 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 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 to improve surveillance operations by using 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. 

“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,” said Agent Vi CEO Itsik Kattan  

The companies together have global operations with offices in Sweden, Israel, the United States and Singapore, a network of over 1,000 resellers and partnerships with dozens of leading security monitoring companies. 

“We are very happy in welcoming this successful team to Irisity,” said Irisity CEO Marcus Bäcklund. “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.