Andrew C. Teich
Point Grey designs, manufactures, and distributes its cameras and related software to a global base of customers FLIR Systems announced that it has successfully completed its previously announced acquisition of the business of Point Grey Research, for an aggregate purchase price of $259 million in cash, or an enterprise value of $256 million excluding Point Grey's closing cash balance.Application MarketsFounded in 1997 and based in Richmond, British Columbia, Point Grey is a manufacturer of advanced visible imaging cameras and solutions that are used in industrial automation systems, medical diagnostic equipment, people counting systems, intelligent traffic systems, military and defense products, and advanced mapping systems. Point Grey designs, manufactures, and distributes its cameras and related software to a global base of customers that build systems for improving the efficiency, quality, analysis, and safety of a wide range of processes and products.Thermal Technology"The acquisition of Point Grey provides us a strong, proven, and profitable platform from which to integrate thermal technology into the underpenetrated industrial vision and people counting markets," said Andy Teich, President and CEO of FLIR. "We are pleased to have the Point Grey team join FLIR and we look forward to working with them to innovate advanced intelligent imaging solutions for the customers in the machine vision space."The business will be known as the Integrated Imaging Solutions line of business operating within FLIR's OEM and Emerging segment. FLIR anticipates the business and related transaction costs will be approximately $0.01 dilutive to its 2016 earnings per share and accretive for 2017.
The acquisition of DVTEL will allow FLIRto offer differentiated and highlyaccurate perimiter security solutions FLIR Systems, Inc., announced that it has acquired DVTEL, Inc. ("DVTEL"), a leader in software and hardware technologies for advanced video surveillance, for approximately $92 million in cash. Expanding Business Operations DVTEL, based in Ridgefield Park, New Jersey, is a global leader in enterprise-class security and surveillance solutions. The company develops and distributes integrated video management system (VMS) 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.FLIR - Full-Spectrum End-to-End Security System Provider "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," said Andy Teich, President and CEO of FLIR. "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 anticipates this transaction will be neutral to 2015 net earnings and accretive thereafter.
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