Agent Video Intelligence (Agent Vi) has entered into an agreement for its sale to Iristy AB (publ), a Sweden-based publicly listed AI video analytics company, for a total consideration of approx. $67m 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 aspire to become the leading global AI video analytics provider, offering a broad 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 by customers worldwide to improve their surveillance operations by harnessing the power of the 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”, comments Agent Vi’s CEO, Itsik Kattan.
The companies together have global operations with offices in Sweden, Israel, USA and Singapore, a network of over 1,000 resellers and partnerships with dozens of leading security monitoring companies.
Irisity CEO, Marcus Bäcklund sees great potential in the merger.
“We are very happy in welcoming this successful team to Irisity. Agent Vi has built a truly market-leading brand and global presence, we are impressed by both the team and the technology”, he states in a comment regarding the acquisition.
The transaction is expected to close during Q4 2021, subject to customary closing conditions.