DVTEL receives $9m
RIDGEFIELD PARK, N.J.—Video surveillance provider DVTEL has earmarked the $9 million investment it received for acquisitions and innovation.
“This is growth funding,” DVTEL CEO Yoav Stern told Security Systems News. DVTEL is interested in two types of acquisitions including those that bring “technology or a company that owns technology that interests us and falls within our product road map and innovation route,” Stern said.
Stern mentioned cyberdefense technology as an example of a technology the company is interested in. DVTEL in April launched a cyber defense initiative, called IP-mmune which aims to protects cameras, VMS servers, client workstations and other surveillance devices by analyzing each component of a system. The idea is to identify potential IT threats at any point of vulnerability and prevent them from creating damage.
DVTEL is also interested in acquiring businesses that have a strategically located client base or channel, Stern said.
In order of interest, DVTEL’s geographic market focus is “the U.S., U.K., Europe, Mexico and Asia Pacific,” he said. DVTEL has some deals in the pipeline that Stern will look to close before the end of the year.
The funds will be used for R&D and marketing, specifically in DVTEL’s network VMS and cloud-based VMS.
Stern said he believes that currently “video is not distributed to the cloud in a serious manner.” Video surveillance products need to be very well protected, from a cyberdefense perspective, and it needs to be a “total solution that is fit to [work with] the cloud.”
The investments, announced May 19, came from private equity firms Seacoast Capital and EGIS Capital Partners.