GVI buys VMS technology
CARROLLTON, Texas—GVI Security Solutions increased its product suite this week with the purchase of technology and intellectual property from PacketNVR, a maker of video management software. Further, PacketNVR co-founder Tom Galvin, who has worked with GE Security and Verint in the past, will join GVI and help continue to develop the VMS product through GVI’s wholly owned subsidiary GVI Video Management Solutions.
GVI chairman Steve Walin said a VMS provider was number one on the company’s acquisition plan, so as to better support the new Samsung IP cameras that are hitting the market, and he had a relationship with Galvin going back to their days at GE Security. Galvin and a partner had started a development company in 2007 “to develop a mid-market VMS that could be sold in the mass market,” Walin said, “that was easy to install and support. They saw that gap in the market, as we did, and our goals and objectives lined up perfectly.”
GVI, according to 8k filings, made an initial payment of $116,000 to PacketNVR. The achievement of certain milestones over the next three years will result in further payments that could amount to $2,140,000. GVI also issued a warrant to Galvin and his partner to purchase 200,000 shares at $.75, along with 60,000 shares of restricted common stock, subject to achievement of certain sales goals.
Walin said it was important to buy this technology outright, rather than have another company OEM it for GVI. “It’s controlling your own destiny,” he said. “It’s being able to be unique in the marketplace for ourselves and our channel partners.” He said GVI might be interested in tailoring the VMS to certain verticals, for example. Further, with OEM strategy you have “margin stacking,” he said, and having the technology in-house will allow GVI to make the VMS more price-competitive and profitable at the same time.
The VMS, which will be open to integration with a wide variety of other manufacturers’ cameras, will be ready for sale within a “couple months,” Walin said, and it will be designed so that it’s appropriate for the distribution channel as well as direct sale to integrators. He called it “plug and play.”
The VMS product will be launched properly at ASIS in September, and there will be a road show of the major cities following that so GVI can introduce the product to its channel partners, Walin said.