IVerify secures capital, acquires
CHARLOTTE, N.C.--On Dec. 24, iVerify, an interactive video monitoring company that sells video services directly to national retailers, financial institutions and public utility companies, closed a $21 million capital round with RBC Centura Bank and an undisclosed private equity sponsor. The company spent $8.5 million of this capital infusion to purchase Smart Interactive Systems, the U.S.-based video monitoring division of Magal Security Systems based in Yahud, Israel.
Mike May, president and chief executive officer of iVerify, told Security Systems News that he approached Magal Security about purchasing Smart Interactive. "They were in several business segments that we were in and three-out-of-four of their business units fit very well with ours," said May. "Their technology is largely complementary to ours and they use the same MAS platform as us on the security reporting side."
The company plans to relocate Smart Interactive's New York-based company to its Charlotte, N.C., headquarters.
May said that in 2007, including acquisitions, iVerify more than quadrupled in size and said the company has big plans for the upcoming year. "Our goal is to double our business again this year on both the recurring revenue side and total revenue side," May said. "We would expect 50 percent of growth to occur with additional acquisitions and 50 percent would occur with organic growth."
IVerify, which was founded in the late 1990s as Interactive Business Solutions, uses a proprietary video software application to offer its clients guard replacement video solutions, video for operational purposes and intelligent video detection in exterior applications.