Panasonic to buy Video Insight
OSAKA, Japan—Panasonic on Feb. 3 announced it has an agreement to acquire VMS provider Video Insight, based in Houston, Texas.
Panasonic plans to acquire all shares of Video Insight. Terms of the deal were not released. Imperial Capital advised Video Insight.
Panasonic said the deal is “part of its strategy to expand business opportunities for both companies in the education market in North America.”
Video Insight will continue to be run by founders J. Robert Shaw and James Whitcomb. The company was founded in 2002 and has more than 25,000 customers in the financial, government, retail, and transportation sectors, and it has 6,500 school and campus customers, according to Panasonic.
Panasonic has a 2018 revenue target of 10 trillion yen ($84 billion). “B2B solutions, including security systems and video surveillance, will play an important part in achieving this high growth globally,” the company said in a statement.
"We're excited and honored to partner with the Panasonic Group," "We believe this partnership will help us accelerate innovation, enhance product development and allow us to provide our customers with better security solutions for years to come,” Panasonic CEO J. Robert Shaw said in a statement.
Panasonic had 7.74 trillion yen ($65 billion) in revenue last year.