Quadnetics sights AlphaPoint
SANTA BARBARA, Calif.--AlphaPoint, a manufacturer of DVR systems for casinos, was acquired this summer by the Quadnetics Group, a Warwickshire, U.K.-based designer of CCTV and networked video surveillance systems.
Quadnetics paid GBP 400,000 ($717,000) in cash for the company, with the possibility of another payout equaling $2.3 million, dependant on revenue milestones being met.
Quadnetics merged the company with its division Synectic Systems, a manufacturer of analog matrix switches and enterprise-class MPEG2 digital video recorders. AlphaPoint, which is now known as Synectic, retained its entire staff.
AlphaPoint was founded in 2003, and the company's revenues were approximately $5 million in 2004. Its customer base is limited to casinos in Canada and the United States.
The deal expands the publicly held firm into North America. The company's three other divisions are Quadrant Video Systems, Coex and Look CCTV. All of which are based in the United Kingdom.