VideoMinex to pick up automotive monitoring firm
March 13, 2003
FITCHBURG, Mass. - An interactive video firm here has taken over the monitoring for 300 automotive dealers from an Atlanta-based company that it intends to buy later this month.
VideoMinex, with its headquarters here, transferred the 300 accounts to its main central station in Houston late last month and, earlier this week, informed customers of Atlanta-based Electroguard of the pending acquisition.
The purchase of Electroguard, the first in 2003 for VideoMinex, is a continuation of the companyÃ¢â‚¬â„¢s acquisition strategy to become the dominant player in the interactive video monitoring and installation market, according to Mike May, chief executive officer. VideoMinex made two acquisitions last year of Houston-based Interstar Systems and Denver-based Remote Video Patrol.
The addition of new accounts doubles the size of the companyÃ¢â‚¬â„¢s automotive account base and strengthens its position as a provider in the automotive market, May said.
Ã¢â‚¬Å“The automotive market happened to be the market where we felt there was an opportunity to consolidate,Ã¢â‚¬Â May said. Ã¢â‚¬Å“The two businesses complemented each other, the demand was already defined and we felt it was a good investment to be a primary provider.Ã¢â‚¬Â
The acquisition of Electroguard will also provide VideoMinex with an application and engineering group that the company will use to service its accounts nationwide.
The purchase price of the acquisition, which is expected to close later this month, was not released.