Visonic acquires Elpas through

SSN Staff  - 
Thursday, May 1, 2003

a stock swap
TEL AVIV, Israel - Wireless security and home automation product manufacturer Visonic Technologies has acquired automated asset management solutions provider Elpas in a share swap that will enable the two companies to develop a single comprehensive platform for its combined customer base.

To target both the large institution and home/small office markets, the company will combine facility protection, access control, asset management, personal security, infant abduction and mismatch prevention in a single platform to provide access control and asset protection, company officials said in a release.

“The company will leverage its synergistic technological capabilities and strong customer base, while benefiting immensely from the financial, manufacturing, marketing and technical support of the Visonic Group,” said Avigdor Shachrai, president and CEO of the Visonic Group.

The combined company will have about 430 employees; Visonic had about 400 before the merger. Israel Radomsky, founder, president and chief executive officer of Elpas will become president and CEO of Visonic Technologies.