Visonic acquires Elpas through
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.
Ã¢â‚¬Å“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,Ã¢â‚¬Â 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.