Mace Security sells IVS
Costar Video Systems, which is based in Coppell, Texas—and is technically a division of Sielox, Inc., which should not be confused with Sielox Access and Video Solutions. Here are the details on that —on Oct. 21, completed the purchase of IVS, a distributor of high-end digital and machine vision cameras and professional imaging components which has been in operation since 1989. Costar paid $517,000 cash paid at closing plus an additional $100,000 consideration payable if certain revenue levels are achieved by Costar in the first 90 days following the sale.
I spoke with Jim Pritchett, CEO of Costar this morning, and he told me this security operation benefits from the purchase because “it’s a much higher preforming camera … our engineers will benefit [because they’ll learn] how to build a lower cost security camera.”
The sale includes “inventory, trade accounts receivable and payable and IVS’ related intangible assets, including its customer list and trade names,” according to a press release from Mace.
“We are pleased to announce the sale of this non-core related business. This continues our strategy of monetizing non-core assets and allowing management to focus on its key security related businesses,” Michael Smith, CEO of Mace, said in a prepared statement.