Edinburgh-based technology firm IndigoVision has snapped up a security software firm in Portugal in a deal worth up to £2.6 million.
The security video specialist has bought Agorasys, a spin-out from the University of Lisbon, which has developed a "command and control" software platform that integrates different security systems from different suppliers including IndigoVision.
IndigoVision, led by chief executive Pedro Simoes, said the acquisition represents an “important building block” in turning the group into one of the leading players in the video security solution market.
Agorasys's software provides business processes, procedures and auditing tools to allow users to audit and analyse security operations from any location with an internet connection. The company was founded by Pedro Soares, chief executive and Bernardo Motta, international business development manager, who will continue to run the company.
Over the next year, IndigoVision intends to invest an additional £430,000 in further developing the Agorasys software for the benefit of its customers. The majority of the purchase price will be used to clear existing debts. The business had €1.3m in sales for the year ended 31 December 2018 and an operating profit of €100,000.
IndigoVision also announced the launch a new business plan - IndigoVision 2020 – aimed at helping it capitalise on growing demand from the global video security solutions market.
“We have many of the building blocks of this strategy already in place and the acquisition of Agora further enriches the group's software offering,” it said.
In August IndigoVision IndigoVision hailed continued evidence of its turnaround after posting an operating profit for the first half of the year for the first time since 2014. The profit milestone came after sales rose by 8.3% to $24.1m, driven by strong performances in Asia Pacific – up 31% - and North America which grew 15%.
