Agent Video Intelligence (Agent Vi) has announced that it has entered into an agreement for its sale to Irisity (Iristy AB), a Sweden-based publicly listed AI video analytics company, for a total consideration of approx. US$ 67 million in cash and shares of Irisity.
Irisity, founded in 2008, develops and markets video analytics software products for improved security and surveillance, and is publicly listed in the Nasdaq First North Growth market in Stockholm, Sweden.
Agent Vi acquisition
Through the acquisition and merger of the companies, they will become the major global AI video analytics provider, offering a broad range of software and Software as a Service (SaaS) solutions, for automatic analysis of surveillance footage and real-time video streams.
The companies’ products are used by customers worldwide, in order to improve their surveillance operations
The companies’ products are used by customers worldwide, in order to improve their surveillance operations, by harnessing the power of the AI software, to automatically detect events of interest in real-time and quickly search through recorded video, so as to allow quick and effective response to security and safety events.
Itsik Kattan, the Chief Executive Officer (CEO) of Agent Vi commented “We are extremely proud to partner with Irisity through this merger and strongly believe that it will put the companies in a position to expand our global market reach and strengthen our products, and service offering, for the benefit of our customers.”
Global operations and office locations
The companies together have global operations with offices in Sweden, Israel, USA and Singapore, a network of over 1,000 resellers, and partnerships with dozens of renowned security monitoring companies.
Irisity’s Chief Executive Officer (CEO), Marcus Bäcklund, commented “We are very happy in welcoming this successful team to Irisity. Agent Vi has built a truly market-renowned brand and global presence, we are impressed by both the team and the technology.”
The transaction is expected to close during Q4 2021, subject to customary closing conditions.