Video security deal
IndigoVision acquires Lisbon-based software firm Agorasys
Max Thowless-Reeves became chairman in management changes
IndigoVision, the Edinburgh-based video security specialist, has acquired Portuguese software company Agorasys in a £2.6m (€3m) deal.
Agora is a spin-out from Instituto Superior Tecnico, part of the University of Lisbon and provides security network monitoring software
It reported revenues of €1.3m for the year ended 31 December 2018 and operating profit of €100,000, equal to its net assets.
Agora will continue to be run by the existing management team. Over the next year, the group intends to invest an additional €0.5m in further developing the Agora software for the benefit of IndigoVision’s enterprise customers.
It is expected that Agora will only become a material contributor to the group’s financial performance following completion of this transitional period and investment phase.
Shareholders in Agora will receive €287,000 upon completion, comprised of approximately €212,000 payable in cash and the issue of 17,211 IndigoVision shares to each of founders Pedro Soares and Bernado Motta.