Tech firm sold
Motorola acquires IndigoVision in £30m deal
Deal: new owner
US giant Motorola has acquired Edinburgh-based video security firm IndigoVision in a deal worth £30.4 million.
The acquisition price of 405p per share represents a premium of approximately 129% to the closing price of 177p per IndigoVision Share on the last practicable date.
Motorola Solutions, a global provider of mission critical communications and analytics, has a strong presence in the large and expanding area of video security.
It believes IndigoVision’s range of products, global presence and customer base are highly complementary to Motorola Solutions’ existing presence in video security and therefore believes that the acquisition will provide Motorola Solutions with enhanced geographical reach across a wider customer base.
The IndigoVision directors have resolved that the proposal for a final dividend of 2p per IndigoVision Share, announced in IndigoVision’s preliminary financial results for the year ended 31 December 2019 released on 5 March 2020, is cancelled.
The IndigoVision directors have been advised by N+1 Singer. Winston & Strawn acted as legal advisers to Motorola Solutions and Bidco. Shepherd and Wedderburn acted as legal advisers to IndigoVision.
Commenting on the acquisition, Pedro Vasco Simoes, chief executive of IndigoVision, said: “The access we will now have to Motorola Solutions’ range of innovative technologies will create new opportunities for IndigoVision and enable us to bring an exciting proposition to the market that allows us to further deliver on our goal of delivering safety, security and business intelligence.”
John Kedzierski, senior vice president, video security solutions, Motorola Solutions, said: “We share IndigoVision’s commitment to providing next-generation, end-to-end video security solutions that enhance safety, security and efficiency. IndigoVision’s end-to-end offering, global presence and customer base will complement our existing and growing presence in video security and analytics.”