Motorola Solutions has announced that it has entered into a definitive agreement to acquire video surveillance provider Avigilon in an all-cash transaction that will enhance Motorola Solutions’ portfolio of mission-critical communications technologies. Under the terms of the agreement, Motorola Solutions will acquire all of Avigilon’s outstanding shares for CAD$27.00 per share. The enterprise value of the transaction is approximately US$1.0 billion including Avigilon’s net debt. Avigilon advanced security solutions Based in Vancouver, British Columbia, Avigilon designs, develops and manufactures advanced security surveillance solutions, including video analytics, network video management software and hardware, surveillance cameras, and access control solutions. Avigilon products are used by a range of commercial and government customers including critical infrastructure, airports, government facilities, public venues, healthcare centres and retail. The company holds more than 750 U.S. and international patents. “This acquisition will bring Avigilon’s advanced video surveillance and analytics platform to the rapidly evolving public safety workflow, while also expanding our portfolio with new products and technologies for commercial customers,” said Greg Brown, chairman and CEO, Motorola Solutions. “Video can play a powerful role in creating safer cities and thriving businesses. It can serve as highly efficient ‘eyes and ears’ for monitoring a given location, and advanced video analytics can proactively alert officials to a perimeter breach or quickly find a person who left behind an object of interest.”This acquisition will bring Avigilon’s advanced video surveillance and analytics platform to the rapidly evolving public safety workflow, while also expanding our portfolio" Expanding Motorola Solutions' portfolio As more cameras feed into public safety workflows, video surveillance and analytics will enable more public-private partnerships between local communities and law enforcement. The acquisition will also enable Motorola Solutions to extend into new segments of its commercial markets business, which provides secure, reliable communications technology to industries such as oil and gas, transportation, utilities, manufacturing and higher education. Customers will now be able to purchase advanced security and surveillance solutions as part of Motorola Solutions’ portfolio of critical communications technology for commercial markets. Avigilon’s video surveillance platform helps transform video from reactive – looking back at what has taken place – to proactive, issuing alerts in real time when a person, object or vehicle of interest is detected. This critical intelligence enables users to take the right action more quickly. New opportunities for Avigilon “We’re very pleased to be joining Motorola Solutions, as their vision and strategy aligns fully with our own,” said Alexander Fernandes, Avigilon’s founder, chief executive officer and chairman of the board. “This combination will bring new opportunities to Avigilon, allowing us to accelerate our innovation and provide even more value to our customers.”This combination will bring new opportunities to Avigilon, allowing us to accelerate our innovation and provide even more value to our customers" Motorola Solutions has sufficient capital resources, including cash on hand and available commercial credit facilities, to complete the transaction. The transaction is expected to be completed by the end of the second quarter of 2018, subject to customary closing conditions, including regulatory, shareholder and court approvals. For more information on the acquisition rationale and market opportunity, view the investor presentation on the Motorola Solutions Investor Relations website. Avigilon shareholder agreement The transaction is structured as a statutory plan of arrangement under the Canada Business Corporations Act. The transaction has the unanimous support of the Special Committee of the Avigilon Board, as well as Avigilon’s full Board. Shareholders representing approximately 12 percent of the issued and outstanding common shares of Avigilon have already agreed to support the transaction. Full details of the transaction will be included in an information circular to be mailed to Avigilon shareholders in respect of an Avigilon shareholders meeting to approve the transaction.
Mr. Henderson has been instrumental in the development and growth of Avigilon's sales organization Avigilon Corporation, provider of trusted security solutions, announced the promotion of James Henderson to Chief Sales and Marketing Officer. Proven track record Mr. Henderson joined Avigilon in 2011, most recently serving as Senior Vice President, Global Sales. He has been instrumental in the development and growth of Avigilon's sales organisation. Mr. Henderson has a proven track record of identifying new markets, developing and executing successful sales strategies, and driving sustainable growth. "James has brought great value to Avigilon, and his expanded role is key to our continued success," said Alexander Fernandes, Avigilon's Founder, President, CEO and Chairman of the Board. "I congratulate James on his well-earned promotion."
Avigilon's video surveillance solutions provided video evidence & information in real time at Rio Olympics 2016 Avigilon Corporation, provider of trusted security solutions, announced that its video surveillance cameras, network video recorders, and video management software helped protect the 2016 Summer Olympic Games held in Rio de Janeiro, Brazil (the "Rio 2016 Olympics"). "Hundreds of thousands of people attended, participated, and volunteered at the Rio 2016 Olympics, making security of paramount importance," said Alexander Fernandes, Avigilon's Founder, President, CEO and Chairman of the Board. "We're extremely pleased that Avigilon's advanced video surveillance solutions were chosen to help protect people and venues at the Rio 2016 Olympics." Securing venues and common areas Avigilon Control Centre video management software was used to help Rio 2016 Olympics security personnel analyse and manage video data captured by surveillance cameras installed at venues and common areas throughout the Rio 2016 Olympics. Among other things, Avigilon's advanced video surveillance solutions enabled security personnel to view activity within large crowds and provide video evidence and information in real time.
Avigilon reports record quarterly revenue of $85.7 million Avigilon Corporation, a provider of trusted security solutions, reports its financial results for the three and six months ended June 30, 2016. All figures are in United States ("US") dollars unless otherwise stated. Second Quarter 2016 Financial Highlights Record revenue of $85.7 million, an increase of 17% over Q2 2015 revenue of $73.0 million, reflecting greater customer adoption in existing markets, further penetration of new target regions, sales of new products, and the Pricing Adjustment. Gross profit was up $0.7 million, compared to the same period last year, primarily due to increased sales volume. Gross margin percentage was 50%, compared with 58% in Q2 2015, primarily due to the Pricing Adjustment. Adjusted EBITDA was $8.0 million, compared with Q2 2015 Adjusted EBITDA of $12.5 million. Adjusted Earnings were $2.6 million, compared with Q2 2015 Adjusted Earnings of $5.8 million. Diluted Adjusted Earnings Per Share* of $0.06, compared with $0.12 in Q2 2015. Expansion of addressable market "We've increased revenue for the 34th consecutive quarter on a year over year basis, captured additional market share and continued to invest for growth," said Alexander Fernandes, Avigilon's Founder, President, Chief Executive Officer and Chairman of the Board. "To expand our addressable market, we reduced prices on our H3 camera line and select NVRs and achieved record overall unit sales and revenue. This adjustment also increased cash flow from operations and benefited gross profit dollars at the expense of gross margin as a percentage of revenue. Over time, we expect gross margin to increase due to greater economies of scale, and growing revenues from patent licensing and video analytics." "To support long-term growth we continued to invest in every department, notably in sales and marketing, manufacturing capabilities, and research and development. We're advancing our video analytics, such as our recently announced Avigilon Appearance Search technology, and plan to launch several new exciting video analytics-enabled products in the coming weeks." Second Quarter 2016 Business Highlights Announced Avigilon Appearance Search video analytics technology, a sophisticated search engine for video data. Avigilon's year over year sales growth outpaced that of the industry. Successfully completed the Early Adopter Plan for the Avigilon Patent License Program, adding eight new licensees to the Program. Implemented a new enterprise resource planning system to help ensure effective scalability.
Avigilon’s year over year sales growth outpaced that of the security industry Avigilon Corporation, provider of trusted security solutions, reported financial results for the three months ended March 31, 2016. All figures are in United States ("US") dollars unless otherwise stated. First quarter 2016 financial highlights Revenue was $69.9 million, an increase of 15% over Q1 2015 revenue of $60.6 million Gross margin was 57%, down from 59% a year earlier Adjusted EBITDA* was $8.9 million, in line with Q1 2015 Adjusted EBITDA of $8.9 million Adjusted Earnings* were $3.8 million, a 38% decrease over Q1 2015 Adjusted Earnings of $6.2 million Diluted Adjusted Earnings Per Share* of $0.09, compared with $0.13 in Q1 2015 Comparing the trailing 12 months ending Q1 2016 to the trailing 12 months ending Q1 2015: revenue increased by 16%; gross margin percentage remained unchanged at 57%; and Adjusted EBITDA grew by 8% "The first quarter of 2016 marked our 33rd consecutive quarter of year over year profitable growth," said Alexander Fernandes, Avigilon's Founder, President, Chief Executive Officer and Chairman of the Board. "As part of the successful execution of our growth strategy, we increased our investments across the Company, notably in research and development. These investments strengthen our market-leading security solutions, and pave the way for continued profitable revenue growth." First quarter 2016 business highlights Opened Avigilon's new Analytics and Data Science Center of Excellence in Boston Year over year sales growth outpaced that of the security industry Launched the H4 and H4 Edge Solution Camera lines Major installation of Avigilon 7K Cameras at Colombia's Medellin Atanasio Girardot Stadium Announced the Early Adopter Plan for the Avigilon Patent License Program, successfully increasing the total number of licensees to 25 on April 30, 2016 Financial Outlook Avigilon plans to continue profitably delivering strong year over year revenue growth. In line with these plans, the Company expects to achieve its annual run-rate revenue goal of CAD$500 million by the end of 2016. Avigilon reiterates its guidance for fiscal year 2016: Revenue between $335 million and $365 million Adjusted EBITDA margin between 15% and 20% Adjusted Earnings Per Share between $0.66 and $0.88 Effective tax rate between 28% and 30% Capital expenditures between $30 million and $35 million
Avigilon video surveillance systems are currently installed in many stadiums across the world Avigilon Corporation, a trusted provider of business intelligence and security solutions, announced that Medellin's Atanasio Girardot Stadium has become the first major stadium in Colombia to install Avigilon 7K (30MP) cameras as part of its security solution. Avigilon stadium security Avigilon 7K cameras and Avigilon Control Centre (ACC) video management software were selected as part of a large security upgrade for the government-owned stadium in an effort by the government and Medellin law enforcement agencies to combat crime and vandalism during sporting events. Avigilon video surveillance systems are currently installed in many recognisable stadiums across the world. Video evidence The Avigilon solution enables enforcement agencies and first responders to view activity within large crowds as it happens all while providing video evidence and information that may support investigations. This solution allows users to view situations from both the main and remote control centres. Avigilon 7K cameras "We're proud to partner with the Medellin Mayor and City Council as they demonstrate leadership in Latin America by installing the first 7K cameras at a major Colombian stadium," said Alexander Fernandes, Avigilon's Founder, President, Chief Executive Officer, and Chairman of the Board. "Installation of the Avigilon solution reinforces their commitment to the safety and security of the Medellin people and to the tens of thousands of spectators who attend large events at this stadium."
Avigilon plans to continue its successful strategy of delivering strong annual year-over-year revenue growth Avigilon Corporation, a trusted provider of business intelligence and security solutions, reported financial results for the three and twelve months ended December 31, 2015. All figures are in Canadian dollars unless otherwise stated. Fourth quarter 2015 financial highlights Record Revenue, Adjusted EBITDA, Adjusted Earnings, and Diluted Adjusted Earnings Per Share Revenue was $109.1 million, an increase of 37% over Q4 2014 revenue of $79.5 million Gross margin was 56%, down from 58% a year earlier Adjusted EBITDA was $20.8 million, a 21% increase over Q4 2014 Adjusted EBITDA of $17.2 million Adjusted Earnings were $12.3 million, a 3% increase over Q4 2014 Adjusted Earnings of $11.9 million Diluted Adjusted Earnings Per Share of $0.28, compared with $0.25 in Q4 2014 2015 financial highlights Record Revenue, Adjusted EBITDA, Adjusted Earnings, and Diluted Adjusted Earnings Per Share Revenue was $369.4 million, an increase of 36% over 2014 revenue of $271.4 million Gross margin was 57%, consistent with 57% a year earlier Adjusted EBITDA was $66.3 million, a 22% increase over 2014 Adjusted EBITDA of $54.3 million Adjusted Earnings were $39.6 million, a 6% increase over 2014 Adjusted Earnings of $37.2 million Diluted Adjusted Earnings Per Share of $0.86, compared with $0.80 in 2014 "We're pleased to report record-setting financial results for our 2015 fourth quarter and year," said Alexander Fernandes, Avigilon's Founder, President, Chief Executive Officer and Chairman of the Board. "We're very proud of our financial performance, and look forward to setting new records in 2016." Financial outlook The company expects to achieve its annual run-rate revenue goal of CAD$500 million by the end of 2016 Commencing with the release of the Q1 2016 financial statements, Avigilon will present their financial results in US dollars ("USD") instead of Canadian dollars. The change in presentation currency is intended to better reflect Avigilon's business activities and to improve investors' ability to compare the company's financial results with other publicly traded industry participants. Accordingly, the following 2016 annual financial outlook is provided in USD, except for the annual run-rate revenue goal of CAD$500 million by the end of 2016. Avigilon plans to continue executing on its successful strategy of delivering strong annual year-over-year revenue growth while remaining profitable. The company expects to achieve its annual run-rate revenue goal of CAD$500 million by the end of 2016. As of March 1, 2016, Avigilon expects the following for fiscal year 2016: Revenue between USD$335 million and USD$365 million Adjusted EBITDA margin between 15% and 20% Adjusted Earnings Per Share between USD$0.66 and USD$0.88 Effective tax rate between 28% and 30% Capital expenditures between USD$30 million and USD$35 million
Pradeep Khosla previously served as the Dean of the College of Engineering at Carnegie Mellon Avigilon Corporation, a trusted provider of business intelligence and security solutions, announced the appointment of University of California, San Diego Chancellor Pradeep K. Khosla to its Board of Directors.Vast experienceChancellor Khosla is an internationally renowned researcher, author, and educator with more than 30 years' experience in the fields of engineering and computer science. Chancellor Khosla previously served as Carnegie Mellon's Dean of the College of Engineering. Chancellor Khosla has also managed advanced research and development projects for the Defence Advanced Research Projects Agency (DARPA). Among his other accomplishments, Chancellor Khosla has served as a member of numerous advisory boards, including the Council of Deans of the Aeronautics Advisory Committee (NASA), the National Research Council Board on Manufacturing and Engineering Design, the World Economic Forum's Global Agenda Council on Innovation, and has worked with several high-tech companies.Video analytics expertise"We're honoured to have Pradeep join our Board," said Alexander Fernandes, Avigilon's Founder, President, Chief Executive Officer and Chairman of the Board. "His expertise in engineering and computer science, in particular with video analytics and artificial intelligence, is a valuable asset to Avigilon's innovation and growth."
The new 135,000 square foot office building is centrally located in downtown Vancouver Avigilon Corporation ("Avigilon"), trusted provider of business intelligence and security solutions, recently announced that it has successfully completed the acquisition of a nine-story, 135,000 square foot office building centrally located in downtown Vancouver, Canada. The building was financed through Avigilon's real estate term loan facility; additional details of the transaction were disclosed via news release on February 27, 2015 and April 7, 2015. "We're pleased to announce the successful acquisition of our new global headquarters, which provides more than double the space we presently lease at a lower financing cost than our current rent," said Alexander Fernandes, Avigilon's Founder, President, Chief Executive Officer and Chairman of the Board. "Avigilon, which has over 1,000 employees, has an ongoing need for expansion as one of North America's fastest growing technology companies."
Avigilon’s Chief Technology Officer and Senior VP, Dr. Mahesh Saptharishi will continue to lead the engineering team Avigilon Corporation (“Avigilon”), a leading global provider of end-to-end security solutions, recently announced that Danny Kam has resigned as its Executive Vice President of Engineering to pursue personal endeavours. Avigilon’s Chief Technology Officer and Senior Vice President, Dr. Mahesh Saptharishi, will continue to lead the engineering team, as well as Avigilon’s recently-announced Centers of Excellence initiative. “We thank Danny for his contributions to Avigilon and wish him the best in the future,” said Avigilon’s Founder, President, Chief Executive Officer and Chairman of the Board, Alexander Fernandes. “Under Mahesh’s leadership, our engineering team will continue to thrive; Mahesh is a proven leader and innovator focused on solving the problems that matter most to our customers. I’m confident that Avigilon will continue to lead the industry as the world’s most trusted business intelligence and security solutions company.” “I am very appreciative of the Executive team, in particular, Alexander Fernandes and Bryan Schmode (Avigilon’s Chief Operating Officer and Executive Vice President), for the opportunity they've provided me to work with our product development teams. I’m very proud of Avigilon’s accomplishments and look forward to the company’s continued success,” said Mr. Kam. “It’s been a privilege to be part of Avigilon’s industry-leading engineering team, where I’ve worked with the industry’s best and brightest people. I wish Avigilon nothing but the best for the future.”
ObjectVideo shook the industry a few years ago by launching a series of lawsuits against the industry’s big players, claiming infringement of ObjectVideo’s patents on the basic technologies of video analytics. Some of the targeted companies fought back, but in the end most opted to make the issue go away by signing a licensing agreement with ObjectVideo. The latest twist in the story is major video supplier Avigilon’s acquisition of those patents – and of the 19 related licensing agreements. The $80.3 million transaction more than doubles the total number of Avigilon’s patents – adding 76 U.S. and international patents to the portfolio (now totalling 124); in addition another 50 pending patents come with the deal. The 19 royalty-paying licenses authorise other companies in the industry – including big players like Sony, Panasonic, Bosch, Hikvision, Pelco and FLIR Systems – to use technologies covered by the patents. Avigilon says the patent acquisition positions Avigilon to “lead the way” in the area of video analytics. Alexander Fernandes, Avigilon’s founder, president, CEO and chairman of the board, describes the acquisition as a “very strategic” move for Avigilon. “The future is video analytics, and we are well positioned going forward,” he says. “Intellectual property (IP) in video analytics is very strategic both today and going forward,” says Fernandes. But one wonders: Strategic in what way? Early in the New Year, Avigilon has continued an apparent strategy to acquire video analytics patents with an announcement they have completed the acquisition of an additional 120 or so US and international patents (in separate transactions) from four other vendors – Behavioral Recognition Systems, Inc., FaceDouble Incorporated, ITS7 Pty Ltd., and VideoMining Corp. – totalling another $13.3 million. These patents cover analytics capabilities such as emotional and attentional response measurement, in-store object tracking and behavioural analysis, object tracking and anomaly detection. What are the ramifications when a major supplier in the video analytics space owns many of the patents that are fundamental to its competitors’ businesses? It’s one thing to pay licensing fees to a fading player like ObjectVideo (perhaps to avoid costly litigation?), but isn’t paying those fees to a direct competitor another matter? And with video analytics sales on the verge of accelerated growth, those fees (based on revenue or unit volume) are likely to increase. (Historically, the licensing revenue has been “in the millions,” says Fernandes, who also estimates the potential video analytics market at $30 billion.) We hear that video analytics is the future of the market: Does one player now control that future? Might Avigilon use its ownership of the patents somehow to undercut its competitors or slow down their innovation? All interesting questions, but there were no signs of industry upheaval when Avigilon made the announcement. Fernandes simply said there is “no ongoing litigation” and that the patents come “with royalty agreements in place.” The agreements typically involve ongoing quarterly royalty payments, based either on revenue or unit volume. The announcement did not address the long-term ramifications. (More information will be available when Avigilon files the required Business Acquisition Report in the coming weeks.) Fernandes just said “there’s the opportunity to add more licensees; it’s part of the value that comes with the portfolio.” A half dozen ObjectVideo employees engaged in patent generation and licensing will join Avigilon as part of the acquisition. “With or without the patent portfolio, there’s always the potential for legal ramifications and legal costs, whether it’s an IP licensing-based business or not,” Fernandes says. Meanwhile, the acquisition boosts Avigilon’s credentials in video analytics, a category the company entered with the acquisition last year of analytics company VideoIQ, which is among the licensees of ObjectVideo’s patents. “The patents and claims are very strong,” says Fernandes. “This portfolio is very strong, in volume, number of patents and in the strength.” Included is a basket of “fundamental patents” covering most, if not all, video analytics technology being using today and in the coming years. Basically, if a company is generating metadata for use with analytics, whether it's tripwire, people counting, object taken, left behind or license plate recognition, their business is likely covered by the ObjectVideo patents. Metadata involves extracting information (data) from an image as opposed to a human operator viewing the image. The term is “very broad-reaching and all-encompassing,” says Fernandes. It is also a “very young” portfolio – none of the patents will expire in the next five years. The patents could open other doors for Avigilon, too. “There are many opportunities to add value and commercialise solutions beyond security, such as for operational efficiency and business intelligence for retailers,” Fernandes says.
Mr. Fong is responsible for Avigilon’s financial communications and investor relations programs Avigilon Corporation, a leading global provider of end-to-end security solutions, recently announced the appointment of Dennis Fong to the position of vice president of investor relations, effective immediately. Mr. Fong is responsible for Avigilon’s financial communications and investor relations programs, and building and maintaining strategic relationships with the investment community. “Avigilon has been growing very rapidly since going public in 2011. Strong, focused investor relations play a key role in our ongoing success,” said Alexander Fernandes, founder, president, CEO and chairman of the board, Avigilon. “Dennis has a unique combination of investment experience, business communications expertise and in-depth knowledge of technology. He is an important addition to the Avigilon senior management team as we continue to execute on our global growth strategy.” With over 17 years of experience, Mr. Fong is a seasoned capital markets professional with an extensive background in equity research, technology, and strategic communications. Prior to joining Avigilon, Mr. Fong spent nine years covering technology equities as a sell-side research analyst at several of Canada’s leading independent investment dealers, including Macquarie Capital Markets, Orion Securities, MGI Securities, Versant Partners and GMP Securities. He was also a co-founder of a video surveillance startup focused on developing intelligent web-enabled home monitoring cameras, and most recently held a senior position on an award-winning investor relations team at Loblaw Companies Limited.
With the completion of the acquisition, Avigilon now holds 124 US and international patents Avigilon Corporation (“Avigilon”), a leading global provider of end-to-end security solutions, recently announced that it has completed the acquisition of the entire patent portfolio and the patent licensing program of ObjectVideo, Inc. (“ObjectVideo”) for cash consideration of US$80.3 million (the “Acquisition”). Founded in 1998, ObjectVideo is an innovator in the intelligent video solutions market. ObjectVideo’s video analytics patents, now acquired by Avigilon, are licensed and deployed by leading IP video manufacturers around the world. Under the Acquisition, Avigilon has acquired all of ObjectVideo’s 76 US and international patents and over 50 US and international patent applications. In addition to the foregoing, until January 31, 2015 ObjectVideo will continue to generate additional US patent applications, and has agreed to transfer any and all such applications to Avigilon for no additional consideration. With the completion of the acquisition, Avigilon now holds 124 US and international patents, and 202 US and international patent applications. “The future of the video surveillance industry is in video analytics,” said Alexander Fernandes, founder, president, CEO and chairman of the board, Avigilon. “The acquisition not only bolsters Avigilon’s portfolio of intellectual property, but it also brings with it a recurring royalty revenue stream.” "The acquisition not only bolsters Avigilon’s portfolio of intellectual property, but it also brings with it a recurring royalty revenue stream" The patent licensing program provides companies with the opportunity to leverage the innovative features of industry-leading video analytics patents. Nineteen royalty-paying licensees have joined the program, including global corporations such as Sony Corporation, Panasonic System Networks Co., Ltd., Bosch Security Systems, Inc., Hangzhou Hikvision Digital Technology Co., Ltd., Pelco, Inc., FLIR Systems, Inc., and Sensormatic Electronics, LLC (Tyco), and more. “The acquisition opens new doors for Avigilon, provides us with additional freedom to operate, and greatly strengthens our intellectual property portfolio,” said Fernandes. “It positions Avigilon to continue leading the way into the future of the video surveillance industry.” GMP Securities L.P. acted as the exclusive financial advisor to Avigilon on the Acquisition. Avigilon expects to file a Business Acquisition Report, as such term is defined in National Instrument 51-102 Continuous Disclosure Obligations, respecting the acquisition in due course.
Avigilon delivered another record sales quarter in Q3, underpinned by particularly strong growth in the U.S. and EMEA Avigilon Corporation (“Avigilon” or the “Company”), a leading global provider of end-to-end security solutions, recently reported financial results for the third quarter ended September 30, 2014. All figures are in Canadian dollars unless otherwise stated. Third Quarter 2014 financial highlights Record quarterly revenue, gross margin, net income, Adjusted EBITDA*, Adjusted Earnings* and Fully Diluted Adjusted Earnings Per Share* Revenue was $71.0 million, an increase of 39% over Q3 2013 revenue of $51.2 million. Gross margin percentage was 57%, up from 53% a year earlier. Adjusted EBITDA was $15.7 million, a 27% increase over Q3 2013 Adjusted EBITDA of $12.4 million. Net income was $11.6 million, a 35% increase over Q3 2013 net income of $8.6 million. Adjusted Earnings were $11.2 million, a 20% increase over Q3 2013 Adjusted Earnings of $9.3 million. Fully Diluted Adjusted Earnings Per Share of $0.24, compared with $0.22 in Q3 2013. “Avigilon delivered another record sales quarter in Q3, underpinned by particularly strong growth in the U.S. and EMEA, as well as robust sales of new products,” said Alexander Fernandes, founder, president, CEO and chairman of the Board of Avigilon. “Ongoing innovation remains a key pillar of our strategy to increase market share. In the third quarter we had several important new product introductions, including the low cost HD Video Appliance series, Avigilon Control Center 5.4, and the HD dome and bullet cameras with adaptive video analytics. Avigilon continues to make substantial investments in the business, with an eye on continued profitability, as we grow toward our goal of $500 million in run-rate revenue by the end of 2016.” *Non-IFRS measures Management uses certain non- International Financial Reporting Standards (“IFRS”) measures that it believes are useful to investors in evaluating the performance and results of the Company. The term “Adjusted EBITDA” refers to earnings before deducting interest expense, taxes, depreciation, amortisation, foreign exchange gain or loss, and share-based payments. Management believes that Adjusted EBITDA is a useful measure as it provides an indication of the operational results of the business prior to taking into consideration how those activities are financed and taxed and also prior to taking into consideration asset amortisation. Management also believes that analysing operating results exclusive of significant non-cash items provides a useful measure of the Company’s performance. The term “Adjusted Earnings” and “Adjusted Earnings Per Share” refers to net earnings and earnings per share, respectively, before share-based payments, foreign exchange gain or loss, business acquisition-related costs, non-recurring legal costs and related tax effects. Please refer to the reconciliation table that accompanies the financial statements discussed in this press release and which is included in the Company’s Management’s Discussion & Analysis for Q3 2014. Adjusted EBITDA, Adjusted Earnings and Adjusted Earnings Per Share do not have standardised meanings prescribed by IFRS and are not necessarily comparable to similar measures provided by other companies. Investors are cautioned that Adjusted EBITDA, Adjusted Earnings and Adjusted Earnings Per Share should not be construed as an alternative to operating income or net income determined in accordance with IFRS as an indicator of the Company’s financial performance or as a measure of its liquidity and cash flows.
This patent further enhances Avigilon’s portfolio of intellectual property Avigilon Corporation, a leading global provider of end-to-end security solutions, recently announced that its High Definition Stream Management (HDSM) technology has been awarded patent number US 8,831,090 by the United States Patent and Trademark Office. Introduced in 2008, HDSM technology has been instrumental in advancing Avigilon’s position as the premier provider of cost-effective, innovative, high-definition security solutions. HDSM, a video stream management technology, intelligently manages the bandwidth consumed by high-definition video footage while maintaining superior image detail. The awarded patent covers the innovative mechanism underlying HDSM, which allows a user viewing video to directly influence the resolution and quality of video streamed over a network without increasing latency or decreasing the quality of stored video. Users then leverage HDSM technology with current hardware to achieve reduced bandwidth consumption while maintaining maximum image detail. HDSM technology enables the handling of high-resolution images while also being cost-effective and placing minimal needs on network and storage infrastructure. “Receiving this patent reinforces Avigilon’s position as a true innovator in the security industry,” said Alexander Fernandes, founder, president, CEO and chairman of the board for Avigilon. “Our HDSM technology is a revolutionary solution that has differentiated us from the competition since we first launched it in 2008. HDSM technology enables users to operate a true, high-definition security system that intelligently transmits and stores video, all while protecting the bottom line. The result is that Avigilon is able to provide state-of-the-art, high-definition solutions to customers at a much lower total cost of ownership than our competitors.” This patent further enhances Avigilon’s portfolio of intellectual property. Avigilon now has 25 patents issued and 109 patents pending internationally covering the technology in its advanced high-definition cameras, video management software, video analytics systems and access control products.
The new HD Dome and Bullet cameras bring the benefits of Avigilon’s adaptive video analytics directly to the device Avigilon Corporation (“Avigilon”), a leading global provider of end-to-end security solutions, recently introduced its new series of HD Dome and HD Bullet cameras with embedded adaptive video analytics to its innovative product portfolio. Avigilon’s adaptive video analytics technology combined with its industry-leading high-definition imaging creates a powerful security and business intelligence solution to keep both personnel and assets safe and enables customers to make better business decisions. “Avigilon is already known for its superior high-definition imaging. Building the industry’s leading continuously self-learning video analytics into the camera itself serves as another example of how Avigilon innovation is constantly pushing the boundaries of intelligent video surveillance, helping our global customers gain the insight needed to protect people and assets and advance their business,” said Mahesh Saptharishi, senior vice president, analytics and data science, Avigilon. HD dome and HD bullet cameras with adaptive video analytics Avigilon’s new HD Dome and HD Bullet cameras bring the benefits of Avigilon’s adaptive video analytics directly to the device. Powered by Avigilon’s pattern-based, self-learning video analytics technology, these intelligent cameras automatically adjust to changing scene conditions and continue to adapt to scene changes without the need for any manual calibration, delivering a new level of performance and ease of installation. The HD Dome and HD Bullet cameras also support Avigilon’s breakthrough Teach-By-Example technology that not only enables the analytics to learn continuously by watching the scene, but also learns from operators actively using the system. This innovation symbolises the vision behind Avigilon’s acquisition of VideoIQ earlier this year. “Following our acquisition of VideoIQ Inc. in January 2014, this launch marks another important milestone in the successful integration of our combined technologies, demonstrating our relentless focus on inventing new and better solutions to serve the needs our customers and establishing a higher standard in video surveillance,” said Alexander Fernandes, Avigilon’s founder, president, CEO and chairman of the board. The HD Dome and HD Bullet camera series with adaptive video analytics are available in 1, 2 and 3 MP resolutions and provide incredible image detail paired with powerful analytics performance. The cameras are fully integrated with the latest version of the Avigilon Control Center software, enabling more than just monitoring, search and recording of video analytic events, but also complete analytics configuration and management within Avigilon’s unified, user-friendly platform, Avigilon Control Center. Avigilon demonstrates HD Dome and HD Bullet cameras with adaptive video analytics at booth 240 in Hall 2 at the Security Essen tradeshow in Germany from September 23 to 26, 2014 and at booth 2411 at the ASIS tradeshow in Atlanta, USA from September 29 to October 2, 2014.