Edinburgh-based Indigovision buys Agorasys for €2.3m
Edinburgh-based CCTV specialist Indigovision has purchased Portuguese security software firm Agorasys SA for €2,300,000.
Based in Lisbon, Portugal, Agora was a spin-out from Instituto Superior Tecnico, part of the University of Lisbon.
Agora provides a unified “command and control” software platform that integrates different security systems from multiple vendors, including IndigoVision’s Control Center video management software.
The Portuguese firm’s revenues were €1.3m for the year ended 31 December 2018 and the operating profit for the year was €0.1m. The Company had net assets of €0.1m at 31 December 2018.
Agora will continue to be run by the existing management team and Mr Soares and Mr Motta have entered into new contracts of employment with Agora in line with normal commercial terms in Portugal.
Over the next year, Indigovision 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 the completion of this transitional period and investment phase.
Pedro Vasco Simoes, chief executive officer of IndigoVision, said: “The acquisition of AgoraSys is a first for IndigoVision and further underlines our growth ambitions for the IndigoVision Group.
“We are delighted to be adding a talented team to our existing resources and will be further investing in the development of Agora’s software to the wider benefit of our enterprise customers. Together we will realise our goal of being a provider of next-generation end-to-end video security management solutions.”
Pedro added: “We recently launched IndigoVision 2020 which sets out the Group’s future strategic direction to help us capitalise on the growing global demand for video security solutions. This strategy looks to remove customer pain points around industry fragmentation and provide a dynamic solution that brings together everything our customers require to meet their video security needs.
“The addition of Agora, and their ‘command and control’ capability, is a significant step towards further implementing our strategy and achieving the effective simplicity our customers desire.”