Digital Barriers, a specialist provider of surveillance technologies to the homeland security and defence sectors, on Monday announced the acquisition of Visimetrics and its unit OmniPerception.
The AIM-listed company has purchased the entire issued share capital of Visimetrics, including OmniPerception, for an initial cash consideration of £3.3m.
A deferred consideration of a further £4.70m will be paid, dependent upon the successful satisfaction by Visimetrics of certain financial and operational targets in the period to December 31, 2014.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Visimetrics, which was founded in 1996 and based in the UK, develops digital video recording, storage and management systems for video surveillance systems. Its subsidiary, OmniPerception, designs facial recognition video systems and image processing technology.
Zak Doffman, Development Director of Digital Barriers, said: "Visimetrics and OmniPerception bring an impressive range of additional technologies into the group, including advanced facial recognition and identity management solutions, helping us establish a fourth key technology area.
"This is an area of significant interest for Digital Barriers and we see compelling opportunities to take facial recognition solutions to our customers around the world."
The company said its board intends to develop biometrics and identity management as a fourth, core strategic technology area, adding to the TVI advanced video surveillance, ThruVision standoff passive screening and RDC unattended ground sensor technologies already within the group, alongside a wider range of enabling technologies and capabilities.
Shares soared 1.85% to 165.00p at 8:57 Monday.
In the doghouse: hundreds of investment funds are underperforming - is it time to sell?
News The latest Spot The Dog research from Bestinvest reveals 151 funds are failing to beat their benchmark. We reveal the worst performers
By Marc Shoffman Published
Nationwide: House prices creep up for the first time in over a year
Nationwide’s latest house price index reveals property prices are finally rising. Will this pattern continue in 2024?
By Vaishali Varu Published