Avigilon to be acquired by Motorola Solutions

CHICAGO and VANCOUVER, British Columbia—In early February, Motorola Solutions announced its definitive agreement to acquire video surveillance and access control manufacturer Avigilon. Avigilon later announced that its CEO and chairman of the board, Alexander Fernandes, is retiring following the deal.

“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,” Greg Brown, chairman and CEO, Motorola Solutions, said in a prepared statement. “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.”

According to the deal's announcement, “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, about one week after Motorola announced its intent to purchase the company, outlined some changes to its leadership team, including the retirement of Fernandes.

“I'm very proud of what we've accomplished at Avigilon, growing from a start-up to become an industry leader,” Fernandes said in the announcement of his retirement. “Avigilon has a strong and proven leadership team, and I'm confident about the company's future.”

Ric Leong also resigned as Avigilon's chief financial officer, effective immediately. "Being Avigilon's CFO has been a tremendous experience, and I've greatly enjoyed working with Alex and the leadership team over the past several years,” Leong said in a prepared statement. “I'm in full support of the acquisition and look forward to Avigilon's success with Motorola Solutions.”

Samuel Cochrane, Avigilon's senior vice president of finance, has been promoted to chief financial officer and will stay on with Avigilon after closing.