CoVi Video Technology, IP and People to Complement, Enhance GE Security Video Offering
BRADENTON, Fla. -- GE Security, Inc., a business of GE Enterprise Solutions (NYSE:GE), today announced it has acquired certain assets of CoVi Technologies, Inc., an IP video systems provider headquartered in Austin, Texas. CoVi assets acquired by GE Security include video systems technology and intellectual property. CoVi engineering, technical support and product management employees also joined GE Security.
The addition of CoVi Technologies' research and development experience, intellectual property and video expertise will be a strong complement to GE Security's video solutions offerings and growth strategy. The acquisition is expected to strengthen GE Security's delivery of Internet Protocol video hardware and software solutions.
"The $6B-plus global video industry, with its 11 percent compound annual growth rate, is a crucial component of our strategy to be the fastest growing, global security and life safety product company," said Dean Seavers, president and CEO, GE Security. "CoVi's technology and experience are closely aligned with our video platform strategy and will be a strong complement to our expanding video solutions offerings."
"CoVi is one of the technology leaders in the video surveillance industry," said Dilip Sarangan, Frost & Sullivan industry analyst. "This acquisition will enable GE Security to offer the latest IP technology and deliver great value to systems integrators and end users."
"GE Security is fully committed to the video space," said Tom Cashman, general manager, video product management, GE Security. "The highly talented team acquired in this transaction, together with extensive intellectual property, will expedite our delivery of a fully integrated IP video solution."
CoVi Technologies video surveillance solutions use innovative high definition (HD) video technologies to provide improved image quality and operational flexibility maximizing their ability to deliver protection for people, facilities and assets. CoVi's IP video surveillance solutions help eliminate bandwidth consumption by recording and storing high quality video at the edge of the IP network. CoVi approaches HD solutions from a total system perspective, including optics, image processing, IP networking and display technologies.
The acquired team will continue to be located in Austin, Texas and will be under the leadership of Tom Cashman, general manager of GE Security's video product management.
About GE's Security Business
GE Security, a wholly owned indirect subsidiary of the General Electric Company (NYSE:GE), is a leading supplier of security and life safety technologies, with operations in more than 35 countries and $1.8 billion in annual sales. GE Security offers one of the industry's broadest product portfolios, covering explosives and narcotics detection, intrusion and access control, video surveillance, key management, and fire detection. GE Security's products are used to protect people and property across a wide range of industries, including aviation, law enforcement, banking, education, healthcare, mass transit, residential and retail.
GE Security was honored with Frost & Sullivan's 2007 Global Market Leadership Award for Container Security Devices for its CommerceGuard container security solution. For more information about GE Security and our products, please visit www.gesecurity.com.
