Home security systems developer Visonic Ltd. (TASE:VSC) has been acquired by Tyco International Inc. (NYSE: TYC) for $100 million in cash. The deal was closed at $2.26 per share for Visonic (NIS 8.31 at today's exchange rate), the company announced today..
Tel Aviv headquartered Visonic will continue to operate as an independent company but its systems will be sold as Tyco Security Products brands: DSC and Bentel in the intrusion field; American Dynamics in video; Software House, Kantech and CEM in access control; Sur-Gard in central station communications and Connect24 for wireless communications.
Visonic will provide innovative wireless technology and products to Tyco Security Products' intrusion business and enable both businesses to leverage the strengths of their combined R&D and manufacturing facilities.
Visonic CEO Avi Barir said, "Under the Tyco umbrella we will be able to offer everything we do today and much more."
Tyco Security Products president Mark VanDover said, "The acquisition of Visonic will strengthen the technology capabilities in our intrusion security portfolio and will enable us to enhance the solutions we can offer to our commercial and residential customers. Visonic is an established leader in wireless security technology and its strong presence in the European security market complements Tyco's strength in the North American market."
Visonic chairman and CEO Yaacov Kotlicki owns 71.4% of the company. The company held its IPO on the London Stock Exchange in 2004, raising $18 million at a company value of $65 million. It was floated on the TASE in June 2006 and delisted from the London Stock Exchange in 2010.
Visonic's share price rose 26.5% following the announcement to NIS 7.67, giving a market cap of NIS 320 million.
Published by Globes [online], Israel business news - www.globes-online.com - on September 15, 2011
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