Panasonic has acquired video management software developer Video Insight for an undisclosed amount to help both firms strengthen their footprints in the North American education market.
The deal is a stepping stone to help Panasonic reach its goal of 10 trillion yen ($117 billion) in sales by 2018. The firm plans to reach its target by selling more B2B solutions, including security and video surveillance systems, according to a company press release.
Founded in 2002, Video Insight provides commercial video management solutions for security systems to more than 25,000 customers in the financial, government, retail, and transportation markets.
Additionally, the firm counts as many as 6,500 schools and campuses as its clients, which will help Panasonic enhance its portfolio and broaden its reach into education.
“We’re excited and honored to partner with the Panasonic Group,” says Video Insight CEO J. Robert Shaw. “We believe this partnership will help us accelerate innovation, enhance product development and allow us to provide our customers with better security solutions for years to come”.
As part of the agreement, Video Insight founders Shaw and James Whitcomb will continue to lead the firm, as it continues to evolve the open platform system, which currently supports more than 2,500 camera models from more than 100 manufacturers.
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