Acquisition of VaaS International Holdings, Leader in Data and Image Analytics for Vehicle Location complements Motorola Solutions’ command center software suite
CHICAGO, LIVERMORE, CALIFORNIA and FORT WORTH, TEXAS – Jan. 7, 2018 – Motorola Solutions, Inc. (NYSE:
MSI) today announced it has acquired VaaS International Holdings, Inc. (VaaS),
a data and image analytics company based in Livermore, California and Fort
Worth, Texas. Motorola Solutions paid a purchase price of $445 million in a
combination of cash and equity.
VaaS, a “video analysis as a service” company, is a leading global
provider of data and image analytics for vehicle location. The company’s image
capture and analysis platform, which includes fixed and mobile license plate
reader cameras driven by machine learning and artificial intelligence, provides
vehicle location data to public safety and commercial customers. Its
subsidiaries include Vigilant Solutions for law enforcement users and Digital
Recognition Network (DRN) for commercial customers. The company’s 2019 revenues
are expected to be approximately $100 million.
“Automated license plate recognition is an increasingly powerful tool for
law enforcement,” said Greg Brown, chairman and CEO, Motorola Solutions.
“With this acquisition, VaaS will expand our command center software portfolio
with the largest shareable database of vehicle location information that can
help shorten response times and improve the speed and accuracy of
investigations.”
VaaS’ platform enables controllable, audited data-sharing across multiple
law enforcement agencies. Vehicle location information can help accelerate time
to resolution and improve outcomes for public safety agencies, particularly
when combined with police records. For example, law enforcement has used VaaS’
solutions to quickly apprehend dangerous suspects and find missing persons.
“We are very excited to be joining Motorola Solutions,” said Shawn Smith,
co-founder of VaaS and president of Vigilant Solutions. “This acquisition
enables us to continue to serve our existing customers and expand our footprint
globally, while at the same time supporting a company with a commitment to
innovation and growth, guided by a common purpose that aligns with our mission
and culture: ‘To help people be their best in the moments that matter.’ It
doesn’t get any better than that.”
“Our extensive license plate data and AI technology have opened new
commercial applications
of our products,” said Todd Hodnett, co-founder of VaaS and president of
Digital Recognition Network. “We believe commercialization of these new
applications can be accelerated
under the Motorola Solutions brand and reach, and we look forward to
working together to grow and diversify our commercial business.”
License plate reading is a highly specialized practice that requires
purpose-built cameras and analytics. VaaS’ fixed and mobile license plate
reader cameras can capture and analyze license plate information, which differs
greatly by state and country, even when vehicles are moving at high speeds or
in low-visibility weather conditions.
About
Motorola Solutions
Motorola Solutions is a global leader in mission-critical communications.
Our technology platforms in communications, software, video and services make
cities safer and help communities and businesses thrive. At Motorola Solutions,
we are ushering in a new era in public safety and security. Learn more at http://www.motorolasolutions.com.
About
VaaS International Holdings,
Inc.
VaaS International Holdings, Inc. (Video Analysis as a Service) is a
leading global provider of AI-driven image capture and analysis technology.
VaaS solutions and services are shaping communities across the globe by giving
local, state and national agencies, as well as small and large businesses and
corporations, the tools to better manage risk and prevent or solve crimes with
real-time analysis. For more information, visit http://vaasinternational.net.
Motorola
Solutions Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of applicable federal securities law. These statements are made
pursuant to the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and generally include words such as “believes,” “expects,”
“intends,” “anticipates,” “estimates” and similar expressions. The company can
give no assurance that any actual or future results or events discussed in
these statements will be achieved. Any forward-looking statements
represent the company’s views only as of today and should not be relied upon as
representing the company’s views as of any subsequent date. Readers are
cautioned that such forward-looking statements are subject to a variety of
risks and uncertainties that could cause the company’s actual results or events
discussed in these statements to differ materially from the statements
contained in this release. Such forward-looking statements include, but
are not limited to, Motorola Solutions’ ability to integrate the products and
services into its portfolio and offer to customers and the expected revenues
for VaaS International Holdings. Motorola Solutions cautions the reader that
the risk factors below, as well as those on pages 8 through 20 in Item 1A of
Motorola Solutions 2017 Annual Report on Form 10-K on page 44 in Item 1A of
Motorola Solutions’ Quarterly Report on 10Q for the quarter ended June 30,
2018, and in its other SEC filings available for free on the SEC’s website at www.sec.gov and on Motorola Solutions’ website at www.motorolasolutions.com/investor, could cause Motorola Solutions’ actual results
or events discussed in these statements to differ materially from those
estimated or predicted in the forward-looking statements. Many of these
risks and uncertainties cannot be controlled by Motorola Solutions and factors
that may impact forward-looking statements include, but are not limited to
the future results of operations of VaaS International Holdings and Motorola
Solutions’ ability to successfully integrate and operate VaaS International
Holdings. Motorola Solutions undertakes no obligation to publicly update
any forward-looking statement or risk factor, whether as a result of new
information, future events or otherwise.
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