CHICAGO & LIVERMORE, Calif. & FORT WORTH, Texas--(BUSINESS WIRE)--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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