(Alliance News) - Video security surveillance firm IndigoVision Group PLC on Monday said it has acquired Portuguese software firm Agorasys SA for up to EUR3.0 million.
Agorasys will continue to by run by its existing management team, IndigoVision said.
Indigo explained: "Agora's software provides business processes, procedures and auditing tools to allow users to audit and analyse the entire operation from any location with an internet connection.
"The company's software also allows users to increase productivity in their organisations by implementing standard operating procedures that enable operators to efficiently control all equipment, on-site guards and vehicles."
Agorasys secured revenue of EUR1.3 million for the year ended December 31, with an operating profit of EUR100,000.
Over the next year, Indigo said it will invest an extra EUR500,000 in Agorasys.
Indigo explained: "The acquisition of Agora represents an important building block in meeting the board of IndigoVision's ambition to turn the group into one of the leading players in the video security solution space, for the benefit of our customers, our employees and our shareholders.
"We have many of the building blocks of this strategy already in place and the acquisition of Agora further enriches the group's software offering."
Shares in the company were untraded in London on Monday morning, last quoted at 191.00 pence each.
By Eric Cunha; ericcunha@alliancenews.com
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