Canon Inc. (7751) acquires video surveillance company Milestone Systems

Posted Jun 13, 2014

Canon Inc. (TYO:7751) has acquired Denmark-based video surveillance software company Milestone Systems. The terms of the deal were undisclosed. Founded in 1998, Milestone raised $25 million in funding from Index Ventures.

Milestone posted net income of ?4.6 million ($6.2 million) on revenues of ?54.6 million ($74 million). Canon is making the acquisition through its subsidiary Canon Europe. Canon is best known for its digital cameras and printers, but it also sells enterprise products.

?Milestone is extremely excited about the huge potential that being part of a global group will provide,? stated Lars Thinggaard, President & CEO of Milestone Systems. ?Canon respects how we built our business with our partners and supports our strategy of providing open platform solutions and therefore the need to remain a standalone company within the Canon Group. We feel this step is right for taking both our business and support for suppliers and partners to a new level.?

[Source: TechCrunch]