Panasonic Acquires Video Insight to Strengthen North America Education Market Solution Business
NEWARK, N.J., Feb. 3, 2015 /PRNewswire/ -- Panasonic Corporation of North America today announced that it has entered into an agreement to acquire all shares of Houston, TX-based Video Insight, Inc., a leading developer of video management software, as part of its strategy to expand business opportunities for both companies in the education market in North America. Founded in 2002, Video Insight provides enterprise-class video management solutions for security systems to over 25,000 customers in the financial, government, retail and transportation sectors as well as 6,500 K-12 school and college customers.
Panasonic Group has set a clear target of reaching 10 trillion yen in sales by 2018, and B2B solutions, including security systems and video surveillance, will play an important part in achieving this high growth globally.
As customer needs in the video surveillance market become more diversified, video management software with the ability to easily integrate multiple devices will become even more important. Adding Video Insight to the Panasonic Group enhances the Panasonic portfolio and broadens its reach into education.
"We're excited and honored to partner with the Panasonic Group," said Chief Executive Officer 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 will remain under the strong leadership of its founders J. Robert Shaw and James Whitcomb to continue to evolve the open platform system which today supports over 2,500 camera models from over 100 manufacturers and integrates across the most popular access control platforms.
About Panasonic Corporation of North America
Panasonic Corporation of North America provides a broad line of digital and other electronics products and solutions for consumer, business and industrial use. The company is the principal North American subsidiary of Osaka, Japan-based Panasonic Corporation and the hub of Panasonic's U.S. branding, marketing, sales, service and R&D operations. In Interbrand's 2014 annual "Best Global Green Brands" report, Panasonic ranked number five overall and the top electronics brand in the report. As part of continuing sustainability efforts, Panasonic Corporation of North America relocated its headquarters to a new facility, adjacent to Newark Penn Station in Newark, NJ. It is the first newly constructed office tower in Newark to earn both LEED Platinum and Gold certifications from the U.S. Green Building Council. Learn more about Panasonic at panasonic.com/pressroom.
About Video Insight, Inc.
Video Insight, Inc., headquartered in Houston, TX, is a leading developer of enterprise-class video management software (VMS). Founded in 2002 by two veteran technology entrepreneurs, Video Insight was established with the vision of providing powerful, user-friendly software that would run on "off-the-shelf" hardware based on IP technology. Video Insight has built a strong foundation by marketing to North American K-12 and higher education institutions. As a result, more than 5,000 schools and campuses rely on Video Insight to protect their students, teachers, and facilities. With market adoption, Video Insight has successfully assimilated its versatile, highly scalable product to government, retail, aviation and other commercial markets.
SOURCE Panasonic Corporation of North America
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