Magal acquires an Israeli startup which develops smart video systems

Magal Security Systems has signed an agreement to acquire control (55%) in ECS BAZ Israel, which specializes in the development and manufacture of smart video and observation systems. Magal has the option of acquiring the balance of the ordinary shares from the shareholders of BAZ and the CEO of the company, Benny Zviran, and will continue to serve as CEO of BAZ. Completion of the acquisition depends on receipt of approval from the Antitrust Authority in Israel.
It is expected that BAZ's activities alongside future synergies will contribute positively to Magal's revenues and to earnings growth.
BAZ's product portfolio includes a wide range of medium and long-range observation and security systems ranging from 500 meters to 25 kilometers. BAZ has more than 20 years of experience in the field, and its systems, about 1,000 in number, are operational systems that have been operating for years in the field. The company's clients include the IDF, the police, the security services, and a large number of government and civil clients around the world.
"Our vision is to lead the Perimeter Security market by providing a comprehensive solution for all PID security solutions," said Magal CEO Saar Korsh. The acquisition of BAZ will enable us to offer smart thermal cameras with built-in video analysis capability and will strengthen and expand our portfolio of products including PIDS, advanced video management systems and video analytics systems. We welcome the talented and seasoned team of BAZ to the Magal Group and we look forward to realizing the synergistic potential among our companies. "
Benny Zviran, CEO of BAZ, said: "We are proud to join Magal's team and contribute our vision and video solutions to the company's leading Perimeter Security offerings. We look forward to providing a better response to this important market and to growing together over the next few years. "
About Magal:
Magal Security Systems is an international leader in providing solutions and products for integrated security - physical and video. Over the past 45 years, Magal has provided comprehensive solutions tailored to the needs of hundreds of satisfied customers in more than 80 countries.
Magal develops and provides comprehensive and integrative solutions for the protection of sensitive sites against physical threats, managed by the FORTIS4G system for hybrid management of physical security with PSIM, based on a unique range of peripheral security detectors, CCTV solutions for video management and analysis Smart (IVA).