Edinburgh-based video security company IndigoVision said on Tuesday it agreed to be acquired by Motorola Solutions, Inc. for £30.4 million in cash.

Motorola Solutions will pay 405p per share, a premium of 129% to the last closing price of 177p of IndigoVision’s shares.

According to its website, IndigoVision’s biggest shareholder with 28.13% of its shares is Swiss investment fund New Pistoia Income Limited.

IndigoVision has staff in 24 countries with its headquarters in Edinburgh and regional offices in New Jersey, Toronto, Dubai and Sao Paulo.

IndigoVisio CEO Pedro Vasco Simoes said: “The access we will now have to Motorola Solutions’ range of innovative technologies will create new opportunities for IndigoVision and enable us to bring an exciting proposition to the market that allows us to further deliver on our goal of delivering safety, security and business intelligence.” 

John Kedzierski, senior vice president, video security solutions, Motorola Solutions said: “We share IndigoVision’s commitment to providing next-generation, end-to-end video security solutions that enhance safety, security and efficiency.

“IndigoVision’s end-to-end offering, global presence and customer base will complement our existing and growing presence in video security and analytics.” 

On March 5, IndigoVision said its revenue rose 9.2% to $50.2 million in 2019 as it reported pretax profit of $1.3 million compared to a loss of $639,000 in 2018.