IndigoVision buys Portuguese software firm Agora
By Josh White
Date: Monday 11 Nov 2019
(Sharecast News) - IndigoVision announced the acquisition of Agorasys for a consideration of up to €3.0m (£2.57m) on Monday, of which €2.3m would be payable in cash at completion to clear Agora's existing financial indebtedness.
The AIM-traded firm said Agora, based in Lisbon, was founded by its chief executive officer Pedro Soares and its international business development manager Bernardo Motta as a spin-out from Instituto Superior Tecnico, part of the University of Lisbon.
It said it provides a unified "command and control" software platform that integrated different security systems from multiple vendors, including IndigoVision's Control Center video management software.
Agora's software lets business processes, procedures and auditing tools to allow users to audit and analyse an entire operation from any location with an internet connection.
The company's software also allowed 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.
Agora revenues were €1.3m for the year ended 31 December, and the operating profit for the year was €0.1m.
The company had net assets of €0.1m at the end of 2018.
"Agora will continue to be run by the existing management team and Mr Soares and Mr Motta have entered into new contracts of employment with Agora in line with normal commercial terms in Portugal," the IndigoVision board said in its statement.
"Over the next year, the group intends to invest an additional €0.5m in further developing the Agora software for the benefit of IndigoVision's enterprise customers.
"It is expected that Agora will only become a material contributor to the group's financial performance following completion of this transitional period and investment phase."
At 1431 GMT, shares in IndigoVision were down 2.66% at 183p.
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