Alarm.com Acquires OpenEye to Expand Commercial Solutions
October 21 2019 - 5:13PM
Business Wire
Video Surveillance-as-a-Service Offering
Creates Growth Opportunities in Enterprise Market for Service
Providers
Alarm.com (Nasdaq: ALRM) today announced a majority-stake
acquisition of OpenEye, a leading provider of cloud-managed video
surveillance solutions for the commercial market. OpenEye is
optimized for enterprise-level commercial customers requiring
expansive video recording capabilities, in addition to remote
viewing, administration and diagnostic reporting. Combined with the
Alarm.com for Business offering, service providers partnered with
Alarm.com now have a best-in-class solution to accommodate
commercial accounts of any size.
OpenEye’s intelligent cloud architecture efficiently distributes
video and event data to maximize control for both onsite command
center operators and remote administrators. The unique hybrid
solution delivers the high-resolution long-term storage, low
bandwidth consumption, and centralized cloud management that
enterprise users demand. OpenEye is currently utilized at over
14,000 business locations in the U.S. and Canada.
“OpenEye has consistently demonstrated that they are the
unequivocal leader in the video-surveillance-as-a-service space and
we are excited to help the team continue growing their business,”
said Steve Trundle, president and CEO of Alarm.com. “OpenEye has a
robust customer and partner list and our top priority is to ensure
they all continue to experience great service. The addition of
OpenEye will enhance the offerings available to Alarm.com partners
in the commercial space. With the ongoing transition from
traditional on-premise products to VSaaS, we’re creating new value
for subscribers and additional RMR opportunities for our
partners.”
OpenEye was founded in 1999 as an innovator in the design and
development of cloud-centric software solutions for video
management, business intelligence and loss prevention. The
combination of OpenEye and Alarm.com expertise will provide a
comprehensive, industry-leading suite of interactive cloud-based
services spanning video, access control, intrusion and automation
for domestic and international commercial enterprises of all sizes.
In addition, OpenEye and Alarm.com have well-established
reputations for delivering world-class customer service to their
networks of service providers and integrators.
With the acquisition, OpenEye will be a subsidiary of Alarm.com.
The company will continue operations under the OpenEye brand and be
led by the existing management team. OpenEye Web Services will
remain an open cloud platform and the company remains committed to
expanding its ecosystem of technology partners and integrated
devices. Alarm.com intends to further invest in OpenEye’s growth
and expand its headquarters presence in Liberty Lake, Wash.
“We’re excited about this next step in our evolution as the
leader in cloud-based VSaaS,” said Rick Sheppard, CEO of OpenEye.
“Alarm.com is the platform of choice for thousands of service
providers that demand innovation and exceptional customer service.
Combining their wide array of partner tools and resources with our
capabilities will provide our partners with solutions that are
second-to-none.”
The market for cloud-based video services, also known as
Video-Surveillance-as-a-Service (VSaaS), is expanding rapidly as
legacy solutions shift to new cloud-based architectures. According
to IHS Markit, the Video Surveillance Market in the Americas region
was $4.4 billion in 2018. Market share for VSaaS is forecast to
increase from 9% of total spending in 2018 to 15% by 2022.
About Alarm.com
Alarm.com is the leading platform for the intelligently
connected property. Millions of consumers and businesses depend on
Alarm.com's technology to manage and control their property from
anywhere. Our platform integrates with a growing variety of
Internet of Things (IoT) devices through our apps and interfaces.
Our security, video, access control, intelligent automation, energy
management, and wellness solutions are available through our
network of thousands of professional service providers in North
America and around the globe. Alarm.com’s common stock is traded on
Nasdaq under the ticker symbol ALRM. For more information, please
visit www.alarm.com.
About OpenEye
OpenEye is a leading provider of cloud-managed solutions for
video security, business intelligence, and loss prevention. OpenEye
Web Services streamlines operations and reduces the burden on IT,
making it easier to manage and maintain video deployments and
integrations of all sizes. Our open cloud platform combines and
analyzes event data from video, alarm systems, access control,
sales transactions, central stations, and IoT devices. We transform
events into actionable insights that enhance security and increase
business profitability. OpenEye‘s professional recording hardware
and cloud-managed solutions are available globally through a
trusted network of certified dealers.
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version on businesswire.com: https://www.businesswire.com/news/home/20191021005846/en/
Christopher Basso Alarm.com Public Relations Phone: (571)
620-2025 press@alarm.com
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