Canon, world leader in imaging solutions, has signed an agreement to acquire Denmark-based Milestone Systems, a world leading provider of open platform video management software, via its subsidiary Canon Europa.

The new combination will create a formidable player in the fast growing network video surveillance market by combining the strengths of Canon’s innovative imaging technology with Milestone’s best in class video management software expertise.

Canon has a clear ambition to drive future growth through diversification and has identified network video surveillance as a strategic new business area.  Bringing Milestone into the Canon Group will significantly enhance Canon’s software capabilities in this sector.

Rokus van Iperen, president & CEO, Canon Europe, Middle East and Africa, explained:  “Canon is aiming to take a leadership position in network video surveillance and we are making an important strategic investment today to realise our objective to expand in this market.  Together with Milestone, we can accelerate our growth by delivering new advanced products and solutions for new sectors, through new channels, to offer greater customer value.  We are very excited about working with such a talented and innovative company and we welcome Milestone into the Canon Group.”

Lars Thinggaard, president & CEO, Milestone Systems, said: “Milestone is extremely excited about the huge potential that being part of a global group will provide. Canon respects how we built our business with our partners and supports our strategy of providing open platform solutions and therefore the need to remain a standalone company within the Canon Group. We feel this step is right for taking both our business and support for suppliers and partners to a new level.”

Milestone is the world leader in video management software, with strong consultancy and training services and a major focus on innovation. This creates strong synergies with Canon’s customer focus and R&D culture.  As part of the Canon Group, Milestone will be able to accelerate its business and development of new products. In addition, Milestone will be able to use Canon’s business and consumer channels to expand its global market presence.

Milestone’s successful Open Platform business model is essential to its future success and Milestone will continue to provide open platform solutions to the market, while operating as a standalone company within the Canon Group.

Following the completion of the acquisition, Milestone’s management will remain in place, a statement said. – TradeArabia News Service