Canon U.S.A. is set to acquire Denmark-based Milestone Systems, a provider of video management software, in a bid to enter the network video surveillance market.
Canon is aiming to take a leadership position in network video surveillance challenging the dominance of Axis Communications, the network video surveillance market leader with more than $700 million annual revenue.
The company did not share financial details.
Canon, which has identified network video surveillance as a strategic new business area, will utilize the acquisition of Bringing Milestone to enhance its software capabilities in this sector.
Rokus van Iperen, president & CEO, Canon Europe, Middle East and Africa, said: “We can accelerate our growth by delivering new advanced products and solutions for new sectors, through new channels, to offer greater customer value.”
Milestone says it is the world leader in video management software, with consultancy and training services and a major focus on innovation.
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.