11 November 2019 – acquisition

The company has announced the acquisition of 100% of the issued share capital of Agorasys SA for a consideration of up to €3.0m.  This includes €2.3m payable in cash at completion to clear Agora’s existing debts.  Agora is based in Portugal and was founded by Pedro Soares, Chief Executive Officer, and Bernardo Motta, International Business Development Manager, as a spin-out from Instituto Superior Tecnico, part of the University of Lisbon.  It provides a unified “command and control” software platform that integrates different security systems from multiple vendors, including IndigoVision’s Control Center video management software.  Agora generated revenues of €1.3m for the year ended 31 December 2018 and an operating profit of €0.1m.  It had net assets of €0.1m as at 31 December 2018.  Agora will continue to be run by the existing management team and it is expected that Agora will only become a material contributor to IndigoVision’s financial performance once a transitional period and investment phase have been completed.  We keep our BUY rating.