TYSONS, Va., March 13, 2017 (GLOBE NEWSWIRE) -- Alarm.com (Nasdaq:ALRM), the leading platform for the connected home and business, today announced the acquisition of substantially all of ObjectVideo, Inc.’s business, including the company’s products, technology portfolio and personnel. ObjectVideo is a pioneer in the fields of video analytics and computer vision, with technology that extracts meaning and intelligence from video streams in real-time to enable object tracking, pattern recognition and activity identification. The business, now called ObjectVideo Labs, will accelerate Alarm.com’s research and development of video services and video analytics applications, and will continue to provide advanced research and engineering services for federal government customers.
Founded in 1998 by scientists and program managers from the Defense Advanced Research Projects Agency (DARPA), ObjectVideo was a privately held, venture-backed leader in the rapidly growing field of computer vision. With a history of supporting the complex mission requirements of the U.S. Defense and Intelligence communities, the team averages more than 15 years of experience and includes a mix of computer vision scientists and video software engineers that have expertise in machine learning, 3D modelling, and complex activity recognition.
“ObjectVideo Labs brings deep expertise in the field of video analytics, and we’re excited to welcome them to the Alarm.com team,” said Jeff Bedell, Alarm.com’s Chief Strategy and Innovation Officer. “As video applications grow rapidly in both the residential and commercial spaces, this acquisition will reinforce our ability to continue to lead in the development of proactive, next generation connected home and business solutions. Unlike standalone devices and point products, the Alarm.com platform can extract meaning from a broad ecosystem of connected devices to deliver enhanced security and a highly-valued user experience.”
“I am excited for the opportunities ahead for the ObjectVideo Labs research and engineering team,” said Raul Fernandez, President of ObjectVideo Inc. “Incorporating their pioneering work into the sophistication and scale of the Alarm.com platform will yield exciting opportunities for innovative new features and applications, and can drive Alarm.com into a leadership position in the emerging fields of video analytics and computer vision.”
Alarm.com is the leading platform for the intelligently connected property. Millions of people depend on Alarm.com's technology to monitor and control their property from anywhere. Centered on security and remote monitoring, our platform addresses a wide range of market needs and enables application-based control for a growing variety of Internet of Things (IoT) devices. Our security, video monitoring, intelligent automation and energy management 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.
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which may be identified by their use of terms and phrases such as "will," "intend," "enable," "plans," "develop," "designed to" and other similar terms and phrases, and may include but are not limited to, the statements regarding the Company's planned research and development efforts utilizing ObjectVideo’s video analytics and computer vision applications with the Company’s platform solution, the anticipated features, benefits and functions of such applications to be developed, anticipated market demand or opportunities for these products and applications, the Company’s competitive position as a result of these applications and other forward-looking statements. These statements reflect the Company's current views with respect to future events, and are subject to certain risks, uncertainties, and assumptions. A number of factors could cause actual results to differ materially from those contained in the forward-looking statements, including the Company's ability to manage and execute on the Company's business strategies; the effects of increased competition and evolving technologies; the Company's ability to effectively enhance, innovate and scale the Company's solution; consumer demand for interactive security and home automation services; the reliability of the Company's hardware and technology suppliers; future financial prospects, and other factors discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 29, 2016, the "Risk Factors" section of the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2016 filed with the Securities and Exchange Commission on November 14, 2016 and other subsequent filings the Company makes with the Securities and Exchange Commission from time to time. Actual results and the timing of certain events may differ materially from the results or timing predicted or implied by such forward-looking statements. The Company anticipates that subsequent events and developments may cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so except as required by law. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date hereof.
Media Contact Matthew Zartman Alarm.com firstname.lastname@example.org 571.356.9158
Source:Alarm.com Holdings, Inc.