Cemtrex Inc. (CETX,CETXP), a security technology and industrial services company, Wednesday announced that it intends to acquire Vicon Industries, Inc., a New York based provider of mission critical security and video surveillance systems.
This plan, which is expected to close by year-end, will solidify Cemtrex's position as Vicon's sole owner, increasing its current stake from approximately 93% to 100%.
Since 1967, Vicon has been a manufacturer of mission-critical security surveillance systems. Vicon is focused on providing solutions that are engineered not just for performance and features, but for simplicity in deployment, operation and maintenance.
According to Markets & Markets, the video surveillance market was valued at USD 30.37 Billion in 2016 and is projected to generate USD $54.42 billion in 2024, with expectations to reach $88.71 billion by 2030.
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