Acquisitions - Winners and Losers

**** ***** ************* **** been ******** **** *** last ******. *** ***** have **** **** ***** or ***? ** **** report, ** ******* *** results.

**** ** * **** of************** *** **** * years, ** ******* ************* order:

• *****.*** ******** *******
• ******** ******** **********, **** to ******** *** ********
• ***** **** ***, *** Independent
• ********* ***** *** / Spins *** ******** ********
• **** ******** ***
• ******* ***** *** **** Honeywell, ****
• ********** ***** ** ***** Giant ******
• ******** ******** ** ****** (Now *****)
• ******* ******** *****
• **** ******** **** *******
• *** ******** *** ****
• ******* ******** ******** *******
• ******* ******** ** ******
• ********** ******** ** $* Billion *********
• ******** ******** ******
• ***** ******** ********
• ****** ******** *************
• ******* ******** '**** ********' Inner *****
• ****** *******+ ****** *********** - ****
• *** / *** '******' Acquisition
• *** ******** ** *******
• ***** ******** ***** *** FLIR *** ************ **** FLIR
• ********** ******** ** **** Management
• ******** ******** ** ******** Solutions

********, ****** **** ******, we **** ***** ******* deals **** *** ****** including:

• ***** ******** ****
• ***** ******** *********
• **** ******** *****
• **** *** *** **** Merger
• ******* ************ **** *** To ******
• ******** ******** *******

[***************]

Canon ***** ********

** *** *** ***** more *** **** * bolder *** **** *** past ****** **** *****, paying ******** *** ****, Briefcam, *** ********* ($* to $* ******* *****).

Axis / *****

***** ****, ** ****. Positive ** **** **** has ********* ** ******** develop *** ******** *** remains *** ******* *** most ********** ***-***** ************. Negative ** **** ***** paid * ***** ******* (50% **** **** **** stock *****, ** **** revenue) ***** ** (** 2015) ********* *** ******* severe ******** *** **** and ***** ***-***** ************.

***, **** ******** ******* from ****** ** / China ******** ** *** biggest, ******, ********* ****** for ******* *********, ** ultimately **** *** ** a **** *** *** Canon.

Milestone / *****

*** ****, ** ****.********* *** ********. ******* ***** ** no ****** **** ***** will **** ****** *******, there ** * *********** risk *** ************ *** software *****. ** ***** / ********* *** **** Arcules ******, **** ***** become * **** **** ultimately. *** ******* ** struggling *** *********, ******* its *** ***** ********, is ********* ***** ** be **** ** *** 2020s.

Briefcam / *****

**** ****, ** ****. Unlike **** *** ********* whose **** ****** ***** had ******* **** **** over, ******** **** ****** continues. ***** *** ******** sources ***** ***** **** a *********** ******* *** Briefcam (** *** ***** of ~$*** *******, * to *** *******), ********'* continued **** ****** **** (50%+ ******) ******* ****.

********, ** / ********* is **** ****** *** going **** **** **** 18 ****** *** **** Canon ****** ********. *** Briefcam's ************* **** *&* and ***** **** **** stands *** ** * field ** ****** ** small ******** ****** ** make ** ***** **** the ********.

Canon ****/*********/******** ******?

** *** *** **** 5 ***** *** ***** Canon ******** **** *** Milestone. **** ********* ***** run ** ************* ** they *** **** **** (i.e., **** **** ***** partners *** *********** **** and *** *** **** today).

**** ******* ***** *******? We ** *** ****. Canon *** *** ********** talk ***** ***** ****-**** outlook, ***-**** *****, ***. Is ***** ****** **** a ***-**** ****? ** do *** ****.

*** ******* **** ***** be ** ****** *** 3 *** ***** *** still ** ******** ***** of **** *********.

Schneider / ***** - ***** ******** **** ** *** ****

*********'* *********** ** ***** in **** *** $*.* billion ** ********* *** worst ******** ******** ******** deal ** *** ****. This ** *** **** and *******, *.*.,***** - * ****** of *******.

******* ** ****,********* ******* **** *** Pelco ***~**% **** **** **** they ****** **** ***, sources *** ***** $** million.

Pelco / *******

**** ****, ** ****. Judging **** ***** ** what ***** **** ***, means **** ** * terrible ****. *** *******, Pelco's ******** ** *** expecting *** *** **** need ** *** *** 2007 *****.

***** ** ******* ** a ***** ******* *** run-down **********. **** *** it *** ******* ** the ******. **** *** not ***** ** ****** to ******** ***** *** ******* *************** ********* **** make ***** ****** **** what ********* **** **** for.

********, ******* ******** **** China ******** ********, ** lots ** ** ****** will ** **** ** giving *****, *** **-***** again, * ****** ******. How **** ***** *** execute ** **** ** a ******* *** ** is * ***** ***********.

Tyco / *** ******

***** ****, ** ****, just ******* ** *** security *******. **** ** based ********* ** ******* sources ****** **** *** business ** ****** *** less ***** ***** **** focused *** **** *** than ** *** **** Tyco.

FLIR / *****

*** ****. **** **** a ******* *** *****, but *** *** *** the *********, *** ***' development *** ********* *** they **** ********* ** integrate ***** **** *** historical **** ********. * few ***** *** ** reported ** *******'* ******** ********' ********, **** *********, ******** worse, *****.

FLIR ****** *****

*** ****. ******* ** helping **** *** ** end-to-end ********, ** ********* them ** *** **** busy ** *********** ***** China ********* *** ********* the ******* **** *****, see, *.*.***** ********** *** **** Brand ** *** *** Catalog.

FLIR ******* *** ***** ** *****

**** ****, *** ****** considering. ***** ** ******* has ****** *** *** for **** ** *** Lorex, *** **** **** they **** **** ** convince ***** ** *** their *** ******* *** good *** ****. ******, the ****** *** *****. FLIR **** **** ** Dahua ** ***** ****, months ****** *** ** government *** *** ******. If **** *** ****** just * ****** *****, instead ** ***** ****** them ****** $** ******* they ***** **** **** lucky ** **** **** business ****.

** *** ***** ****, it *** *** **** a *** **** *** Dahua. ***** *** *** FLIR *** / ***** sales ***** ***** **** far **** ********* **** what ***** ***** ** build ** *** *** in *** **.

**** ** *** **** a ****, ***** ***** circumstances ** '*** ***' but ** *** ******** for ****.

Samsung / ******

**** ****, ** ****. While *** ******* / Hanwha **** *** *** bigger **** **** ***** surveillance, ****** ******* ***** surveillance *** **** ***** well. ****** *** ******* allowed ********* ** ** invested ** ***** ***** surveillance ******** *** **** have ************ ***** ********* of *** ***** / US ********* ** ****** one ** *** *** competitors *****.

Avigilon / *******

***** ****. *** **** $32 *******, ******** *** technology **** ** *** at *** **** ****** of ***** *********** *********** (video ********* / **), and * ***,****** ***********, *** *** **** became ********'* ***, *** now ********'* ***.

Motorola / Avigilon

***** ****, ** ****. Motorola **** * ********** premium *** ********, ******** continues ** **** *** AI / ********* ** even **** ********* **** when ******** ******** ****.

***** *** ******** ***** how ******** **** *********/****** Avigilon (*.*.,********'* *********'* ****** *********) *** ******** *** its *** ********** ** selling ** ****** ********** and ********** ******.

Amazon / ****

**** *** *** ****. The **** **** ** that ****** ** * money-making *******, ** ******** the **** ****** ******** segment **** ****** **** enhance ****'* ******, *******, profits, ***.

*** *** **** ** that ** ** ******** an ******* ****** ** scrutiny *** ********* **** for **** *** ******. Literally ***** ****, *** International ***** ********** ****** / ****, ***** ** not **** *** ******'* brand. **** ***** ********** be **** ****** **** its *****.

Convergint / ****

*******, ** ****. ********** significantly ****** **** ***** acquisitions ** ****, ***** is ********** *** ******** alarming ***** **** ****** firm **** ******** ****.

** ****** ********* ***** combining****** ******* *****-******* ****** ********* targets. ****, ******* ******* say ********** *** **** paying *********** ******** *** their ************ ***** ***** it **** **** ** get ********* *********** *******.

****, *** *** *** Allied ******** *** ********** similar ********** ****-***.

ADT / *** **** / ******* ***********

******** * **** ****, to ****. *** *********** market ** **** ** structural ******* **** *** rise ** *** ******** margins *** ****** ******** acquisition ****** ** ***'* scale. ***** ********** *********** is *** * ***, high-growth ********, ** ** structurally **** ***** **** residential *** ** * natural ********* (** ******, as *** **** *** be).

** ****** ********* ***** rolling ** ***********, ******* ADT, **********, ******, ***.. Even ******* * ****** fun *******, *********** ****** poorly, ** ** ** heavily ****** ********* *** suffers **** ************ ** scale **** ****** ** enforce ******* ******** *** diverse ********, *******, *** cultures.

Resideo / ********* **** / ***

*** ****, *********, ** date. ***:******* ****, **** *******,******* ***** ******* **%, CFO ******,******* *** ** **** Down.

** *** ******** ****, things *** ** ***, so **** *** *******, it ** ****** ******** that **** *******.

Qognify / *****

******** ** ** **** for *****. ***** ********* for * **** **** and ** ** *** clear **** ******* **** but ******** **** **** little *** ** (***** is **** ** **** and ****** ***** *****), it ** ****** ***** to ** **** *** Qognify.

** ******, **** ** not * **** ******* for *****, *** **** had ********* ** ***** a *** ***.

Bosch / **** '***********'

*** **** *** *****. Bosch *** **** ********** by ******* **** **** over *** **** *** years ***** **** *** continued ** ******** *** efforts ** ******* ***** surveillance ********.

**** ** * **** deal **** ****'* ***********, if ** *** ***** them **** **** ** not **** ******** ********.

Panasonic ****-***

**** ****, ** ****. Panasonic *** ********* **** the **** ******, ** the ****-*** / ****-*** gives **** ** *********** to **-*****. **** **** do ** *** ***** to **** ***** ** is **** **** **** out *** * ****** now.

Others ** *******?

** ****** ~** ** the **** ******* ***** to *****. *** ***** others ** *** ******** and ** **** ******* feedback.