Canon Buy Axis, Owns Axis and Milestone

Author: John Honovich, Published on Feb 10, 2015

This is the biggest deal in video surveillance ever.

Just 8 months after buying Milestone, Canon is set to buy Axis.

Canon has offered $2.8 billion USD for Axis, a ~50% premium over Axis stock price. Axis' 3 main shareholders, holding 39.5% of the shares, and Axis' board are unanimously supporting the deal so it appears that this will close shortly.

For background information, here is Axis' official statement, Canon official release and a Swedish business news article.

Axis Struggling

Axis has hit a wall over the past few years, with decelerating growth and no clear plan to deal with (1) the rise of low-cost Chinese vendors and (2) the strengthening of 'end-to-end' offerings like Avigilon. Axis, historically a camera manufacturer, clumsily attempted to strengthen its own VMS while continuing to release a variety of high-end but niche cameras.

**** ** *** ******* **** ** ***** ************ ****.

**** * ****** *********** *********, ***** ** *** ** *** ****.

***** *** ******* $*.* ******* *** *** ****, * ~**% premium **** **** ***** *****. ****' * **** ************, ******* 39.5% ** *** ******, *** ****' ***** *** *********** ********** the **** ** ** ******* **** **** **** ***** *******.

*** ********** ***********, **** ******' ******** *********,***** ******** ********** ******** ******** **** *******.

Axis **********

**** *** *** * **** **** *** **** *** *****,**** ************ ********* ** ***** **** ** **** **** (*)*** **** ** ***-**** ******* ********** (*) *** ************* ** '***-**-***' ********* **** ********. ****, historically * ****** ************,******** *********** ********** *** *** *** ***** ********** ** ******* * variety ** ****-*** *** ***** *******.

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

Rich *********

******* **** *********, ***** ** ****** * ******* *** ****.

***** ** ******** **** ** ******* *** *** *******, ***** is * *** *** * ******* *** ** ************ **** ******-***** ****** *****.

******, ****** **** ********* ** ***** ****** ***** (**********) ** in *** **% - **% *****, ** **** **** **** to *******. *** ***, **** *** ********** ** **** ***** and ****** ********** *********** **** *****, ** ***** ** *** short ****, **** **** ** ******* ********.

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

***** *** ***** **** * *********** ****** ** ** *******, on *** *******. ****** **** **** *** ** ** ****** line *** *****, ** *** ****** **** ************* *******, **** a ****** ***** *** ** ***** ***************. *** ********* **** ** ***** ** *******.

******** ** ***, ***** **** ********* ***** ****** ********, **** makes ***** * ******* ****** ** *** ************ ******** ***.

Canon, ********* *** ****

*******, *** ******* ********* ****** ** ***** ****** **** *********, one ** *** ******* *** *********, *** ****, *** ** the ******* ** ****** **********.

** ****, **** ***** ******** *********, *** ******* ******* *** whether ***** *** ***** ** ******* *** ** ******* **** Milestone's *** ********. ************, ********* ******* ** ** ****** ************ agnostic. ******, ********* **** ******* ******* ***** ** ****** ******** that ***** ***** **** ** ********* ** **** *** **** there ***** ** * ******* **** ******* *** ***.

***, ** ******* **** *** ********* **** ** ********, **** strongly **** ****. ** *** **** ***** *** ***** *****, Axis *** *********, **** ~** ***** *****, ****** ******** *********, helped **** ***** ******* **** *** *********** ****** **** **** are *****.

The ***** **** / ********* ********

** ***** ****** ***** **** ***** ***-**-*** ********* ** **** and *********, **** *****-******* *** ********* *** ****** *** *******. If ***** **** *** ** ****, ***** ******, **** *** fools.

**** ******* **** **** ****** * ******** *** *** *** to ********** *** ***** ***, *******, ********* ** * **** upgrade **** **** **** ********** *******.

********, ** ***** ***********'* *********** ** * *** **** ****, ******* * '********' ** ******** ** ********* **** ***-**** Chinese *******. ******* ************* *** ******* ** *** *** / software ****, ** ********* * ****-*** *** ** * *** tactic ** *************** ******* ******* **** *** *** ***** ****.

Consolidation *** ******** ********

*** *****, ******* **** ********** ************* *** ***** ** ******. This ****, **** *** *****. *** ******** ************ ******** ***** **** *** **** ** ******.

*** *** ** *** ** ****** ****** *** ** * big ****** *** ****. *** **** ****** ** ************* **** SD ****** ** ** ** *** ** *** **** *** and *** *** ***** ******** **, **** *** ***** *** *****, ** *** *** ****** all ***** ******.

****** ****, ** ************ *** **** **** ** ******** * major *** ****** ****, **** *** ********, *** ** ****** a ******* *** ** *********, ************ ********** ***** ****** $*** ******* ** ******* (*.*.,*****).

Can ***** *******?

***** *** * *** *** ***** ** **, ********* **** and ******** *** **** ** ** **** **** **** *** Milestone. **** ********* **** ********** *** ******* ** *** **** platform *** ******* **** ********. *** ********** ** ********** ** a ******** ************ ** ***** ** ** ***********.

Who **** / *** *****?

** **** *****, **** (***** ********* ** *****) *** ****. Approving *** **** ***** *** ******* ****** ********** ** *** own ******. **** **** ******* ******, **** *** *** **** the ********* *** *** ****.

********* ** *** ***** ****, **** *** *******, *** ********* and ******** **** ****, ** **** **** ** **** **** the *** ** ***** ** *********** ******** ******.

***************, ****' *** ****** **** ********* *** ********, ***** ** gain **** *** ********** ********, ********* *** ******* **** ***** acquisitions ******.

****** ****, ** **** ****** ** **** ***** ****, *** we ***** ******* **** **** *** *********'* **** ********** *** mostly ****** ****, **** ** ***** *** ******** **** ******* from *** ***.

*** ***********, *** *** **** ***** *********** ************ ************. *** *** to ***** **** *** *** #* ****** *** ************* ****, which ***** **** **** **** *******, ** ***** *****. [******: Genetec*** ******** * ********* ** *** ****.]

What ** *** *****?

Comments (97)

*** ****** ******* ** *** ****** ****** ******** *** ****** that ***** **** ********* *** *** **** ********* **** **** acquire. *** ****** ** ********* **** ***** *********** ** *** to ** ****, *** ***** ***** **** **** *********** *** market *********** *** ******* ****** ****** ** ********* ******* *** happened *** (** ***** ******* **** ***********'* ***** ** **** in ******)

*** **** ************ *** ******* ****** ** ********* ********. *** company's ****** *** ********** ********* ** *********, *** ******** **** are *** ********* **, *** ****** ***** *********** **** ***** manufacturers **** ** ******** **** ********* ** *** ****** ****. Once * ************* ****** *** *********, *** **** ** *** of *** **** ****** ********* (*** ** ****** *** ***** more *** **** * ******* ********* *******). **** **** ***** I ***** *** ******* ** **** ***** *** *** ************, they **** ****** *** *** ****** ****** ** *** **** future...

*** ***** *** **** ** ******. ***** *** *********** ********* into *** ****** ** *****!

* ******* ***** ** * ******* ** ******* *** ***** bought ****. **** ** *********** ** *** *** *** ***** to ****.

**** ** *** *******?

* ***** ******* ***** ** ********* *** **** ******.

** *********.

***** ** ********* * *** ******* * ** *** **** ** **** **** *** **** to *** **** **** ***** ** ************ ***** *** ********** they **** *** ** *** ***** ***********.

***** *** * ******* ** *** ********** **** ******** ********** but ****** ********* **** * ***** **** ******** ***** ***, not ** ***** ** **********, *.*. ******

**** ***** **** *****, **** **** * **** *** *** their ******* ******* *********** **** **** **** ** ** *** last ****.

**** ****, * ** **** ***** **** ** *********** *** Genetec ** ** ******* *** ** ******* *** *** **** they **** **.

***** **** *** ** ********* ** *******, ** ** ****** them ****** ** ******* *** ** ** ****!

**** **** **** ***** ****** ************* ******** **** ****... (***). hmmmm.

* **** ***** **** ******* **** ********* **** **** ***** to ** ************ **** ******* *** *********** - (*** *** know **** *** ****** **** ******? * ***** **** *** losing * *** ** ***** ** **** ******) *** ** selling ********* ***** ** ***** ******** ** ****** **** ****.

* **** **** *** **** **** **** **** ** **** any ***** ************.

* ***** **** ******* *** ******** **** *** ***** *** about **** **** **** **** * **** ***** ***. ***** like *** ****** ** ***** ***.

*** **** ************ ** *** ******** ******** *** ***** **** drive **** *********, ********** *** ** ****** ** ***-**-*** ********* is ****** *** *** *** ********. ***** ** * *** of ******* ****** *** ****** ******* ************* **** ***** **** time *** **** *****... *** ******* ****** *** ***-*****!

* ***** *** *** ******** *** ****** *********** ****** ** independents.

** ****** ** ** * **** ****, **** ** **** with ******, ***** *** ****** *** ***** *** **** ******** of ******.

*** ***** ** ******, *** ***** ****** **** *** ********* totaly ************, ******* ** ** ********** ***** *** ***** ***** with *** ***** ******, ** *** **** **** * ******* Axis *** ***** *** ** *** ********* *** ***** *******.

******, *************, *** ********* *** **** **** ***** *****-******* / bundling *** ***, ** **'* **** ** ********** *** **** would **** **** ***********.

**** ***'*. **** *** *** *** **** ** **** **** separate.

**, ******* ** ** ********** ***** **** ** * ******* with **** *** ***** ***. *** *** ** ***** ****, they **** *** **** ********* ** *** **** *********** *** try ** *** ***** ********** **** ***** ***** ********.

**´* *** *********** ** **** ** **** ***.

***** ** ** ***** ** ****, ** * ****** **********.

******, * ***'* *** **** ** ***** * *** ****, i.e., ******* **** ***** **** ***** ***********. *** ****** ********** risk ** **** **** ****** ********* *** ***** ** ****** to **** **** ***** *****.

************* **** **** ********* **** **** ***-******** *************. ******* ** the *** **** *** ******* **** ****, ** **** ************ need ** ***** **** ***** **** ***** **** **** **** go ** *********.

**** *********** ****. *** **** ***** ******* **** *****'* ********* now ** * **** ********* ****. **** **** ***** *** good *********, ** **** ******* ** ******* ****. **** **** fixed ****. **** *** **** * **** ***** ****** *** the ******, *** ******* ** ******* **** **** ****** **.

** ******* * ****** ** *********** *********. **** **** ******** be ************ ** *** ******* ***? **** **** ***** *** cost ***/** *******? **** **** ***** ** ***** *** ************ of *** *******; *** ******* **** ****** *** *** **** end-users ***** *** ** ********. *********** ***** *** **** *********** mark-ups.

**** (*****) **** ******, ***** **** ****** ********* *** ********, a ***** *****-**** ******. ********* *** ******** ********** ** ********* appliance ***** **** ***** "******" ********. **** ***-**-***.

* **** ******** ** **** ***** *** ** ***** ****** that *** ****** ** **** *** **********. **** ******* ** be ******* ****** ******. *********** *** **** ****** **** ********* on **** ** ******* ****.

** ******* *****'* ** *********, *** ****, **** *** *** risk ** ******** **********.

"...****** ** *** **********. ** ******* ** ** ****** ******." In ***** ** **** *****: * ************ *** ************** ********. What *** ***** ** ** ********** * ***** ** ********* for *** ********. ******* *** ************ ****** **** ******** **** the ********** *********** ********* **** ******** ********* *** ******** ****** that ******** **** ***-*****; ***** *** *** **** **** **** successfully. * **** ** **** ***** **** ********** *** ****** by ***** ************* ***** ***** ***** ******* *** ***** ** these ************ ***** **** ** **** *&*, **** ** ****** and **** *********** *** ***-***** ********** ********** *** ********. ******** it *** ** **** *********** *** ******* ** **** **** third ***** ************* *** ** *** *** ************* **** **** hardly ****** **********...

* ******* **** *******, *** *** *** ********* ******** ** it. * ********** *** *** **** *** **** ******* ** a ************. * **** ******** **** *** *********** ** *** integrator/installer. ** ** ****, *********** ** ******* *** *** ********, and ** **** ***** **********. **** *** **** ******* **** this ******** *** **** **** *** *********. ******* *********. ** video, ******* *** **** ******* ** ***** **** **** *** if *** ********* *** ** * **** *** **** **** and ****. *** *** **** *** ** **** ****** *** integrators *** ****** ** *** ********. ***** ************ ** *** partner ****? **** **** ***, ***** *** * *** ** great ******** **** **** **** ******, ***** ******* **** * great *** ** * **** ***** *****. ***** *** *** many ******* **** *** ****** *** ***********/*** ***** *******. * choose ** ******* **** * *** ******** **** ****, *** next **** **** ***** * **** **** ****** **** *** help ** ********* *** * ***'* **** **** ********* ** it ******* ** ** *** ** *** *** ******* ** cameras. ** **** **** *** **** ***** *** ****. **** will *** ***** ** ***** ** ** **** ******.

* ***'* **** *** ******** ***** ** ** ** ***** ago * ****** **** ** **** **** ********* *** **** took * **** ******. *** **** ***** *** ******, ** was ***** ** *****, *********, ***. **** **** **** ******** up ****** (*********) **** *** *****. ** *** ***** ** me **** *** ***** *, ** ** ********** *** ** make **** ********* ** **** ** ******* ****. ******* ** repeating ****** ***** *** *****.

* ***** ***** *****'* **** ** *********, ****** * ** not **** *** **** *** *** **** ** **'* *** like **** ****** *** *** ***********, **** **** ** ****** understand *** **** *** ***** ** **** ***** *** ********* to ******.

** ** *** ** ****** *** **** ******* **** “******” we **** ******* **** **** **** **** ** **** *** the *** ******* *** ** ** ** *** ****. ***** able ** *** **** * **** ******** * **** ** without ****** ** *** ** ********** **** ** ** *** a ******* ********* * **** ***** *** ** * **** plus. ** **** **** *** ** ***** **** * *** see ** ****** ****** ** ***** ****** *****.

**** **** *** ****** ** ******* ******** **** ***** (**** we **** ***** **** ****).

**** ** *** *** ****. **** ** *** ********** ** how *** *** ***** ****. *** *****, *** *** ******** to **** ********. **** ****** ** ***, *** **. * do **** ******** ** *******. **** *** ** * ****** degree, ** *********.

*** ******** *** ****** ****** **** ** ** * ***** job *** *** ******** *** **** ******. ** *** *** buying **** "******" *** **** **** **** **? *** **** that ***** **?

**** ** ** ***, *********** ** ******* * ********* *******. I ** **** *** ********** ***, *** *** ********* **** the ********* ** ******* *** ******** ***** *** *******. ** is ** ********'* ******* ** ***** ** * *******, ****** marketplace. ** *** **** **** ***** **** **** ***** *** integrator ** * ******** * ** *** ****, ************.

* ***** ***% ****. * *** ******* **** **** **** purchase ***** ** ** ********** ** ** *** **** *** as * ********* ***** *********** ** *******.

** **** ****** ************* **** *** *********** ** *** *** BA/FA *** ****** ****, *** **** ***** ** ****** ** our *** ** ** ****.

*** **** *** *******?

*** ***** ***** ******* ******* **** **** ******* ***** *** users *** *********** ** ****** ******....

****** ***** - **** ********* * *** ***** ** ****** Infringement ********?

******* ***?

* **** ****** ******* (*****) *** ***** ***. *** ** I **** * ******. **** **** **** **** *** *******. Your *** **** *** **** *********** ******!!

*** ********. * ** **** *** ***** ***** *****. * think **** *** ******* *** *** *** ******** *** *** for *** *****.

****, ** **** ******** **** ***** *** ****'* *** **** important ** ** **** * ****** ********.

***** ** *** ********?

*** ***** **** **** *****, *** * ******* ***, ** only ******* ***** ** ********* ** *** *** *******, ********* that ******** *********** ** ** *** *** ***.

** ***** **** * ************ ***********, * ******* ** ***** be * **** ********* **** (*********** ******** ** ******* *** a ******* ****** **** *********). ******* ***** ** ** *********** fit. **** ***** **** **** ***** *** *****. ***** ****'** make * **********?

***** ** * **** ***. **** ***** ** ****** ** me ** ***** ***** ** ** ****.

*****, ** *** *** ****** ** ***** ****** ****? * thought *** **** **** *******? :)

** ** *** ****, **** ***** ** ****. ** **** are ***** **** *********. **** ** ****** ******* ** ***** customer ********, ***** *** ******** ***** *** ** ****. ******* I *** ********* **** *** ***** ** *** *******, ***** would **** **** *** *** **. * ***** ************* ** unavoidable, *** ** ** ** ***** ** ****** * **** it ** ** **** **** ** ***** ******** **** ** typically ****. * *** **** ****** *** ** ***** *** to **** ** ** * ***** **** ***** **** *** most ***** ******** ** *** ******. *** **** **** ****** that * *** **** ***** ** ********'* *********’ ********. **** a ****/******* ****** ***** ** ***** ** ** ******* ****** Canon *** ********. ***** ** * **** *******, ** **** run **** ***** **** ***** ** *** ***** ****** *** the *********** ******.

**** * *** ** ** ** ***?

**** *****. *** **** / ********* *****, **** *** **** well ** * **** ***!

******** ******: ***, ** ******, ***** ********** *** *** **** for **** **** *****? ** ***** *****, *** **** *** more **** $* ******* *** ****?

***** ***** *** **** *****, ** **** *** / ****** to **** *** *******.

*** ******** / ************ *********, **** ** ** ******* / almost ********** ***.

*** ***** ******** ********** *********, **** **** *** *********, **** already **** ****-*********** ************ ****** *********, ** ** ***** ** hard *** **** ** ******* ****** **** * *** (** contrast ** *****, *** ** *** ****** ** ************ *******).

***** ** *** *** ******* *** ** ***** ***** *************, is ** *** ******, *** ***** ****** **. **** **** struggled ** ***** ************ *** ***** *** ***** ****** ******** is ****** ****. ** **** **** ******* ** ********** ****, Cisco ***** *****.

****** ************ *******, ******! *** ***** ******** *** * ***** late. *** ***** ******* ******* **** **** *** ********** **** year.

**** **** ***** ** *** **** *** ** *** * VMS, *** ***'* ****? * ***** ** **** ****, *** A *** ****'* *********** ** ******* *** ** **** ******* choice. ****'* ***'* *** **** **** ******* ******** *** ***** well ********.

******* ***** ****, *** *** ******** ***** **** ******* *** as ****'** **** ****** ***** ** **.

******** ** **** ************, * ***** **** **** ***** ***!

** ** ******* ***** **** * ********* **** ***** ****** they **** * **** ** ******* **** *** ********. ** my ************ **** **** *.** ******* *** *** ******* ** a ******* ***** ****** ** ******* *** *********** ********* *** rapidly **********.

******* ***** *** **** **** *** **** *************. ***** *** rapid ******** ***** ** ** ****** ******, * *** **** as * ********* **** ** ******* *** ******** *** *** that *** **** *** ********. ***** ***** **** ***** ***** high *** ******* ********** ** ******** ***** *******. **** **** pay **** *******, *** * ******* *** ****** ** ******** a *********** ********** ***** ***** (** ***** *** * *****) the *********** ** **** ****** ** ***** ******* *** ******** maker.

**** ***'** ******** ** $*** *** *** *** ****** ** overpay ** * ******* *** *** **** **** ***, ***?

"** ** ************ **** **** *.** ******* *** *** ******* on * ******* ***** ****** ** ******* *** *********** ********* are ******* **********."

**'* ******** ***** **** ****.

********* *******'* ***** *********, ***** **** *****.* ******* ******* ***** ******** ** **** ***** ***,*** ******* ******* *****. ****'* ~*.** *******. ***** *** ******* Swedish ***** ******* ** ****, ****'* **** **** *** *******.

**** *** ***'* ******* **** ********* ****** **** **** *** going ** ** ** ** **% ****** **** ***** *******? That's **, ******* ** * :)

**** ****** ** ***** ******** ***** *** **** *% **** year *** *********** ********. **% ******* ******. **** ***** ***** ****** ***** ** customers *** ******* ****** *** **** *** ***** **** ******** rates.

** ****** ** **'** ******* * *********** ********** ***** ** basic ***** ***********. ** *** ***** *****'* * ********* ****** on ****** ******, ** ***** ******* * **** ****** ****** in *** ******** ********. ****** **** *** ******** **** ***** cost ******, *********** **** **** ****** **** **** **** ****** increases **** ** ***** **** ** *******. **'* **** ************ your ******* **** ***'** ******* ********; *** **** ** ***** REALLY **** **** ** **** **** ***** **.

* ***'* ***** **** **** ******** ** ******* ******* *******, and ** ***** ******. *** * ***** ****'** **** ******* growth ********* *********** ******* * ******* ****'** **** ** ***** 20% ****** ****** ** **** ** **** ******* *******. **** takes * *** ** ********** ***** ***** *** **** ** win **** * ********* **** ** ******* *** *** ********** with ***** ******.

***** ***** *** ********** ** **** * ******* **** ** image ******* **** *** ******. ***** **** *** ***** ***** professional ***** ********** ********* **** ** ************ ******* ** **** have **** ******* ******* *** **********. *** * ***'* *** a ******** ******** ******* ******** ** **** ****** ** ** the ***** ***** ***** ** ***** *** ***********.

"* ***** ****'** **** ******* ****** ********* *********** ******* * predict ****'** **** ** ***** **% ****** ****** ** **** to **** ******* *******. **** ***** * *** ** ********** sales ***** *** **** ** *** **** * ********* **** of ******* *** *** ********** **** ***** ******."

**** ******. * ** *** **** **** ******* *** ***** needed, *** * ***** **** *** ***** ********** *******.

****, **** ** **** ******* ************* ******** ** ******* **** *** *****.

*** - **** * **** ** ** ** **** ********. Do *** ***** **** **'** **** *** * ****** ** ONVIF?

***** ** ****** **** *********** ** **** ***** *** ****** simply ***** ** **** ******. ** ***** ****** *** **** contributes ** *** ****** *** *** **** ***** *****, *** that ******* ** ** ****.

****'* *** ** *** ***** ** ******* (*** ******** **** ***********) *** * ***'* ***** ***** ***** **** **** ** much *****.

* ****** ******* **** ** ** ********* ***** ***** ************ that ***** ****?

** ***** ***, *** ****** ************* **** **** *********. *** the ****** ****** ** ***** ********* ********. *** ***** *** essentially **** ~$** *** *** *** ********* ** ******* ** a ****** **** ******* ********* ***** ***. ** **** ***** like ****** ******* ***** ** ***** *********?

*******, **** ** * *** ***. *** **** **** ** over. *** ************* *** ****** **!

* ****** ******* **** ** ** ********* ***** ***** ************ that ***** ****?

**** *** ** ******* ** ****. *** **** *** ******** industry ******, *****'* ******* ******* ******* ***** ***** ****. *** ***** is ****** ** *** ***** *** ** **** ****** **** place, *** *** ******** ** *** **** ** *********** ******* of ****** ****** *** ******* **** **. ** **** ** interesting ** *** **** ***** ***** *** ******* ***** ****** from *** ****, *** *** ******** *** *******, ******** ******** and ** *****.

**********, * ***** **** **** ** ***** *** * **** chance ** * ******** * "*** **** **** ********" **** study ** * *-****** **** ** ***** **** ***.

**** ****. ******* ***** **** * *** ******* ****** ******* big ******* **** ** ***** ** ** **********. **** **** the ********* ***. ** ******* *** *** **** ** ***** industries.....buying ** ********** *********** ***** **** ** **** ******* *********.

** * ***** **** **** *******, *** * ***** ******** developer, *'* **** ** *** **. **** *** ******* ***** in ************ *** ** **** **** ****** ************ **** ********* from *** ***** ***** **** ******* (** ****** **** ** prepare *** ****?) *** ********* ** ***** *** *******.

****, * ** *******. ** **** *** ******* ***** ********, how **** **** **** ****? ** *** ***** ***** ** going ** ****** **** ********* **?

**********, ** *** ***** ****, **** ********* *** ***** ** be **** **** **** ** / ***** / ***************, ***** the *********** / **********. ** *** **** ****, ** ******* what ***** ****, ***/**?

** *** *** ****, *** ** *** **** ** ****. From ******* **** *********** (***-******) ** ********* ** ***** ******** it *** **** **** **** ****** **** **** *** **** 6 ******. ******** *** *** * ******** **** *******.

**** ** *** ****, ****** ***********, **** ***** **** **** harder...at ***** ***** **** ********* ** *****/****. ***** *** ******* on **** ***** ****....*** ***** *** ****** **** * ******* company **** ***** ********. **** **** ******'* ****** ***** ***** IMO.

** **** ** *********** ** *** *** **** **** **** (or ***'*). *** **** *** **** ** **** ***** *** not * *** ** **** ************ *** ************* *** *****, so ** ***'* ** **** ** **** **** **** ** they ****.

* ****** ** *** ***** ****** ******* **** ******* *** Canon ***** ******** (****** **** *** **** ** ************* *****) will **** **** **** ****** * '*******' ******. ******* * suspect **** *** ****** **** **** ** ** **, **** just **** ** **** ** *** '************' **** ** *** aisle. ** **** *** ** * ***** **** ***** **** to *** ******** ** *** ********* ** *** ***** ***** for *********** *** ***** **********......

**** ***** **** **** *** **** **** ******** *** *** employees **** ** ****** ** *** ***** ** **** **** nobody ** *********!!! :-)

*****'* ******* ******* **** ************ **** **** **** ********* **** Axis, **...

** *** **** ** **** '*******' ** ********** ** *** mid ** **** *** *** **** *** *** ******* ** take *** *** / *** ***, ****** ** **** **** at *** ***-***** ** *** ******.

** **** ** *********** ** *** **** ******* **** *** various **** *** ********* ******** ***** ****. ** **** ********* the *** *** **** * ******* ***** ***** ******* ***** respective ********? **, ** **** ***** ***** *** **** ****? Probably *** ****** ****** ** ** ***** ***** *** **** use ** *** ****** ***** ***** ** ********* *********.

****'* * **** **** ******** ******.

*********, ** **** **** **** **** *** **** ******** ** even ** ******** ********** *** ***** ** ********* *** *********** cost ******* ** **** **** ** ** ********** ***** *** marketing ****.

**** ****** ***** ***** ******* *******. **** ***** ~**% ** revenue ** ***** *** *********, ** ** **** ***** *** that ** */*** **** ** ********** '*******' ************, ** ***** increase *** ******* ** * ******, ***** ** * *** deal.

"*******"

****, ** ****** *******.

************* ****... *** * *** ***-******** ** *** **** ****.

*** **** ** *********** ******* *** ****** ****** *** **** aquired *** ***** ****** ******* ** *** ***** ***, **** than ******, **** **** ********** **** *** ******* *********** ** really ******** **** ** ** ******. * ** **** ****' competitors *** **** ***** *****. *** ** ********* ****** **** and ******** ***** *** **** ************* **** *** **** ***** that ***** ** ********* **** ***** ****** ***** ****** **.

**** *********** *** **** ***** ******.

***** ********* **** ******* ***** :)

* ***** ** ******, ******* $* ******* ***** ** * lot **** *** *********, ****** ***** ****** ************** ***** *** is **** **** ***** *** (~$** ******* *** ****** *** and **** **** ** *******).

********* ** *** ***** ****, **** *** *******, *************** ******** **** ****, ** **** **** ** **** **** the *** ** ***** ** *********** ******** ******.

**** ***** **** * *********** ******** *** **** ****** *** loaded ** *** *** **********/********** ********* **** *********** ******.

***** ***** ********* **** ******** ******** *** ****** *****, ** squash *** **** *** *** **** ** *** *** ** future, ** **** * ******** (* ** *?) ** **** more?

***.**** *** * *******. (** $***,*** ** $**,*** ** $*,***). :)

* **** *** **** *** **** ********* ** **** *******.

****, *** *** *% ** ****' **** ** ** ********* might ** **** **** *** * ***** *** ****** ** the ***** ***** (*.*., ****) *** ***** ****** ******** ***** ** ******** *** ***** ****....

*'* **** ****** **** *** ******** ** **** *********** ***** this ********* *** ********.

* *** *** **** ***** ** **** *** **** (***** the ***** *** ***** *********).

* ***'* ****** *** **** ** **** *** *** ********, though ***** ****** *** ********* **** *** *********** **** ** is **** *** ****, ***** **** **** ******* ******* ****. Anyone *** ***** ** *********, *'* **** ** ****.

* ***. ********** *** ***'* ***** **** ** **********. ****'* okay ******. **** ****** ******** **** * *** * **** to ***! **** ** *** ********** ** * ********* ******: "* *********** ***** ***** ** ** *** ******* **** *** exert ****** ********* ** **** *** ******** ** * ********** direction".**** ****** ****** **** *******.

**** **** *** ****** *******, ** ***** **** ******* *******, more **** ****** ** ******** ** **** ********** *** ***********. There **** ** **** *** ****.

**** * **** ********** **********, ** ** *** ****. *********** is ****** *** *** ********. ** ***** ****** (*** *********** are *********) **** **** **** ***** **** ********** **** **** cease ** *****. * ***'* ******* **** *** *** ******. All ** ***** ********* **** ******** ** **** *** ********** envelope *** ***-** **** *****. **** **** *** ****. ******** will ********. *** ********** **** ******** ** ****** ***** *** least ****** **.

** *** **'* *** **'* ********* ******* ******* **** * 99% ****** *****, *** ** ***** *** * ****** ** a ******* ******* ** * *******, ***** & ** **** bought ****. **** **** ** ******* ***** ***** **** *** one ****-***** ********* ** *******. **** *** *** **** ******** or ******* ***** *** ********** ********* (**** ****** ********* ******). Now ********* ** ***** ********, *** ***** ***** ** **** to ****** **% (****** *** ** ****** *********) *** **** are ******* ********. *** **** **** ****** ** *** ********. That ** *** ********** ** **. **** **** ** ** doing * ***** **** ***? **** ** ***** **** ** don't ***? **** **** ** *** ******* ** ****** *********?

*** *** *********/********** **** ********** ** ****. ***** ** * far ****** ****** ** ******** ** ***-**-*** ******** **** ***** customers *****, **** ******** ** ********** *** ***** ****. * don't **** ** **** ** ** ** *******. * *** partner **** * *** *** ***** **** ****. * *** also ***** *** **** **** ********* **** *****.

** *** **** ***** ****** * **** **** ********* ** reps ******* ** ** **** ** ***** *****. ***** *** been ** ******* ** ***** ********, *** * ***'* **** everybody *** ** **** *******. ** ***'* ***** ********'* ********** and ** **** ** **. ** **** ** ****** *** focus *** **** ** **** *** ***** **** **** ***** our ********* ** *** **** *** ******** (*** ********* *** how ** *******). *** ** **** ******* ** ****** ***** choices ****** *** *******.

**** ** ***-**** ***********, **** ****/*** ***** **** ****** ********* on **** *********/******** ** ******* **** *** *** **** ** years. *** ** **** **** *** **** ** ** ******** 10 ***** **** ***? *** ** **** **** **** **** be **** ** ********* *** ****** ********** **** ***** ******** system * ***** **** ***? **** ****** "*****-****" **** ******** help **** ** ** *******. ***** *** ** ********** ** life, *** * **** **** ******** ********** ***** **** *******, BRSigilon, ****** *** (*********?)**** *** ** ** ******** ** *** relative ******* ****** **** * *** *********.

*** ****** **** ******** **** *** "****-****" ** ****. ********* stability ** * **** *****. **** **** ** *** ****; it ** *** **** ***** * **** *** ****.***** **** ******. ******* **, ***'* ** ****** ** **.

***** *** **** ***** ********.

**** ******* ***** *** *** ** *********** *? **** ** go ** ****** ******?

**** **** ***** ** **** ****' ****** ******* *****, *** they **** *********** ** ********* *** **** *** * **** limited ****** ** ***** ***** ***** *** **** *** ***** access ******* ********.

** ****** ***** ** ***** ****** ** ****** ******* *******? If ***** **** **** ** **** ** **** *** ** we **** **** *******, * ****** ** *** **** ***** will ****** ** *** **** ***.

**'* ** *********** ********. **** ** *** *** ****** **** now:

*) ***** **** *** *** ** ****** ******* ******* ***, unless *** ***** *********.

*) *** **** ***** ***** **** **** **** **** *********. There ************ * -* ***** ******** **** *********, *** **** **** ** ******** ** *** **** **** year.

*) *** ***** *** **** ***** ** ** ***** ******. While**** ****** ****** ******* ************ ***, ********* (*** **** *** ********) **** *** *+ * ****** jump ** '*****' ***** **** ****** ******* *******, ** *****:

*** *******: **** '*****' ******* ********** *** **** ******** **** (print *******, ***.) *** ****** ** *** **** ***-***** ******** from **** ** *** **** ****.

*****,

*** ***** ** *************, ********* ** *** ** ****** ******* solution, **** *** *** **** *****, ******* ***** ** ** configuration ********** ****** *********, **** **********. ** **** ***** *********** and *** ********* ** ** ***** ******** ** ****. ** go ****** ****' ******* ******** ************ *** **** ** **** management ******** **** * *** *****, ***** ** *** ***** out ** ********* *** *** **** ** *******.

** ****** ***** *** * ****** ** *** ************ **** Milestone ** ****. ** ***** ******* ** ** ****, *****'* lots ** *********** ** **** **********.

*'* **** ** **** ** ******* **** *** ****** **** in ***** ******* ** *** *****, ** ***** ** ****** interesting ** *** **** ********* ** **** ******.

**, ** ***. * ****** **** *** ******* *** ****** are ******* *****. ** *** ******* ******** ****, *** ** a ***** ***** ** $***/*****, *** ****** ***** ******* ** 1,600 ****** ****.

*, ****'* ** *****. * ****** **** **** ** *** comment *** ** *****.

***, ** **'* *.* * *****, **** ** $***,*** *** for *** *******. **** *** ****, **** ***** * *** rate ** $*.* *******. **'* * ******** *** **** *** it's ****** **** ******** ****** ****** ************ ******** ;)

** *** ***********, **** ** ***** ** ******** ** **** that ****** ** (****** **** ******* ********), ** **** ***** have * $** - $** ******* ***** ** **** ****. Not ****** ****'* **** *** *** *** ******* **** ** access *********, **** *** ****.

* ***** ****** *** **, *** **** *** ** **** feel **** ********* ****** ******** *** **** *****?

** *********** **********. **** ****, ** *** *** ************* ** the ****** ************, *** **'* *** ** ****.

***** ** ** **** ***** ***** *** ******* ** ***** to *** *** ************ ** *** *** ********* ** ******* with ***** ******* ************ ****** *********?

**** ***** ***** ***** ** ****** ******** *** ******** *** the ******** ****** **** ** ***** ** ******* **** *** home / ***** ******** ****-********* *****-**** ********** *********.

*** * ****** * ******* ****** ****, *** ***** ** the ******* *** ********** ********** (*.*. ******* ** ********'* '****' $93.5 *** ** ***** *********)

* **** *** *** ******* ********** ** *** **** ** the "**** ****" *** ****... ** ****** *** ********* ***** discussed **** *** **** ******** ******* *** ** **** ****** innovation ***** ** ** **** ********. ** ****** ****** ***** Axis *** ********* **** *** *** ******* ** ********** ** am * ********* ***** *******?

*'* ** **** ******* ** *** ** ****** **** ***** things ** ***** ** *&* ** ** ***** ** **** sales ******* *******.

* ******* * ***** ******** ** ********* **********. ***** ******** come *** **.

*, **** *** *********, **** *** **** * ***** **** two ** *** ******* ******* ** ********** ** *** ********. They *** *** **** ******** ************** ************ *** **** **** aggressive ** ******* *** ******** ******* (********* ** * *** better *** **** ** *** ** ****, ****'** **** *** prices **** *** ********, *** ********* ********, ***.). *** ***** Axis ********** ******* ****** *****, **** **** **** **** *** some ********** ***** ******** - **** *** ******* ********* ******, the *****-****** *** *********, *** ************* ****** * ******.

****** ** *** ******* **** **** ********* *** ***** ******* things. **** *** ** **** *** ** *** *********, **** and ********* **** *********** ***** *** ********** (******** ** *** Honeywells, ******, *********** ** *** *****).

* **** ** *** **** ***** ****** **** (*** ********* before **) ***** *********** **** **** *** ******* ***** ** less **********. * *** *** *** **** *** ******** ** corporate ***********, *** ****** * ******* **** ****** ******* **** means *** ******* ** ***** **** ** ******** *** ****** bigger ******* ** ****** *** ******* ***** ********** ** **********. The **** ****** ** ********** ** **** ******** ** *** the ****** ********** *** ********* ***** **. *** ***** **** to ****** ****** ** ********* *** ** **** *** *** have *** ***** *** ******* ** ****** **********? ** **** good *** *** ******** *** **********? *** **** ************* ** just ************* *** ********* ** **** **** *** ******** ** do **** **** *** **** **.

****'* *****. ******* ***** *** ****** ******* **** **** *** years, *** *** ** ******* *** ***** *** ***** ***** compete **** ****. ******* **** *** ****** ******* **** ***** for *****, *** *** **** *** ***** *** ***** ***** compete **** ****. *** **** **** **.

***, * ***** **** *** **** **** **** ****** *******. What * ** ********* ***** ** *** ****** ** **** up ***** *******. **** ***** **** * *** **** ************* is **** **** *** ** ******* ** **** **** **** acquired ************, ***** ***** ********* / ****** *** ***** **** from ********** *** ******* ******** *****.

***** *** **** *** **** ***** **** *** ********* *** run * ********** ********* ** *** ******** ****** *** *****? While **** **** **** ** ************ ** ****** ********* *******?

* ***** *** **** ** **** ***** ***** *** *********. Now *** ************ ****** *** ** ******* **** *** ***** attention, ** **** ****** *** ** ** ***** ** ***. And ** ***** **** **** *** ****** ** *** **.

*** ***** (*** ***) ***** **** ************* ** **** ** a ***** ****** **** ** **'* ********* ** ****** ****** but *** ******* *** **** *******, **** *** ***** **** it ******* *** ***** *** ***** ******* **** ******* ** it.

***, * ** *** ***** ***** *** *** * ********** business ** *** ******** ****** *** *****.

***** *******, ******* *** ***** ***** **** **** **** ** worse *** ***** (*********). *** *** ***** *********** ** ******** ***********, *** **** innovated, **** ******.

**** **** ** ***** *** * ***** **** **** **** a *** ** **** ** *** * ******* **** **** deal.

**** ********* ** **** **** ******** ******** ******** ****** **********? Maybe ****'* *** **** *** ***** ****** *** * ***'* count ********* ** ** ********** ** ***'* ***** *** ** that.

***** ** ** (** ** ** ***** *********** ******* ** 14 *****) **** **** ** **** * ******* **** ** idea ***** ** ***** ****** ****** ** ********* ********* **** good ****** ***** ** *** *** ****** ******** ** ***-**-*** IP ***** ******** ** ******* ** *** **** *** ****** that **** ****** ** ***** ***.

***** ** ** * ** ******** ** ** *********** ******* with * ******* ***-**-*** ** ***** ******** **** ** ***% designed, ** *** *** *** ************ ******** ****** ** *** products *** ******* ** ********** *** ****** *** *** ******** we *** ******* *** ** ******** **** * ******.

******

*****

** *** ***'* **** ** ******, **** ** *** **** for?

"**** ********* ** **** **** ******** ******** ******** ****** **********?"

********* ** *** ** *** *** ***** *'** **** ** support *** ******* ******** *******.

***** *** *********

**** *** *** ** *** ***** ******* ** ***** *********** of ****** **** ****** **** *** ****** *** ******** *** want ** ** **.

* ***** ***** *** *** ************ *** ******** **** ******* has ****** * *** ** ********.

* ***** ******* ** ******* **** **** ** (** ***** historically) *** **, ** *** *** ****, ********** ** ****** companies ****.

**** ********* ** **** **** ******** ******** ******** ****** **********?

**** ***** ** ******

********* ***** ** ****** ********

*** ********** ******* *** *** ***.

*** *** ***** **'* **** ******** ***** ****, *** ******* them ***** ***** ** ** ****.

* ***'* ***** *****'* ****** *** ******** **** **** ********* innovated *** **** **********. **** ** ****** *** ******* ***** of ********, *******->***** ******->******->**** ***. ***** ****** **** *** *** reason ****, ** ****** **** **** ***, *** ****'* ** put ********* ******* ** **** ****** ***** ************ **** ***** than **** ***** ********* (** ** ***** ****'* *** ***********, but **** ** *** **** ****** *** *** ********* **** Pelco.).

** * **** *** *** ***** *******, *** ******* ***** will ** ** ******** ****** *** *** ******** *** ********* contribution ***** ********* ****. ** ****** **** ***** **** **** leaves * ****** *** ***** ******* ********* ***** ** *** 'rapid ******' ***** ** **** ****, *** *** ***** **** on.

*************** ** **** *** ***** *******, *** ** ****** **** opportunity ** **!

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