Pelco Is For Sale

Author: John Honovich, Published on Jun 27, 2018

Pelco is for sale, being shopped by an investment bank, IPVM has confirmed from multiple sources.

The company, acquired by Schneider Electric in 2007 for $1.5 billion USD, has been mismanaged by Schneider in a decade of decline.

In this note, we examine how the sale is being positioned, the potential valuation, the failed 2013 Hikvision acquisition of Pelco, who would make the most sense to buy Pelco now and what is the future for Pelco.

******* *** ****, ***** ******* ** ** ********** ****, **** has ********* **** ******** *******.

*** *******,******** ** ********* ******** ** ******* $*.* ******* ***, *** ************** ** ********* ** * ****** ** *******.

** **** ****, ** ******* *** *** **** ** ***** positioned, *** ********* *********, *** ****** **** ********* *********** ** Pelco, *** ***** **** *** **** ***** ** *** ***** now *** **** ** *** ****** *** *****.

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

Overview ** ****

*****, * ** ********* **** / ********** ****, ** ******** Pelco ** ******* *********. ******* ** **** ***** ** ******** sold ******* ** ** **** *** **** **** ** ******* can ****** **** ****** ** **** * ******* ****** ** an ********** *****.

Sales *****

***** ** ********* ***** ** ***:

Revenue / ****** ***** ******* (** **** *** ********)

*****'* ******* *** ****** ***** **** ******** ************ ***** *** Schneider ***********. **** ******** ***** **** $*** ******* ** ****, that ** **** **** $*** ******* ** ****. ** * sense ** **********, **** *** ~$*** ******* ** ******* ****** (**** **********), **% **** **** ***** ****. **** ****,****' ******* *** **** * *******, ** *****'* ******* *******. ************* *****:

************, ******** *** *** ***** ** **** *** *** **** ~2x *****'* *******.

Failed **** ********* ***********

********* **** **** ***** ** ******* ***** ** ********* ** 2013 ***, ********* ** ******** ******* ***** ** *** *******, Schneider ****** *** **** *** *** **** *** *** ** through. ** ** ********* ** *********** "**** **" *** **** sides *** *********** ********* ***** **** ****** * *** **** in **** **** **** **** *** ***** ** ****.

Valuation $*** ******* ** ****

***** ****** *** ***** ******** ******* **** ***, ** ******* rational ****** ***** ** **** ** ******* ****** **** **** $200 ******* *** *****. ***** ******, * ******* ***** ******* has **** **** ****** **** *****, ***** ******* *** ***, and *** *** *** **** ********** ******** ** *** ***** a *******.

*** ******* ********** *********, *** ** *** ** **** *** * ********** ***** ****** ******* *** ** ********* ***** *** ********** problems (****** *******'* ***** ******* *** ******* ****** **** *****'*).

Simply *********'* *****

**** ** ***% *********'* ***** *** **** *** ***** ** sell ** *** **** **** * ******* ******* **** **** they ****. ***** *** * ***** *****, ***** **** ******* and ******** ****** ****** *** ************. ********* ****** ***** *****'* customer *******, ***** ************* ** *****-**** **** ***** ********* *********, and ******* ******** ***** **** ****** ********* ******* ** ****** every ***** ***** ************ ******* ***** ********* ** *** ****** and ************. ** *** ********* *** ******* ****, ****** *********, Pelco ***** ** *** ** *** *** ************* ***** *** they ***** ********* *** ** ** **** * **** ******** that ********* *** *** **** **.

Best *** - ** **** / ********** **********

***** **** *** **** ***** *** **** ******** *************, ******* surveillance ** ********* **********, ***** ***** *** ***** ******* ********* without ****** *************** **** ********* ********** ******** ****** *************.

** ********, * ******* ****** **** **** *********** ** ******* around ******** ********* ***** ****. ******* ***** *** **** ** mismanaged *** ************* ** *********, ***** ** ***** ** '******' simply ** ******* ** ** * ****, *******, ***** ************ business.

********, ***** *** * *** * ******** ** ************* ********* the **** *** ** *** **** ** *** ****** *** hurt ** ****. ** *** ******** **** *** *****, **** the ********* ******** ** ******* ***** ************ *************, ** *********** US ***** ************ ************ ***** ******** ****** ** * **** trusted ******.

Future *******

*******, **** ** ** *** **** ** *** ********* ********* is ** ******* ***** *** *** *** **** **** **** to **** *** ***. ************ *** **** ***** *** **** **** * **** ****** **** ********** * ********* ****** *** *** ******* **** invisible, *** **** ***** ** ***. *** **** ****** ** now, ***** ********* ** *** ***** ********** ** ***** *** favors **** ***** ******* *************.

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Comments (80)

** **** **** **** ******** *** *****. ********* **** ***** to *** ********* *** **** ***** ****** - ***** ** to *** **** **** *** *** *** *** ***** **** behind

***, ** * ***** ** ********* / *****, ***** ** less **** *% ** ********* ********'* ~$** ******* *******, ** Pelco ** *********** ********** ** ********* ******.

*** **** ***** ***** *** ****** *** **** ******* **** day ***: ***** *** ***** ***** ** ****** ** *********.

***** **** ****** **** ****** **** **** ***** ** *** poll *** $****, *** * ***** **** **** ******* *** it ****** ** ***** *********. ***** ***** (****** * **** made ** ******** ******** **** *** **** ****) ** **** "downward ********" **** ******* * *** ** ***** **** *** appear ******* ** * **** ** **** ******* *****.

* ** ****** **** **** ****** ***** ** *********. ***** it ** **** ** *** * *** ** **** *** keep **** ******* ** ** *** *** ********* *** ********** specifications?

*** *****, ***** * ******* **** *** **** ******* *** Pelco *** **'** **** "*****" ** "******".

*** **** ** **** * ***'* ********** ** **** ********* doesn't ****** ** ** ****** ** **** *** ********* ***** parts ** ***** ******** (******, **********, ***). **** **** * ~20 ******* ******* ******* *** **** **** ****** *****, *** have ********* ** **** ** *** ~** ******* ****** ** 2017. * ***'* **** *** **** ******** ** *** ****** of ***** ********** *******, ***** **** ** ****** **** *** poor ******?

*** ***** ****** ******** ** ********* ********** ** ** ******** of *** ** *** *****, ********** ** **********, ** **** other ****** ***** **** **** ******************* * ***** **** ***** (** **** ****** ** *** industry **** ** ***** **** ***)?

** ********* *** ******* *********** ** *** ******, * ***** wrap ** **** ****** **** **** ******, *** ** ** it ****** *****'* ****** **** ** *** ****.

**** ***** ****** ***** **** **** ******************* * ***** **** ***** (** **** ****** ** *** industry **** ** ***** **** ***)?

***, * ***'* ***** **** ****** ***** **** *** ** intentionally, ** ** ** *** **** ***** ** ********* *********** art.

*** **** *********** * **** ***** **** ****** ***** ** Schneider ** **** ***** *** ****** **** *** ***** ****** that ********* *** *** ********* ********* *** ********** ******* *** proverbial ***** *** ** *** ****** ****. *** *** **-********* or ***** ****** ******* *** ******** ****?

*'* *** * ********* ** ***** ********, *** *'** **** through ** "****-****" ****** ***** ****** ** * **** ****** company **** *** ******* ** ** **** ********. ** ****'* work ***. **** **** **** ** ***** ***** *** ************ in ** ********** ****** *** ****** ***** *** ************ *** sales *********. ***** ******** ******* *** ** ** *** ********* stepchild **** ** ******* **** *** ****** ******* *** **** being ***** ** ***** ** *** ***** ***** ********* *** cross *******, *** ** ***** **** ** ********. * ****** peg ** * *** ** ***** ***** *** * ****** good *******. ** ***** *** **** *% ** *********'* ******* portfolio, **** *** **** ****** *** ** **********. * **** Schneider *** ***, * **** ***** **** ***** *** **** comparatively ***** ** **.

***** ******** ***** *** * ****** ****** ******* ******** ** the ********* ********* **** ****** ***** ** **** ** ********. But **** ** **** * ***** ** ** ****.

* **** ********* *** ***, * **** ***** **** ***** was **** ************* ***** ** **.

**** ********* ****** *****, ***** *** **** ***** *% ** Schneider's ******* (*.*., ***** - ~$*** *******,********* ~$**.* ******* ***). ****, **** *** *****, ***** *** * ***** **** of ***** *** **** ********* **** *** *****.

** **** *** ** ****-******* **** **** ** **?

* *****, *** ***'* **** *** *** ** **** ** colleagues :/

** ******* *** ****** ** ********* ******** ** *** ******** side, * *** **** *** ** *** **** *********** ****** to ********** *** ***** ******** *****, ** **** ** *** overall ******** **** ********* ***** ** ******** ** *** ******** business, *.*. ********* ********* ** * ************ *** ********* ********* is * **********/**********.

*** ******* ****** ***** **** *** *** **** ****** **** heavily *********** ****** ***********, **** ****** * (******** ***** ****** D, *****?) *** ***, ** **** ** *** ********** ********** business.

** *** *********** ** ********* ******* ** ***** ** **** and ********* *** ******** ******, *** **** ** ***** *** function **** *** ****** *********** ******* ***** **** ******** ******** is ********. ***, ***** **** ******** **** ** **** **** at *-***** ********, *** ****** ** ***** ******* **** * standalone ******** ******** ***** **** **** **** ** *******. ** anyone *** *** **** **** ***** ******** ** * ******* Controls, *******, *********, ***., ** ** *** *** * *** heady ** ** **** ** ***** ****** ******* ****'* *****, often ** *** * ****** *****, *** **** *** "****** of ******* *** *** ***** ** ******" .. ***

***** **** ******** ** **** * **** ***** ********** ** SE's ***** *****, ** **** ** *** **** **** **** go ** ****** ******* ******* ******** ** **** ** ********** "partners" (********* * ****** *******), ***** ** *** **** ************ area, *** **** * **** **** ******* ****** *** *******.

** *** ****** ** *** ***** **** *****, **** ** would ** ***** *** ********* *** * ***** ***, **** their **** ***** **** ** ** **** *** "**** **** us ***** *** **** ** ** *** **'** *** *** a ******* *****". **** *** ***** **'* ******* ***** *** the *** ***** ********, ****, *******, ** **** ***** ************ that *** ** *** ****.

******, ******* ** ***** ***** ******** ***** *** ******* ********* to ******/*******/********* ***** ****** ******* ********, * ******* **** **** the **** *** ********** ***-********* ***** ** ******* ******** *** Feenics ***** ***. **'* **** ** *** **** *** ********* the ****** */* **** ***** *** **** *** **********, ***** when ****** *** ********-**-******** ********** *********** *** * ****** **** idea ***** ** ****** **'* *** ** **** ** **'* BAS *** ******, *** **** ****** ***** *** ** ************* talk ** ***** ******-***** ******** ********** ******* *** ******** ********.

*** **** **** ********* ******'* **** * *** ** ** with ***** ******* *********** **** ** ** *** ****** ** the ******** ******** ***... **** *** * ******* ********** ** the ******* ****** ***** ******* *** ***** *** ******* *** required ** ******* ****** ** *** ****** ** ***** ******** solutions *****. ***** *********** *******/****** ******* **** ***** ***** **** the ******* ******** *** ** * ******* ************ ***** ** certain ************ ******* **** ********* ****** *** ******** ** *** use ** ******** ** ********.

***** **** ******* ********* **** **** **** ***** *** *****, and **** *** * **** ******* ** **** *** **** a ******** *** ********* **********. ***, ** ** **** **** a ******** *******, ****'* ** *** ** ********.

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

*********'* **** ** *** *******-***** ****** ****** ***** *****, *** it *** **** ** ********* **** ** ******* ********* ******** and *********.

***** ****** ******** **** ********* ******* ** ***** ******"** ********* ***-**-*****?"******* **** ****** ** ** *** ***** *** **** ****'* going **. **** ****'* ***** ** **** ** ****, *** they ** *** ****** ********* ** ******* *********** ** ******* either.

* ******** ***** ***** **** ** *******. **** *** *** final **** ** *** **** ** ****** *** *** ****** hard ** *** *** **** ********* ** ***** ********** *****. The *********** *** ********* ** * ****. ** ***'* ** anything *** * ***** **'* **** ******* ** ** ** can *** **** ****'* ******* ***** *********, *** **** ** mistake: **** ********* ***** ********* *** **** **** **** * dumpster **** ** **** ****. * ***** ***** ********* ****** use ******** **** ** ** ******** ******* ***** ***** ****** is *** ** *********** *** ***********.

*** ****** *** ***** **** ** ** **** *** ********** what **** ***, **** ***** **** ****** **** ***** *** Continuum **** ******** ******. ********* *** **** ****** ********* **** go **** ** ******** **** *** * ***** ***'* ***** any ****** *** ***** *** ***** *** *********** ** **** platform, ********** ** *** ***** *****. ** **** ******* **** stopped ********** ** ** ***** *** **** **** ****** **** been ******* **** ****** **.

***** *** *** ********** *** **** ********* *** ****** *** the ********** ** *** ******* ******** *** *** *********. **** you ****** *** *** ******, *** *** * ******. **** they *********** *** ** *** *** **** ******* *** **** person **** **** **** **** ******* *****. *** ***** **** I **** ****** *** ****** ***** * *** ***** **** by *** ********** ** ******** ***** ** *** ******* *** the *******. **** **** *** **** ** * ******** ***** that *** ***% **** *** ***********. **** **** *** *** hotel, *** ****, *** **************. *** **** ***** ** ********** needed ** *** *** *** ************** *****. *** **** ** that *** **** **** **** ** *** **** *** **** will *** ******* ** ********. ************* **** *****'* **** ** on *** ******* ***** ** ** **** ****'* *** ** and ****** ** *** ****. **** **** *** ***** **** people *** *** *** **** ******* ***** ** ***** **** everyone ***** ** ***** ****** *** ******* *** ******* ***** paychecks.

**** ** * ******* ***** ** *** *** ****** ******* discussion.

* ******* ***** **** *** **** *** ******, ** ** employee ** ** ***** **** **** ** *** ******* *** history * **** **** ** *******.

**** **** ** ****** ** **** ****** *-* ********* **** were ** *** ****** ******* ****** ***** *** ****** ******** is ***** ***** ** ****** ** **** ** *** *** systems **** ***** *************.

** **** *** **** *** ******** ******, ** ***, *****'* understand ** *** *****'* **** ** **** ** ********** **, leaving ******** ** ******** ******** **** ****** ******* ******* **** are ***-********** *** *****-***** ***-********, *** **** ***, ***** ** has * *** ****** ******* ******, ******** ******, *** *** trained *** *** **** *** **** *** ******** * ********* ICT.co ******.

*** ******** **** ******* ** *** **** **** **** ** friends **** *** ****** **** *** ***** *** ***** ******* that *** ***** **, ******* *** ********* ****** **** *****.

*** * ** ****** *** **** *** ******* ** ****** they **** ****** ** **** *********, ******* *** ****** *** from, **** **** ***** ** ******** *** **** ******** *** doing **** *** *** ********* **** **** ******.

****, ***** *** **** * ********** ** ****** ** *** other ****** ******* ** ** ** ******** ** ***** ***********?

*** **** ******? *******? ** *** **** ******* ****** ** the ********!

*** ************ *** ******** **** ********* ****** * *** **** in ******* ***** *** * ******* **** **** **** * victim ** ************ ***. ** *** **** ** *** *********** to **** *** ********, ***** ********** ******* *** ** ****** ip **** ********* **** * ******** *****/ ********. ** *** same **** ***** **** ***** ******** * ******* ********* ** hugely ********** ******** ******** ***** ****** ** ********** **** ** at *** **** ****. ****** *** ******* ****** **** ******** products *** **** *** ******* *** *** **** ** ****** brand *** *********** ** *** ****** ********. ** *** **** they ******** **** ****** * *** ******** ******** ** *** way *** **** ** *** ********.

* ***** *** **** *** **** * ******* ******** ** that ***** ** ** * **** ****** ******* ** *****, well *********** ********. ****** ******** *******, *** ** *** ****** taught ***** ** *** ** *** ******* ******* * ******** faces ** ******* ** * ***, ** ********* ** **'* own ******** ***** ** ** ********* ** ******. **'* * cultural ***** **** ***** ** ******* **** *** ***** ***** behavior *** **** *** ********** *** *********. *** **** ** things **** ****** *** ** ***.

**** ** *****, * ******* **** *** ******** **** ********* speaking, *** ***** ***** *** ******* *** ********** ***** ****** to ******* *** ** **** ** *** ** *** ******, but ******* ****** *** ** **** ** *** ** ******** in ******** ** ***** **** ***** ********* **** **, ****** them **, *** *** **** *** * ***** *******. ***** are **** * *** ********.

*** ***** *** *** **** ** "*** ***" ******* ** terms ** **** ****, *********** ********* ** *** *****, *** in ***** ** ********** ** ***** ****** ****and *** so much faster, you could think of them like that. And kind of like you said, their competitors had an advantage starting with a culture of IP based technologies. But I don't think having a large portfolio of analog equipment is by itself what kept them back, it was their slowness and resistance to change in a way to keep them relevant and appealing.

* *****. **** ** *** * ***** ********** ****** ****** have * ******* **** ** "******* *** *****". **** *** money **** *** **** ***** **** ****** **** * **** dedicated ** *&* **** *** *** ******** ************.

**** *********** ** ********* **** *** **** ****** ******* ***** being ****** ** *** ** ****** *** ************* *** ******** in *** ** ********** ***** **** *** **. ********* *** Bosch *** ******** ** **** ** **** *** **** **** to ** ** *** **** *********** ** *****. **** ** them **** **** * ***** ******** * *********** *** (********* VI ***** *** **** *********) *** ** *** **** ** push ** ** ******* ** “*****”. ** ***** **** ***** 3 *** *** ** *** ***** ***** **** ***’* ******* Valley.

****** ** ****: *** ***-*** *****/*****/********* *** *.*!

****** ** ****: *** ***-*** *****/*****/********* *** *.*!

** **** *** *******? **** **** *** **** ****.

*** **** *** *** ****** ****** *****! **** ****** *** ever ****. *** ***** *** ********* *** ***** ***** **** today, ***.

*** *** ***** **** * ******* ** ******* ** **** all ** ***** ***** ** ***** ******* ************ ** *** fact **** **** **** **** ** **** ** ********* *** passion *** ***** **** * ******* ***** *** *** ******** in ***** *****. ** ***** **** **** "*******" ******** ********* management **** **** ****** ******* ******* ********* *** **** ****** to ** * **** ******* ** *** ******* ******* *** bottom ****. ** ** ****** *** ****** ***** ***** ** I **** **** ******** ** ******** **** **** ** ** days **** ** **********. ** ****** *** ***** **** **** if *** **** ***** ** * ******* *** **** ******* by *** *** *** ***** ********** *** **** ********* *** important *** **** ** ***** ********.

*** ****** ***** ** ***** ** ********* “**********” ***** *** businesses:

**** ******** *** ********** - ******** ***

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

*** ***** ** **** ***** **** **** ********* **** * fraction ** *** ***** **** **** ***? * ** ****** kidding, * *****, ***...

***** ** ***** *** *** ***. ** ***** ********* ***** up *** ***** ** ***** ********* *** ***** *******!

************* **** ***** *********** ** * ******* *** *** ***** the ************** ** ***** ******* ******** ** ****.

**** ** ******** * ********* **** ********, *** *** ****** CEO ** *****

*'* **** ** *** * ****** ** ***** *** *************. I ***'* **** ******* *** **** ** ******** ***** *** financial ******** **** ********* ****. * ***** *** *** ** future ******* *** **** ********* ** *** ******** **** *** Chinese ************* *** ******. ** ********** **** **** **** ******* could **** ***** *** ********* **** **** ******* *** ** American **** ******* *****.

**** ******* **** ** ****? * **** *** **** *** that *** *********.

* **** *** $***.

*** ***** ******* **** *** ******** ******, ** **** ***** of *** ****, ***** ** ******* *** ****!!!

* ***** ******* ****!

**** *** ******** ********** ********** ** *** ***** ****** **** yet?

* *** **** *** *** ****** ****. **'* *-*-*-*-*. ***, no ********.

****'* *** ***** ***** ** ***** ***** **** ** *** luggage!

* **** *** $***.

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

**** **** ** **** ** **** *** ** *** **** we've ***** ** **** ** ******.

***** ** ********** **** ** ***** ** *****, ** ** not ***** ***** **** ***** ** ****** ***** **** ****** user *********. ** **** ***** ** **** *** **** *** we **** ** ** ***** **** **** **** *** ** allowed ***** *******.

** * ****** ****** ** **** * ** *** ******* this **** ****. * ** *** ********* ** *** ****** States. ** ** *** ****** **** *********. **** **** ** shut **** *** **** ** **** **** ***********..

**** ***** **** ** *** **** ** *********. "***.******.***" ***** to ** ********* ** "***.****.***" *** ***, ***** ***** ******* why *** ***** * ****-****** ****** ******* ** *********** ****.

*** ****** ***** ***** *** **** ****** **** *** ******* your ***** *** ********* *** ***** ***********. * **** ********* rights ** ****. ** **** *** ***** **** ** ******* harm ******** ****. ******** **** *** ** ****. ** **** bring **** ** ******* **** **** *** **** **** ** will. **** ******* ***** *****.

* ** ********** *** ***** ** ****, ********** ****** ****. However, ** *******, ** ****** ***** **** ********. *** **** and * **** ********** ****** ****.

***** * ***** ** ********* *** ******** ***** ******* **** and ***** **** *** **** ** *****:

* ******** * *** ********* ********* *** **** ** * national ***** *** *** ***** ***** ****** * ***** ***:

*. * ***** **** **** *** *********** ***** ********. * very *********** *** **** **** ********* ** *** ********.
** ******** **** ***** / ********* **** **** ********** ******** through *** **** *****, *** *** ***** ** ****. **** wanted ** *** ** ***** *** **** ******* **** * clear *****...

** *** * ****** **** *** **** ********* ******** ** experiences *** *****.

*. * ***** ***** *** **** **** *** ** *** a ***** ********** **** **** **** *** *********** ***** ********, who ******** **** **** ***** ********** ** *********.

**** ***** (***) *** **** ** *** ********, ***. ** was ****** **** ** ****** * ****** ***** ********** ****. Technical ********* *** **********.

**** ***** **** ** **** ** *** **** *****, **** sales ******** *** ********* *** ** *** ******** ******** *** had ** **** ** *** ******, *** *********, *** ************ and *** ********* ** ******.

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

** *** ** * ********, **** ****´* **** ******* **** now...

** * ***** ********** *** *** * ****** ***** ****** I *** ***** ****** *** *** ** **** ** *** market *** *** ****** ** **** **. *** ***** *** went **** *** ** ** ******* *** ***** ******* ** some *******, **** ** ******* ** **** **. **** ******* 18 ****** *** ** ***** *** **** **** ********* **** that * ****** ****. * *** ******* ** *** *** time ** ****** ** ** **** *** *****. ******, ******** a **** ****** ****** *** *** ** ****** ******. **** with **. ******* *** **** *** ****, ** ****** *********** had ** **** ** **** **** ****. ** *** * great ***** *** ********* ****** **. ***** *** *** *****. RIP *****

***** ******* **** *** ****, * **** *** **** *** mention ** ******* ***** ***** "* *********** * ****" ***.

**** ********!

** ***** ** *********** ** *** ** **** **** *****. I *** *** **** **** ********* ** ******* **** ** the ****.

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

** ********* ****** ****** ** *** ** ** *****, * am ********* **** *** ****** ** ** *** **** ***.

* ** *** ******** **** ***** *** ********* ** ******* but * ****** ******* **** ********* **** ******** ** **** to ***, ***** *** ***** ***** ****** ********.

*** ***'* ** ****** ***** ** ***** *** ******* ********?

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

***** **** ** * **** ****** *** ***** ***** ** still ******** ***** *** ***** *****.

*** ***'* ** ****** ***** ** ***** *** ******* ********?

**** ***** ********, ** * ***** ** ****, * ******* out ** ***** ********** ***** ** ***** **** **** ****** them ** ***** ** ** ********* *** *** *******, ** I ***** *********** ***** *********** **** *** ****. **** *** not *******.

**** ****, ***** ***** ******* ** * ****** ** **** newsworthy **** (*) ** ** ***, (*) ****** ***** *** (3) * *** *** *******.

** ** *****, ** *** ********* **** ** ******* *****'* VX *** *** ** ***** **** *****'* ** *** *** that **** *** ***** **** ****.

***** **** ** * **** ****** *** ***** ***** ** still ******** ***** *** ***** *****.

*** **** ****** ** **** ***** **** ** ** * huge, ***-**** *******, *** *** ** **** '********' ** * laggard *** ****-******.

** ** *****, * ****** ***** ** **** *** *** industry ** * ******* ****** ** ******* *********** ********* ** good *** ***** *** ** **** ** ** ********* ***** where ***** ** *****.

* ****** ** ******** **** ***** ****** ***** ** *********. The ****** **** ** *** ***** *** ** ******* ** would ** ** ****** *****. * ***** ** ******* ** a ***** **** ** * *** ***** ****** *** ***** to **** ** *** *******.

** ** *******, *****'* ******* *** *** **** ** **********. I ***** ****** ******** **** **** ***** **** ***** *** was *** **** *** ** *** ******. *********** **** ********* the ***** ******** ** ***** ***'* ******* **** **** ** was *** **** *** ****** ** ******* ** *** *** space. ***** ******* *** **********, ******** *** "** ***" ** they **** ** **** ** *** **** *** ******* ***** up **** *****. * ** ********* **** ********* ****'* **** to **** *** *****, ****** *&* *** ***** ***** **** to *** ****** *****. **** *** ********* *****, **** ***** had * ****** ********** *** ****** **** ***********. * *** this ** * ****** *********** *** * *** ***. ** seems ** **, ** *** **** ** **** ** **** industry *****, **'* *** ***** "**** **** *** **** *** me ******?". **** ** ********** *** *** ******** ***** **** a ***** ********.

*****, *** *** * ******** **, **** **** **** **** were ******** ********** **** ****** *** ***** **** ******* ******* were *** ******* *** *** *** ** ******.

***, *** ***** ****** *** ****** **** **** ***** ****'* innovate *** * ***** **** ***'* ******** ********. **** **** full ***** **** ****** ***** *** **** *** ******* ****. The **** *** *** ***** *** ** ** **** **** was ** **** * **** **** ******* ******** *** * fully ******** *******. *** ********* ***** (** ***** ** ***********) just *****'* ***** *** **. * **** ***** **** ****** it *** **** *** *** ** ** *** **** ****** were ** *** ******** ** ** ******. *** ** ** fair, **** ******* *** **** *** **** ** ** ******* and ****** **** **** ****** **** ****, *** * ***** Endura *** *********** **** **** ****. * ***-**** ** ** sure, *** ***** *** *** **** **** **** *** ***** up **** *** *****, *** *****. ** ****** *** ** the ***** ****** ** *** *** **** ****** *** **** everyone ** ******* ****** ** **. *** **** *** * ton ** ******** ******** *** ******* ****** **** **** **** died * ******** ***** **** ****'* *********. *** ****'* * whole ***** *****. ;-)

***** ******** * ***'* **** ** **** ** **** *******:

Related image

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*** **** ***** *** ***** *******. **** *** **** ** big ******** ** ( *** ***********) **** ** **** **** IT ********** ** *****. ** ***** *** ******** ******** *********/********/********** do *** *** ******** ** **** ******* ** ******** ** prestigious ** ********* ***** ***, ******** ** *********** ** ***** should ****** **. **** ** * **** ***** **** *** much *****. **** ***'* **** **** *** ** ( ************ Property) ** ** ******** ** ***** ** :) ** **** on.

********* **** * *** ***********. *** **** **** ** *** they ***** **** **** * *** **** ** ********. *** acquisition *** *** ***** **** **** **** *** ** ***** Resources ** ********** ***** *********/*** ********/*** ******* ************* *** *****.. I ***'* ***** ** ***** **** **** **** ********** ** Hik ******** **** ** ************ ********** *********... ***** ** (**** meanings) ***/** ** **** ***** ** **** *** ***** ********.

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** ****,

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#**, ** **** ****** ** *** * **** ***** **** was *********. ***** *** **** ******** ****** ** *** ******. And *** ****, ** *** ** ** ** ****** ***, will **** ** ***** ******.

******,********'* *********** **** **** **** * ****. *** *** ***** ** ******* ******* ******* ** *** the ***** ********* *****. ** *** * **** ****** *******, Pelco ** * ***** ***** ** * ****** ************, ** companies *** *** ******* ** ***** *** ****** ** **.

* ****** ****'* ***** ** ****** ** *** ***** ***********? Sounds **** **** *** **** ** *****?

******, ** ******* ****** ***** **** *** ***** *** ********* / ******* ****, * ***** *** ** ***** * *******. But *** ********* **** **** **** (****, *****, ****** *********, etc.) ****** ***** *** *** **** ***/** ***** *** *** political *******.

* ******* ****** ** * ********* ******** *********** ****** *** left ***** * *** ****** **** * ******** **** *** no ******** *** **** ******* ********** *** **** ** ***** but ****** *** ***** ******** ******. ** ** ******** ****** global ***** ******* * ********** *** **** ** ***** ******* management ** *** ** **** ******** ** ********** (*.*. *******'* 360 ******* **** ************** ** *** ****.) ** ****** ***** strategy *** ** ** ********* *** ******* ** ******* **********. That **** ** **** *** ******** ** ******** ** *****.

** ********* **** *** "********" **** *** - **** **** they ***** ** *** **** *** ** ****** *******.

"**** **** **** ***** ** *** **** *** ** ****** cameras"

****** **** ****!? ****** **** **** **** *** ****** *** under? **** **** ***'* ****, ** **** * *** ******* then!?

**** ****** **** *** **** ****** **** **** *** ******* that ******* **. *** *** *** ****.

***** *** ****** * ****** ****/*********/****/******** ******** ** ****** *******? :)

**, ******* ***** *** *** ****** ** ** ****** *** has ***** *********, ** **** ***** *** **** ***** ** me. *** *** **** **** ** ****** **** *** ********** on *** ***** ******.

***** ********* **** ******* ** **** **'* **** * ****** of ****** ********* *********. *** ***** *** *** *** **** leader *******.

**** ** ****** ****, *** *** ****** ************* **** ** love **** **, *** ******* *&* *****. ** ***** **** the ****** ** ***, **** ***** ****, ** ****** ******, volume ****** ******** ********* **** ***** ** **** **** *** very ***** ****** ** **** **********. *** *** ****, *** knows?

* **** **** ********** ***** ** **** ******* ***** **** all ** ** *********, ******/******/****.

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

** **** *** * ********* ***** ******* ***** ** *** SE ********, *** ** *** ******* ***** ** ***** **** after **** ******* ****** ***********.

*** ***** ** ** (** **********) ** **** * ********* and *********** **** ***** **** ******* ******* *** ********* *** reputation ** **** * ********** *** ** *** ** *****.

*******, ** ********* *** *********** * ************ **** ******** *********/****** to ******** *******: ********/******* ***** ****** **** ***** ********** ******* IP ********.

**** "*****" *** ****** *********** **** **** ***** *** *** cameras, ***** **** ****** ********* ***** *********** *** **** ************ of *** ****** ***** ***** **** *** *********** ** ******** leading ***** *** ********** *** ******* ******* *** ******* *** end-users.

******* **** ********* *** ********* ****** ***** ******** **** *** a $*** ****, **** ** **** **** ***** ** **** a ******* ** ****** ***** *** ***** ********** *** ****** as *** "********" **** ** ***** ** *** **** ** the ****........

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

********** ********** *** **** *********** ******* **** ** ***** **** out, **** ******** ** ** ***** ******* *.*. ** *** minor ******** ***** ****** ***, *** **** **** ** *** tell, **** ** **** **** **** ****** ***.

********** ************, ***** ** * ***** ********** *******, ******* ** still **** **** ****. ** ** ******** **** ******* ** the ******* ****** **** ** ******** **** ** **********, ** I ******* **** *** **** **** ******* ***** ** *** Center ******** **** *** ******* ****** ******** ****. *** ******** installation ******* ** ********** ********* **** *** *** ********. ************ does *** ******* * *************, ********** ****.

** **** *****, **** ****** ** ** ****** ******. ** still ** ***** * *** ** ***** *** ********, ********* Endura. ** **** ***** ****** ** **** *** *** **** with ****** ***, *** *********** *** **** ***** ******** **** VX.

********-****, ** ** * ********* ******* ** **** *****. *** ability ** ******* *** ***** ******* ** ******** * **** long **** ****, ***** ****** *********** ******** ***** ***** ******* only. ** **** **** **** ******* **** **** *********** **** far **** **.

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

**** ** ***** ****. *** **** ** * **** ****'* you!? :)))

******: ****** ********* *** ******** ******* *** ********* ** ******* on ****, ****** ****:******: ***** ** *** **** **** *****

**** ******* *****:

******** ******** ** ****** **** ******* ** *** ******** **** the ******* **** ************ ************ ******* *** ********* ** ******* or **** *** ****** **** **********.

*****, *** **** *** ********. ******* **** **** ** *** sand ** *** * ********.

**** ** **** ****** ****? * **** *** ***** *** article **** "******** *******".

**** ********** ** *** ******** **** ***. ***** ****** ***** don't **** ** *** ** *** **** ***** *****? ** they *** ** *****. :)

** *** ***** ****, ***** ***** ****** ****, ********** ** for ****, **** *** ****** ** *****.

#**, ** * ****, ** ***'* *** *********** ******* ****** we **** * *********** ****** ******* ********** *** ********. **** applies ****.

*****, * ** *** ****** **** *** ****** *** ****, I ** ****** **** *** ******* **** ** ********** ****, to ***** ******:

*****, * ** ********* **** / ********** ****, ** ******** Pelco ** ******* *********.

***, '**********' *** ** '*** ****', *** ** **** ****, Schneider / ***** *** * **** ******* ** **, ***** is ********* *** **** ******* **** ***** **** ** ******* inquiries. **** ** **** *** ** **** ****** ******** ****** are ***** ** ****.

**** * ****'* *** *** *** ******* *********** *******, **** what ******* ** **** ******* ******? **** ******* ********.

**** * ******** *******, ** ********* ****'* **** *** ** manage ***** ******* ** *****, ***** ****** **** ***'* **** "how ** ****" **. ** * ****** ** **** ******* is ****** ****** **** ******.

***** **** ********, **** **** ** ********* **** * ******** without ***** ****** ** ***** *** * ****** ********* *** ask *** ***** * *** *** ** **** ****** ** not **** **** ** ******, **** ****** **** **? ** what ** **** **** ** ***** ** ******?

* **** ****** ***** **** ******* *** **** ** ***. What ** ***** *** ****? *** *****?

**** * ****'* *** *** *** ******* *********** *******, **** what ******* ** **** ******* ******? **** ******* ********.

*'** **** *** **** **** *****. ** *** ***** ************ about ********* *********** ****** ** **** ** ** *** *********, we **** ** ********* ** ******** ****** **.

**** **** * **** ******** ******* ********* - *** **** that ***** *** *** **** *** **** ***** *** ********* them *** ****. ** **** ******** ******* ********* *** *****, Pelco ***** **** ****** **** ****. *******, ***** ***** *** true.

******: * ***** **** ******** ********** **** **** *** ********* that ***** *** ***** ******* **** *** ****** **** **** evaluating ********** *** **** *** ******* ** *** ******** ***********, citing *****'* ******* ******** *** **** **** ***** **** *** past ******.

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