Vivotek Delta Acquisition Concludes

By: John Honovich, Published on Oct 02, 2017

On August 8, 2017, Delta Group made an offer to acquire Vivotek.

Now, the acquisition process has concluded.

Inside this note, we examine the conclusion, the ownership details, share feedback from Vivotek management, concluding with an analysis of the potential impact to Vivotek and how this fits with the ongoing race to the bottom and to safety.

** ****** *, ****,***** ***** **** ** offer ** ******* *******.

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

****** **** ****, ** examine *** **********, *** ownership *******, ***** ******** from ******* **********, ********** with ** ******** ** the ********* ****** ** Vivotek *** *** **** fits **** *** ******* race ** *** ****** and ** ******.

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

Delta ***** ***********

***** ***** *** ******** 49.22% ** *******'* ******, according ** *******. **** will **** ***** *** controlling *********** (******* ** Techwin / ****** *** Hikvision / ******* **********). Previous ** *****'* ***** acquisition ** *******, *******'* stock ********* *** ***** diverse **** *** ******* 9 ************ **** ****** ~1/3 ** *** *******, as ***** **** **** pre-acquisition ****** ***** ****** chart:

Board *******

******* ***** **** ***** board ** ********* ******** occurred * ****** *** and *** **** *** is *** ******* ***** next ****, **** ***** can **** *** ****** for ***** *****. ******* added **** "*** ******** shareholders *** ********** **** is **** ** **** Delta ***** *** *********** shareholder."

Delta's ****

*****'* ******** ********* *** Vivotek **** ** ** of ***** '*&* ********' and **** ******* ***** enhance "*** *****-***** ************ of [*****'*] ******** ********** Solutions", ******** * ********* benefits:

  • ********: "******* ******* *********** solutions ******* ** ********** a ****** ******** ** applications"
  • *****: "******** *****’* ******* global ******** *** ****** channels ** ***** *** performance"
  • *************: "******* **** *****’* automated ************* ******* *** significant *********** ********** *****"

Who ** ***** *****?

***** *****(** ******** ** ***** Airlines) **** ~$* ******* annual ******* *** ** one ** *** ~** largest ********* ** ******, though **** *** **** recognition ** *** ****. The ******* ** ************* and ********* * ***** electronics ************, ****** **** have **** ********* **** other *******, **** ** automation, ***** ******* ***** be ******.

***** ******* ********* ***** automation ** *** ******** of ***** * ********:

*** *******'* ********* ***** gives * ***** ** their ***** *** *********. Notice **** ****** ** it ** ********** *** only * ****** ************ related *******, ********** *** ***:

Vivotek ********** ********

******* ******** ******** ** IPVM ** *** ***********, emphasizing ************:

******* **** **** ** an *********** ****** *** a ***** ****** ******* with *** **** ********** team.

************ ***** ** *********, says *******:

*** ******* ************ ********* will **** ****** *********, while ** ******** **** Delta *********** **** ***** worldwide ********** *** ******** capabilities ** ********* * stronger *** ******* *********.

*** ***** ***** *** brand ***** ********, ********* to *******:

******* ***** **** **** remain ** *** ************ industry *** *** ***** on ******** *** ******** surveillance ********* **** *** changed.

** *** **** ****, Vivotek ********** *** ********* benefits ** ******** *** manufacturing **** ***** ***** in *** ****.

Financials *** ****** *********

******* ********* *********** *** been ********** *****, **** a **% **** **** the **** * *****, going **** $** ******* in **** ** $*** million ** **** (*******'* ************ ******* *********). ***** *********** ** ** ~**% though ******* *** **** ~36%.

*** *********** ***** ****** Vivotek ** * ****** capitalization ** ~$*** ******* USD, ~*.* ***** ***** 2016 *****. **** ** a ****** ********* *** a ******* **** ********* to **** ******* *** despite ******** ** ************* is ***** ******** **********.

*******'* ****** ********* ** still **** **** **** 50% **** *** **** in ****:

Competitive *********** ** *******

*******, ****** ***** ************ manufacturers **** **** **** hard *** ** *** rise ** *** ******* and *** **** ** the ******. ******* *** done ********** **** *** has ****** *** ******* Taiwan ***** ************ ************.

** *** ***** ****, during **** ******, ******* has ******* ** ** more ** ** *** provider *** ***** ****** rather **** * **** market ** ****** ********, as ***** **** ******* from ********* *** ***** combined **** ***** *** more ********** ***** *** marketing ************ **** ****** aside *******.

Race ** ******

** ******* *******'* **** here ** **** ** an ******* '**** ** safety' **** ** * response ** *** **** to *** ******. *********** companies, *** **** *******, are ****** *** **** challenges **** ******* ****** and *** *********** ** Hikvison *** ***** ** spend ** ******* ** sales *** *********. ******* it ** **** *** Milestone ******* *** ** Canon ********* ******* *** ** Konica *******, ****** '*********' ***** ************ with *****, ********* **** *** find * ****** / more ******* ****** ** shelter **** ****** **** turbulence, *** ****** **** as * *******.

******* ******* *** ******** about "**** **** *** the ******* **** ** the ****** **** ** Vivotek's ********?" ******** ** repeat *** ***** ****** about ********** *** ********** benefits. ** ** ***** that ***** *** ******* production ********, ** **** are ~*** ****** **** Vivotek *** **** ********* scale ***** **** **** in ******** ************* *****. On *** ***** ****, the ****** ******* **** Vivotek's ******* ***** ***** (much ***** **** ******* premiums, *.*., *** ***** publicly ****** ********* ******** such ** ******* ** Axis) ** * **** that ******* *** ********** being *********** *** *** in *** ******.

Automation *** ***** ************ ************ **** **********

***** ********** *** ***** surveillance *** **** ********* systems ** ****** *************, the *********** ** *********** of ***** ******* *** remained * ***** **** of *** ******* ***** surveillance ******, ** ***** systems *** ********* ****** and ******* **********. ******* this **** ****** **** the ********* ** '***' and **** ******* ******** but ***** ************ ************* have ********* *** **** able ** **** ** automation ** * **** market *** *********** *******.

How **** ** ****?

** ****** *** *********** not ** **** * significant ****** ** *******, especially *** ** *** short ****. ** *** extent **** ***** ****** Vivotek ** ****** *********** as ******* **********, *****'* superior ********* *** ************* scale ***** **** ******* better ******* ** **** challenged ******.

** ***** ** *** West, ** ** *** expect **** ** ******** from ***** **** ** comes ** ***** ** channels ***** ***** **** not **** * ****** presence ** ********** *** a ****** ******* ***** to ****** / **** Vivotek.

****, ***** *****'* ***** on **********, ** ***** pursues ****, ** ***** further **** ******* **** being **** ** * niche ****** ** **** segment, ****** **** ******** on **** ****** ********, which ***** ******** ***** recent ******* ********.

[****: **** **** *** first ******** ** ****** 10, **** *** ******* in ******* ** ******* the ********** ** *** deal.]

Comments (14)

"...******* **** **** ** an *********** ****** *** a ***** ****** ******* with *** **** ********** team."

****! **** ****** *** that...

******* ***** *** *********** that ***** **** ******* for ** ***** *** years?

******* ***** *** *********** that ***** **** ******* for ** ***** *** years?

*******:

***** ********, ******** ** Infinova ****/****, *** *** VP *****/********* ***** ***** many ***** *****.

****, ******** ** ***** 2015, ********* ** ********** remains ** **.

**** *********, ******** ** Canon * ***** ***, same ***, ***** *** of *** **** *** people.

***, *********** ***** ***** that ** ****, *** the **-******** /********** **** **** ***** the * **** ****-***.

*** ** ***, * agree **** ********* ********** teams ****** *** * lot ** **** *** to ** **** *** the ******** **** *** company. *** *** ***** describes *** **** ***** me ** ******* **** will ** *** ** a ********** ***** ***** to * ****** *********** of ********** *******. ** contrast, ** ***** *** saying **** **** ****** the '**********' ** ******* into **** ******** ********, likelihood ** ********** **** getting ****** *** ***** be **** ****.

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

*** *'* ****** *** list ** ***** ********* who ******* ********** ** even ******. *** *** worst ***** ** ***** companies *** ********* *** acquired *********.

*** ********, ********* ******** Pelco; **** ***** ******** DSC, ***, ******** ******** and ******

** ***** **** ** Brazil, ***** ********* ****** disappeared **** *** ******

*** ******** ******* ********* companies *** ***** ****, even ******* ** ******* the ********* ******.

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

** ************ ****, *** it ***** ** *********** to *** *** ********** on ************ ***** ** was ******* ****** *** acquired ******* **** ****** independent. ** ** **** claim ** ****, **** it *** ******** ** assumed ***** ***** ** fairly ******** *******.

***** ** * **** example ***** **** ****** to **** **** ********** with ********* ******** ****** than ********** ** *** as ** *********** ************ under * ****** ************.

"***** ** * **** example ***** **** ****** to **** **** ********** with ********* ******** "

* ***** *** ****** word ** **** **** would ** "*****... **** been ************* ** ********** Electric"

*** *** **** ** a ****** ****** ******** in ******, ***, **** of *** ****, *** acquisition **** **** ***********. Delta **** ** ****** insert **** *-***** ********* overtime, *** ******* ** operational ******* **** ****** like ****** *****, ** well ** **** ******* changes ** ******* **********, but ** *** ** what *******'* ********* ***, I ***** ****** **** little ******.

***** ****'* **** ** match ****** ****... ** they've *** **** ***** for ****.

:)

*'* ******** **** **** on **** ***. ****, as ** *** ****, pretty **** ********* *** companies ** ***** **** - *** **** ** their ********* ******** *** underlying ******** *****.

**** *** ********* ******* is **** ** **** length **** *** ****** it's ****** ****, **** as ***** **, **** may **** *** **** and ***** **** ** it. **** **** ** easier ** ***-**** ** a ***** **** **** should *** ******* ******** or ** **** ** as * *********** *****.

*** ***** ******** ****** is * ****** ****** so ******** *** ********** of *** **** ****** which **, *******, * little **** *********. ****** said ****, *** ********* acquisition ** ******/*****-**** ***** ago, **** *** ****** product ******** ********* **** next ** ** *********** in **** * ****** set ** ****** * DM **** ** ****. I'm ******** **'* *** arrogant ***** ******** ** the **********/*****, ****'* *** difference ****. **** *** a ******* ***** **** from *** ********* **** but *** **** **** the ***** ** ******* trousers.

*'* ******** **'* *** arrogant ***** ******** ** the **********/*****, ****'* *** difference ****. **** *** a ******* ***** **** from *** ********* **** but *** **** **** the ***** ** ******* trousers.

** ****'* ****, *** bulge *** **** ** due ** ** ****************;)

**** ******* ******* ** we.know **.

****** **/*/****:

***** ***** *** ******** 49.22% ** *******'* ******, according ** *******. **** will **** ***** *** controlling *********** (******* ** Techwin / ****** *** Hikvision / ******* **********). Previous ** *****'* ***** acquisition ** *******, *******'* stock ********* *** ***** diverse **** *** ******* 9 ************ **** ****** ~1/3 ** *** *******, as ***** **** **** pre-acquisition ****** ***** ****** chart:

Board *******

******* ***** **** ***** board ** ********* ******** occurred * ****** *** and *** **** *** is *** ******* ***** next ****, **** ***** can **** *** ****** for ***** *****. ******* added **** "*** ******** shareholders *** ********** **** is **** ** **** Delta ***** *** *********** shareholder."

***** **** ****** ******** since ******* ***** *** fisheye ****** *** ****?

** * ******* *********, I ** *** *** why **** **** ***** impact *** ******* ********* since ***** ***** *** no **** *********** ***** / ******** **** ***** companies.

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

******* ***/** ***** *** of ** **** *************.

* **** *** ******** industry ** **** *** A/V ******** * ****** ago. ** ******** **** and ***** ********** *** with ********* *** **** "Vivotek" **** ** * few *****. * ***** our ** ** ***** what **** **** ****** and ** *** "*******."

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

*****.

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