Summary
- Alarm.com has acquired a majority stake in OpenEye for an undisclosed sum.
- OpenEye has developed a robust Video Surveillance-as-a-Service [VSaaS] platform for businesses of various sizes.
- With the transaction, ALRM is signaling its interest in the promising VSaaS market as it builds out its monitoring platform for a range of use cases.
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Quick Take
Alarm.com (ALRM) announced it has acquired a majority-stake in OpenEye for an undisclosed amount.
OpenEye operates as a cloud-based video surveillance company with a focus on the commercial sector.
With the deal, ALRM is adding a Video Surveillance-as-a-Service capability with a significant customer base as it views the VSaaS market as a promising growth opportunity in the years ahead.
Target Company
Liberty Lake, Washington-based OpenEye was founded in 1999 to provide cloud-managed video surveillance solutions for enterprise-level commercial customers.
Management is headed by Founder and CEO Rick Sheppard.
