TYSONS, Va. — Alarm.com (Nasdaq: ALRM) has acquired a majority stake in OpenEye, a leading provider of Cloud-managed video surveillance solutions for the commercial market for undisclosed terms.
OpenEye is said to be optimized for enterprise-level commercial customers requiring expansive video recording capabilities, in addition to remote viewing, administration and diagnostic reporting. Combined with the Alarm.com for Business offering, installing security contractors partnered with Alarm.com now have a best-in-class solution to accommodate commercial accounts of any size, according to an announcement.
OpenEye’s intelligent Cloud architecture efficiently distributes video and event data to maximize control for both onsite command center operators and remote administrators. The hybrid solution delivers the high-resolution long-term storage, low bandwidth consumption and centralized Cloud management that enterprise users demand.
The acquired company is said to be currently utilized at more than 14,000 business locations in the United States and Canada.
“OpenEye has consistently demonstrated that they are the unequivocal leader in the video-surveillance-as-a-service [VSaaS] space and we are excited to help the team continue growing their business,” says Steve Trundle, president and CEO of Alarm.com. “OpenEye has a robust customer and partner list and our top priority is to ensure they all continue to experience great service.”
He continues, the company’s addition “will enhance the offerings available to Alarm.com partners in the commercial space. With the ongoing transition from traditional on-premise products to VSaaS, we’re creating new value for subscribers and additional RMR opportunities for our partners.”
OpenEye was founded in 1999 as an innovator in the design and development of Cloud-centric software solutions for video management, business intelligence and loss prevention. The combination of OpenEye and Alarm.com expertise will provide a comprehensive, industry-leading suite of interactive Cloud-based services spanning video, access control, intrusion and automation for domestic and international commercial enterprises of all sizes.
OpenEye will be a subsidiary of Alarm.com. The company will continue operations under the OpenEye brand and be led by the existing management team. OpenEye Web Services will remain an open Cloud platform and the company remains committed to expanding its ecosystem of technology partners and integrated devices, according to the announcement.
Alarm.com intends to further invest in OpenEye’s growth and expand its headquarters presence in Liberty Lake, Wash.
“We’re excited about this next step in our evolution as the leader in cloud-based VSaaS,” says Rick Sheppard, CEO of OpenEye. “Alarm.com is the platform of choice for thousands of service providers that demand innovation and exceptional customer service. Combining their wide array of partner tools and resources with our capabilities will provide our partners with solutions that are second-to-none.”
The market for VSaaS services is expanding rapidly as legacy solutions shift to new Cloud-based architectures, the announcement states. According to IHS Markit, the Video Surveillance Market in the Americas region was $4.4 billion in 2018. Market share for VSaaS is forecast to increase from 9% of total spending in 2018 to 15% by 2022.
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