COPPELL, Tex. – IDIS Co., the largest manufacturer of South Korean-made video tech, has announced that it will acquire Costar Technologies, the Texas-based developer, designer, manufacturer and distributor of surveillance cameras, lenses, digital video recorders and high-speed domes.
IDIS will continue using the Costar name, with Costar becoming a wholly owned subsidiary of IDIS. The present Costar management team and employees are expected to join IDIS following the closing of the acquisition, with Scott Switzer continuing in his role as CEO, the company reports.
“Leveraging Costar’s established distribution networks and sales channels in the U.S. gives a significant boost to IDIS’ growth strategy, which is founded on building long-term relationships with systems integrators,” says Kim Young-Dal, IDIS CEO.
“With this acquisition, IDIS will diversify and synergize its presence in the government sector and intelligent transportation systems,” he continues. “Driving our business in these, previously hard-to-penetrate areas and expanding into new markets, will provide a foundation for building our business not only in the U.S., but globally.”
Scott Switzer, CEO of Costar says: “We are extremely excited to be uniting with IDIS. As Costar’s largest supplier, their success in the security industry combined with their engineering expertise have made them a prized partner over the years. Now, with access to their entire range of advanced technologies and resources, we can deliver enhanced solutions and services to our customers.”
The acquisition is structured as a merger transaction, with the agreement being approved by the boards of directors of each of IDIS and Costar. Completion of the merger will be subject to approval by the stockholders of Costar; the board of directors of Costar has recommended that Costar stockholders approve the transaction. The merger is expected to close during the second quarter of 2023.
IDIS will be exhibiting at ISC West in Las Vegas, booth #18059.