Adtech Global Solutions has acquired the IP assets of video surveillance company Steelbox Networks Inc., in a foreclosure sale. No financial terms were disclosed. Steelbox had raised $10.2 million in a 2006 funding round led by Sierra Ventures.
Adtech Global Solutions (AGS) announced today the acquisition of the IP assets of Steelbox Networks, Inc. (Steelbox) under an Article 9 UCC Foreclosure sale. Additionally, Key Steelbox personnel, including founders and inventors of the technology, Jim Jordan and Bill LeBlanc, joined the company.
The acquisition provides AGS with industry-leading technology poised to address the needs of one of the fastest growing vertical markets. Current and future Steelbox customers will benefit from partnering with a company that has a solid 10-year record of posting strong returns, a mature and stringent ISO- 9001:2000 Quality Management System, global footprint, and a host of service and product offerings. The combined entity will now be able to offer comprehensive, industry-leading, end-to-end solutions.
“Steelbox will contribute to AGS’ growth strategy for 2009 and beyond, while adding industry-leading Intellectual Property to our portfolio,” Tim Shadburn, Chief Executive Officer, said. “The community’s reaction to Steelbox’s exit from the market was simply overwhelming. We felt we were uniquely positioned to bring it back, allowing it to realize its potential.”
Nik Moissiadis, Vice President of Business Integration and one of AGS’ founding members, will lead Steelbox. “I have personally worked with Steelbox and its founders since 2005. In that timeframe, we partnered in the design, deployment and support of their products worldwide. Through this relationship, we have come to clearly recognize the importance of this leading-edge technology in the marketplace, while understanding first-hand the challenges associated with the unique and demanding applications for which it is intended. With over 50,000 systems deployed and hundreds of installations in Fortune 500, mission-critical infrastructure environments, we know what it takes to execute,” said Moissiadis.
“This is an exciting time. Under the AGS umbrella, Steelbox’s unique infrastructure approach to the management of digital video and audio, is ideally aligned to thrive in the marketplace. Combining our technology with AGS’ broad service portfolio provides the perfect platform from which to continue the development and delivery of best-of-breed video storage, transport and retrieval solutions, with an unparalleled focus on customer and partner needs,” commented LeBlanc.
About Adtech Global Solutions
Adtech Global Solutions (AGS) is a worldwide service and engineering organization focused on the design, assembly, deployment and support of technology platforms to run our partner’s industry leading applications. Our global customers come from a broad spectrum of industries, including more than half of the Fortune 100. AGS has offices in Atlanta, Hong Kong, London, and Sydney; its worldwide headquarters is located in Alpharetta, Georgia, just north of Atlanta. For more information visit our website at www.adtechglobal.com
Steelbox’s core technology and products address the problem of moving and storing vast amounts of video across IP networks, with a primary focus on the physical security and surveillance market. In 2008, Steelbox received the prestigious Frost & Sullivan award for “North American Video Surveillance Storage Product Innovation of the Year.” AGS and Steelbox are headquartered in Atlanta, Georgia.