The FINANCIAL -- Canon Inc. announced on May 9 that it has concluded a stock purchase agreement with BriefCam Ltd. to acquire BriefCam. BriefCam develops and markets video content analysis (VCA) software that utilizes proprietary Video Synopsis technology.
This transaction is conditional upon the clearance of necessary competition regulatory authorities, according to Canon.
Under Phase V of its Excellent Global Corporation Plan, a five-year initiative launched in 2016, Canon aims to embrace the challenge of new growth through a grand strategic transformation that entails reinforcing existing businesses as well as strengthening and expanding new businesses. As part of this, Canon has designated its network video solutions business, with network cameras at its core, as a new business that will drive future growth.
By welcoming leading VCA software company BriefCam into the Canon Group, Canon will have expanded its capacity to provide an even broader range of leading-edge technology and solutions in the fields of network cameras, video management software and video content analysis software. Going forward, Canon will continue to strengthen its network video solutions business with the aim of becoming the global industry leader.
Following this acquisition, BriefCam will continue to operate under the leadership of its current management structure and continue to provide its software to the market through its own sales channels.