Thursday, July 17, 2008

Video software developer Intellivid sold to Tyco

By Mass High Tech Staff

Executives at Cambridge-based video analysis software maker IntelliVid Corp. report the company has been acquired by Tyco International Ltd. for an undisclosed amount.

Under terms of the agreement, IntelliVid’s assets, including products, customers, employees and intellectual property, will be rolled into Tyco’s (NYSE: TYC; BSX: TYC) American Dynamics portfolio of video security technologies.

Included in the sale is IntelliVid’s line of Video Investigator solutions, point of sale (POS) accelerators and computer-aided tracking software. With integration of the new products into American Dynamics’ VideoEdge technologies, users will be able to add real-time analysis of security video for forensic theft prevention and store intelligence systems, according to a statement from American Dynamics. 

Founded in 2003, IntelliVid makes software for analyzing Internet-protocol video, particularly for security operations. As video has moved from tape to digital media, the company has gradually built a customer base, including national pharmacy chain CVS Caremark Corp., which it signed on in 2006.

In March, executives reported the company’s installed base saw a 50 percent jump in 2007 and expected a greater increase in 2008, though revenue numbers were not provided.

IntelliVid raised $18 million in funding over two rounds. Investors include Flagship Ventures and DFJ New England, both of Cambridge, Egan-Managed Capital of Boston and Intel Capital.

IntelliVid will remain in Cambridge under the Tyco name, officials said.

With its corporate headquarters in Bermuda, Tyco International (NYSE: TYC; BSX: TYC) is a diversified technology company, offering everything from security products and fire alarm systems to purified water systems and armored wires and cables. The company is probably best known for its residential security division, ADT Worldwide.

In fiscal year 2007 (ending last September) Tyco International reported $18 billion in revenue. The company employs about 118,000 workers.