Magal Completes the Acquisition of 100% of the Shares of E.S.C. BAZ, Manufacturer of Security Video Observation & Surveillance Systems
Magal Security Systems, Ltd. announced it has completed the acquisition of the entire share capital of E.S.C. BAZ Ltd. (“BAZ”), an Israeli-based company focused on the development and manufacturing of military-grade smart Security Video Observation and Surveillance systems. Magal exercised its option to acquire the remaining outstanding shares from BAZ’s founder and current General Manager, Benny Zviran.
Dror Sharon, CEO of Magal, commented, “Following our 2018 acquisition of 55% of BAZ’s shares, BAZ has continued to grow its business and successfully achieved the commercial and financial goals set by Magal. BAZ will continue to enable us to diversify our offerings, adding smart thermal camera-based solutions, which strengthen and broaden our portfolio of PIDS, state of the art video management systems and video analytics offerings.”
Recommended AI News: How Pandemic Protection Impacts Investment in AI and Nanotechnology
Mr. Sharon added, “Magal continues to explore potential acquisitions to broaden its offerings and addressable markets.”
Benny Zviran, General Manager of BAZ, commented, “Magal’s decision to complete the acquisition demonstrates its acknowledgment of BAZ’s technology and accomplishments, as well as respect for its team who achieved record high revenues in 2020 despite the hardships caused by the Covid-19 pandemic.”